hsbc first time buyers

lis4242

Help please
We are first time buyers. We have a deposit of 20k and looking to borrow between 130-140k off hsbc, depending on property price.
Decision in principle has been completed with hsbc and initial credit check.
My previous credit history is squeeky clean however my other half has 3 late credit card payments from 28months ago on his credit file. Other than that his credit file is great with an excellent score.
Will this affect our application with hsbc?
Thank you for your help!

ACG

You have passed the credit check so it should be fine as they will have picked up on them.

lis4242

Excellent you read so many horror stories online that it had me panicking!! Might be putting an offer in on a house so wanted to check
.thanks!

ACG

People tend to come online wanting help once it has gone wrong. So your going to see more negative than positive.

Aside from that, thats their experience based on their circumstances and lender choice - not yours. There are so many variable there is no point worrying about situations other people found themselves in.

If your in doubt use a broker, if your confident enough go with whoever your own research points you towards.

Thrugelmir

Has your partner subsequently reduced the amount they owe on their credit card?

lis4242

Neither of us owe anything at all on credit cards. The debt from 28months ago was paid off not long after then.

ollie2001

I wouldn't trust the "initial credit check" and an AIP at all. We recently passed all that and the online process went to "decision obtained". When I forwarded all our payslips/bank statements over the advisor said we were "95%" there and things should go through fine only for another week to go by and them to decline us on the grounds of affordability with no other explanation.

And that's with about £1500 disposable income left every month and 1 dependent.

It was about 3.2x salaries and 90% LTV though.

Best of luck to you though

Arina

ollie2001 wrote: »

I wouldn't trust the "initial credit check" and an AIP at all. We recently passed all that and the online process went to "decision obtained". When I forwarded all our payslips/bank statements over the advisor said we were "95%" there and things should go through fine only for another week to go by and them to decline us on the grounds of affordability with no other explanation.

And that's with about £1500 disposable income left every month and 1 dependent.

It was about 3.2x salaries and 90% LTV though.

Best of luck to you though

Which lender?

ollie2001

HSBC, as per the thread title

Butti

I applied for a HSBC mortgage.
Like the above reply no prob with mortgage in principle of x3.5 times my salary.
Got a mortgage of 2.7 (I have a large deposit) but the guy doing the interview didn't think I'd get it. I think what swung it for me was total honesty, having the issues highlighted on my credit report and taking all that info with me.

Butti

lis4242 wrote: »

Help please
We are first time buyers. We have a deposit of 20k and looking to borrow between 130-140k off hsbc, depending on property price.
Decision in principle has been completed with hsbc and initial credit check.
My previous credit history is squeeky clean however my other half has 3 late credit card payments from 28months ago on his credit file. Other than that his credit file is great with an excellent score.
Will this affect our application with hsbc?
Thank you for your help!

My advice for the application proper is for you to highlight the late payments, explain why they happened and importantly why it won't happen again.