What's our chances???

Globemaster

Hi all. Feeling more then apprehensive at the moment as June 3rd is our HSBC mortgage meeting. With the following info, what's our chances.
Currently have a HSBC mortgage owing £71,300 over 17yrs left. It's a variable rate (1.5%) costing £423 / mth & overpaying £100 / mth.
AIP with HSBC for £144,000.
Combined income £60,000 / yr.
New house is £158,000 with deposit + equity = £62,300 (60% LTV)
so looking to borrow £95,700 over 25 yrs.
New payments would be roughly £465 / mth with a 5 yr fixed deal as we have a HSBC advance account too.
We bank we HSBC but run the account's to zero every month as save all our money in 3 Santander 123 acc's & 2 ISA's. The other half went O/D twice in the last 30 days for max 2 days each time both less than £10 and fully repaid and no charges. Before this nothining in the past 3 months.
Not sure if it will help but lumped £10,000 between the 2 current accounts in case they look at those prior to a decision (didn't think it would do any harm to try).
Never missed a payment with anything. We have a Santander 123 credit card which is paid off in full every month and I have 5 other credit cards with nothing owing.
There is a Barclay's loan in the other halfs name for a car with 3 yrs left.
We have a 19 month old, as I think this is taken into account also.
What's your thoughts guys? I'm a pessimistic soul and don't feel too hopeful.
Thanks for reading

ACG

Affordability should be fine.

Do you have an overdraft facility?
If not, I would be hit and miss BUT if you have an AIP since the late payments then you would think it would have taken that into account.

The only reason im saying its hit and miss is because HSBC do not deal with brokers so their criteria is an unknown and they tend to be relatively strict (although i get the impression they have lightened up a little over the last 6 months or so).

Getting a mortgage should not be a problem, its just whether HSBC will do it.

If i had to put my money on an outcome it would be that they will do it (whether you have an overdraft facility or not), but I could not guarnatee it.

Globemaster

AIP was before being O/D & no she doesn't have an overdraft as when considering it for her a few months ago they wanted £25 to set it up. I have one for £350 but never used it.
Also got an AIP from Santander for a much greater amount to borrow which i can't remember.

ACG

50/50 then.

Worth a try as its 60% LTV and assuming you have to provide proof of deposit they will be able to see it was more down to bad management rather than lack of money.

I would give it a bash, if it fails then speak to a broker.

If your worry is getting a hsbc mortgage - I dont think I can alleviate those fears.
If your worry is getting a mortgage full stop (at normal rates) - then dont worry. If that is the only issue, there will definitely be a lender for it.

dimbo61

" I have 5 other credit cards with nothing owing."

Can you cancel a few as you have a lot of Credit even if they all have a ZERO balance !
Perhaps 2 cards !

Globemaster

Just counted and have 6, but will reduce to 3, keeping 123 as cash back, HSBC & Halifax Clarity for use abroad. Will these closed ones show with the meeting so close? It will cut approx £12,000 available credit.

Globemaster

So now reduced my cards to 3 and with the remaining 3 also reduced the credit limits bringing the total credit between the 3 cards to £8500 from £22,000 (6 cards). Got to be a good thing, Right??