Should we be ok?[HSBC 90% Mortgage]

alipops1986

Hello All,

I just wanted some vibes on whether this is a good predicament to be in!

House is on the market. Once it sells, i'm going to redeem the mortgage which is in my name and pay small early repayment fee of about £200 if it sells before December.

Then partner and myself, will apply for joint mortgage. we're looking for £150k, with 90% LTV. [We plan to apply with HSBC, as i've been with them for a mortgage for the last 2yrs]

We earn £27,168 each. No outstanding credit card balances - we pay these off every month, the partner has a Graduate Loan with HSBC, for a car he purchased this is £189 a month ends in June 2013.

So, what are our chances with HSBC and a 90% mortgage?

Thanks,
Alipops x

Mishomeister

You might be able to port your existing mortgage rate to a new property therefore avoiding early redemption penalty. From what you have said it all looks you have a good chances unless there are any negative circumstances such as becoming self employed recently, problems with credit history etc.

Jimbo1976

In theory you should be fine, in practice it is impossible to predict what HSBC will and won't do. If you look through a few weeks of this forum's postings you will notice that it crops up more than any other mortgage lender. It offers excellent rates but it is very picky about who it gives mortgages to. A lot of those people were expecting to stroll through the application process but have been declined.

Good luck