Experience with HSBC residential mortgage

busybe

Thrugelmir wrote: »

HSBC only deal direct. HSBC do offer BTL mortgages so you can check online whether you meet their eligbility criteria. They do require sole income of £50k or joint income of £75 now as a base requirement for any of their mortgage products.

is this income requirement only for BTL mortgages?
I got a residential mortgage last month & I earn less than £50k

TeddyandMarie

busybe wrote: »

Do you intend to borrow all funds from HSBC to buy your 2nd propety outright?

No, only some of it from HSBC, most from savings.

T

busybe

so on your 2nd property (that you intend to let) you won't be getting an BUY TO LET mortgage?

Sounds obvious but just make sure you can afford the additional mortgage on your own home as HSBC appear to be quite strict about affordability.

When I first applied to HSBC at a branch in Oct-13 they refused my application on grounds of affordability??? Felt like I'd been slapped -don't know how they arrived at this decision....they said I couldn't appeal. I asked if I could apply again - the mortgage adviser said I should wait 3 to 6 months before applying again with HSBC.

Thankfully I didn't take her advice, I applied again in November but over the phone & asked for £20k more than application at the branch - but this time it was accepted. The only thing I did different between the 2 applications was remove £243 childcare vouchers from my salary at work...