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First time mortgage. Please help!
Shem_2
Posts: 1 Newbie
Sorry this is a bit of long story!! Desperately need some advice on this!
Me and my partner decided to make an offer on a house following a decision in principle which we were told we could borrow 180k! Now we both fully understand it's not completely accurate but gave us a lot of hope.
We have a 20k deposit on a 170k house, looking to borrow 150, and had our mortgage appointment last week with HSBC, the decision went to underwriters. The lady didn't really explain what this meant. we also found out they were only going to offer 133k!!! I can't understand how this is sooo much lower than the DIP.
She didn't seem too fussed and told us not to worry and she wouldn't put through an application if she thought something was wrong with it (again more false hope!) we will hear the final decision next week.
I am not convinced at all and really stressing out over this. It's already caused a lot of debate and tears and I'm wondering whether it's worth it? I'm very suspicious of the DIP, it just doesn't make sense to me. And I don't think the bank would be willing to give us an extra 17k for it?? Could she have out something in the application that was wrong??
Please someone enlighten me or share a similiar experience with underwriting/DIP. Would really appreciate it.
Me and my partner decided to make an offer on a house following a decision in principle which we were told we could borrow 180k! Now we both fully understand it's not completely accurate but gave us a lot of hope.
We have a 20k deposit on a 170k house, looking to borrow 150, and had our mortgage appointment last week with HSBC, the decision went to underwriters. The lady didn't really explain what this meant. we also found out they were only going to offer 133k!!! I can't understand how this is sooo much lower than the DIP.
She didn't seem too fussed and told us not to worry and she wouldn't put through an application if she thought something was wrong with it (again more false hope!) we will hear the final decision next week.
I am not convinced at all and really stressing out over this. It's already caused a lot of debate and tears and I'm wondering whether it's worth it? I'm very suspicious of the DIP, it just doesn't make sense to me. And I don't think the bank would be willing to give us an extra 17k for it?? Could she have out something in the application that was wrong??
Please someone enlighten me or share a similiar experience with underwriting/DIP. Would really appreciate it.
0
Comments
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Speak to an independent broker, establish affordability with them and get your "ducks in line" just in case...
We are getting HSBC rejects all the time and often there is no reason we can see for the declines.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
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