First time buyers - what are our chances?

GeenyWeeny

Hi Everyone,

hoping for some views on if we are likely to get accepted for a mortgage. Here are the quick stats:

Husband is self employed, has an accountant and over 5 years worth of accounts. Earns about 32k and has a very good credit history

I have just started a new permanent job at 22k. Have an arrangement to pay on my file from 2008 which was settled 2 months later. And 1 late payment in 2008. Since then my credit file is squeaky clean...

.. untill yesterday when i was told i've missed a payment on my loan (7k loan). Absolutely furious! My bank told me the direct debit for it was cancelled online. Obviously it could only have been myself that has done this, but i wasn't aware this had been cancelled! Anyway, this stupid mistake means a I now have 1 late payment on my account for this month. I paid it immediately - still extremely gutted.

We have 20k deposit and want to borrow 130k from HSBC on a fixed 5 year mortgage.

What are our chances?

Dave_Ham

You are likely to get a mortgage, although personally I do not think it will be with HSBC.

Do remember that as they offer great rates, they are incredibly selective..

If you bank with them already, this may help..

GeenyWeeny

Hi Dave,

thank you for the quick reply. We got married 2 months ago and opened a joint account with HSBC last month - specifically to have the option of their mortgage rates

Dave_Ham

HSBC are not very transparent with their lending criteria and nor do they need to be..

I would be 5050 on your chances of success given the many successes/failures of members on here.

Have a decent backup plan and go into the branch to see an advisor would be my suggestion..