First time buyer - reassurance!

LDFTB

Hi

I am a first time buyer and hoping that some of you may be able to share your experiences as I am a bit worried regarding my application.

Myself and my partner both make £24,000 and £28,000 (respectively), and have been given an offer in principle from HSBC. The OIP from HSBC is for up to £87,000.

We have put an offer (which has been accepted) of £97,000 for the home we wish to buy, and we have a deposit of £12,000. This means that our mortgage would be for £85,000.

Myself and my partner have both been in our new jobs for 2 and a half months. Between moving from our previous jobs to our current ones, there was not any period of unemployment (last day of prev job was Friday and we started new roles on the following Monday). In support of our application, HSBC had asked for the last three months payslips, however as we cannot provide this, they have instead asked for the last two months payslips and a letter from our employer confirming our employment and its terms (e.g. we are both permanent staff and our salary). They have also asked us to confirm if we are on a probationary period in work, which I am - this is for 6th months (which I think is pretty much standard nowadays).

I think I may be worrying for no reason - however as I am awaiting HSBC's decision, can anyone confirm if they think we will be given this mortgage or have any experience in a similar position with HSBC.

Thanks for any responses!

LDFTB

Also as additional information:

- My partner has had two credit cards which have been used and paid off in a timely manner. No real issues here.
- My partner also has had three direct debit's over the past few years which have all been paid on time, and none of the payments missed.
- My partner is on the electoral roll.
- I am not on the electoral roll.
- We are both British nationals (since birth).
- I have not had a credit card (as I am very safe when it comes to money and I dont buy anything that I cannot afford to buy outright with the exception of my next point).
- I pay my car monthy on a PCP finance offer from The Volkswagen Bank/Audi Finance. I have not missed a single payment and all payments have been paid on time via Direct Debit.

ACG

I think you need to have been employed for 3 months at the time of application with HSBC. It might be at time of completion but im pretty sure its application.

HSBC are according to posts on here quite fussy.

For the sake of 2 weeks they may let it slip, but i would probably be looking for alternatives and making sure you fit the employment criteria. A lot of lenders state 3 months as the minimum.

LDFTB

Hi

Thanks for replying.

They didn't mention it and didn't seem too phased when we mentioned it, they just told us to provide two months payslips and a letter from employer to confirm our perm employment. As of the 28th of this month I will have received three payslips however our application will be submitted before this.

ACG

Infact, the more i think about it the more im thinking it might even be 6 months.

One of my mates asked me to look into it for him. Most brokers dont deal with HSBC (or they dont deal with us)... so brokers will have very limited experience of them.

But i was looking into their criteria as my mates gf had only just started her job. They held off until they had passed the time frame. Double check with them (preferably someone who isnt a sales person as they will not have targets to get an application in then).

AndyGuil

I think if there was going to be a problem they would have mentioned it after they asked you.

LDFTB

Yeah that was my thinking too. Both the HSBC mortgage brokers didn't seem to see any issue with it.

amnblog

AndyGuil wrote: »

I think if there was going to be a problem they would have mentioned it after they asked you.

not if they did not know there was one

each person at a bank does one bit of the work and does not understand the rest of it

AndyGuil

amnblog wrote: »

not if they did not know there was one

each person at a bank does one bit of the work and does not understand the rest of it

True. When it is entered into the computer then there should be no doubt.

LDFTB

Thanks for response's guys.

The first mortgage adviser we spoke to advised us that he thinks the whole application looked good on our end, and when he checked regarding the two months employment his manager said that we just need to provide the two available months payslips and a letter confirming employment.

I may just be worrying over nothing - I can be a bit of a worrier! I think having read a few bad articles slating HSBC that it hasn't helped.

LDFTB

Just an update in case anyone stumbles across this thread - I got a phonecall an hour ago from the HSBC underwriter to advise that our application was accepted very happy!