First time buyer, HSBC cancel application at underwriters?

Thrugelmir

Savyshopper1 wrote: »

with current £130pm outgoings (mobile, gym and dental, childcare).

Think that you've added to this up incorrectly.

savit4l8er

Thrugelmir wrote: »

Think that you've added to this up incorrectly.

You are quite right, that does give a little more per month but sadly not necessarily decision changing.

That is the problem with small portable devices.

Thank you for pointing it out politely.

Thrugelmir

savit4l8er wrote: »

You are quite right, that does give a little more per month but sadly not necessarily decision changing.

Lenders also consider affordability at 7% interest rates, not just the rate you are paying for. Don't forget to budget to property maintenance either. Over the years it does add up. So you should factor some long term saving into your budget for those rainy day one off events.

samba

I got a hsbc mortgage recently, and my outgoings included a lot more information such as life/car/home insurance, council tax, utilities and commuting costs, plus clothing and food etc.

Jonbvn

We have an HSBC mortgage. We only paid for the survey after underwriter approval. I think you have reasonable grounds for a complaint to recover the survey fees.

savit4l8er

samba wrote: »

I got a hsbc mortgage recently, and my outgoings included a lot more information such as life/car/home insurance, council tax, utilities and commuting costs, plus clothing and food etc.

That is the point I was making. There is a lot more taken into account than the few things the op mentioned. Plus if not taking a fixed rate for 5 years they will use a stressed rate typically either side of 7% depending on loan to value.

What I have difficulty understanding is how they offered it and then retracted the offer. Something must have happened to cause that. The op is entitled to some explanation and it would be interesting to know the answer. It sounds like there has been a mistake somewhere with figures. Something missed by the adviser but not the underwriter and added in later perhaps. Example ,dependant not in, depandant in?

I fear the end decison is the more likely outcome based on the figures when you look at them

Jack_Johnson_the_acorn

Me and my wife got rejected by hsbc for the same property value but with almost double the income and no dependents, so I think you are going to struggle with those figures, especially as we didn't have to go through the mmr review. You may need a larger deposit and certainly a different lender.

pjread

Savyshopper1 wrote: »

My financial info hasn't changed at all in the 4weeks this has been going on. Only that I've bought a few items (tv,sofa,living furniture, cutlery, Hoover etc) in the January sales.

Paid cash for everything, or was some of it on credit (credit card, buy now pay later, etc)...?

New TV, sofas and living room furniture sounds like it might not be insignificant. A spike in balances might well concern an underwriter.

LCLCLC

This is probably way too late now, but I wonder if you shortened ther term and this affected it?