Anyone want to join me? Awaiting Mortgage decision...

jamesm5094

Guys can anyone help? 

I put a mortgage application in through a mortgage broker to HSBC back in beginning of May, I am purchasing my next house privately so get chatting to the sellers and on the 22nd a valuation was completed. I was told on Friday (2 days ago) by my mortgage broker that my mortgage has been cancelled because banks aren’t accepting 10% deposits currently as well as HSBC aren’t taking into account any overtime. 

I phoned HSBC and the woman on the phone couldn’t see any information on my file because it was through a mortgage broker but she said they are doing 10% mortgages but are not taking into account overtime. 

I don’t feel my mortgage broker is telling me the truth as the story doesn’t add up, a valuation has been done, 2 weeks ago HSBC requested proof of income for my partner as she is self employed but in the 8th the whole mortgage was cancelled.

can anyone help please?

Thanks 

SimonBck

@jamesm5094 Did you have return your Wifes tax returns for proof of income? 

joys1

jamesm5094 said:

Guys can anyone help? 

I put a mortgage application in through a mortgage broker to HSBC back in beginning of May, I am purchasing my next house privately so get chatting to the sellers and on the 22nd a valuation was completed. I was told on Friday (2 days ago) by my mortgage broker that my mortgage has been cancelled because banks aren’t accepting 10% deposits currently as well as HSBC aren’t taking into account any overtime. 

I phoned HSBC and the woman on the phone couldn’t see any information on my file because it was through a mortgage broker but she said they are doing 10% mortgages but are not taking into account overtime. 

I don’t feel my mortgage broker is telling me the truth as the story doesn’t add up, a valuation has been done, 2 weeks ago HSBC requested proof of income for my partner as she is self employed but in the 8th the whole mortgage was cancelled.

can anyone help please?

Thanks 

I’ve been reading about this a bit and sounds like some lenders are cancelling the 90/95 LTV mortgage products for brokers only, but those are still available if you go to them directly. Could this be the case?

joys1

I’m joining this thread as well... Put offer in our house last week Friday, it was accepted on Monday. Applied for mortgage through Nationwide directly on Thursday this week (11/06). My only concern is the valuation since we offered over the asking price (in London)... fingers crossed for everyone!

yelaro

@jamesm5094 can’t really reassure you here. But feel very annoyed for you that your application has been cancelled. Will it have been because they weren’t taking overtime part? 

I also hope lenders aren’t cancelling 90% mortgage applications that are already being processed through brokers. I know they have been withdrawing the 90%mortgages products because they are trying to maintain services due to being inundated, so therefore not up for offer to new applications.
Speak to your MA and tell them you rung HSBC to clarify and tell them what they told you. 

jamesm5094

But when I phoned HSBC on Friday the lady said to me they are doing 10% deposit mortgages and that they haven’t been taking into account overtime for the past 2 months.

so if that’s the case and me and my partner can’t borrow enough without overtime then why would they complete a valuation and ask for documents and everything to then suddenly cancel it? 

I’m not happy with the way my mortgage advisor has been and I don’t think he is giving me the full facts. Don’t know what to do really as we really want the house and everything else os pretty much ready.

yelaro

@jamesm5094 best thing for you to do is speak to your mortgage advisor and ask him. If you don’t ask you won’t know.  But surely your MA should have known that overtime wasn’t being accepted before putting your application into HSBC?

jamesm5094

yelaro said:

@jamesm5094 best thing for you to do is speak to your mortgage advisor and ask him. If you don’t ask you won’t know.  But surely your MA should have known that overtime wasn’t being accepted before putting your application into HSBC?

Well that’s what I would have thought, the whole story doesn’t add up to me.

going to make a few calls and dig a bit deeper to find out tomorrow. 

kasqueak

Does anyone know how long Halifax are taking to do valuations at the moment? My broker said it’s normal for a 2 week wait to even book the appointment? Is this right?

Lorenzo94

kasqueak said:

Does anyone know how long Halifax are taking to do valuations at the moment? My broker said it’s normal for a 2 week wait to even book the appointment? Is this right?

Call Halifax directly and speak to them. I had to push the evaluation as my broker "could not" get hold of Halifax apparently. They are very nice and they will help you with your query. Also, it took less than two weeks to book it. I have my evaluation this Wednesday so I hope it will go through!