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Mortgage in Principle - first time buyer, which bank?
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Update - MIP obtained from HSBC for the amount we needed.
Our offer was accepted on 10th of April and we are hoping to get our formal offer from HSBC soon. Sent through payslips and bank statements.
Hope it all goes through ok.
Is it taking so long because we've done an online application?0 -
Thrugelmir wrote: »HSBC like other lenders. Have target markets for their products. To avoid wasting time make general enquiries before submitting an application. HSBC have high income requirements (£50k sole, £75k joint) which is part why they offer highly competitive rates. There's no right to a mortgage. Lending money is a two way business relationship.
Holy smokes...50k single income?
:eek:The financial wealth building journey.
Busting this debt before 40. Started in August 2024 with debt = £19,966. August 1st 2025 debt = £0 and busted!
Debt free dairy https://forums.moneysavingexpert.com/discussion/6547320/busting-this-debt-before-40/p1
Savings goals by 31st December 2025;
Emergency Fund: £3,445 / £4000
SIPP: £3,932 / £4000
S&S ISA: £637 / £1000
“Save me now and I’ll save you later” - Your money
I eat far too much chocolate...0 -
HSBC will not waste your time.
Not until they have finished wasting the time of hundreds of others in the queue.
I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Thrugelmir wrote: »HSBC like other lenders. Have target markets for their products. To avoid wasting time make general enquiries before submitting an application. HSBC have high income requirements (£50k sole, £75k joint) which is part why they offer highly competitive rates. There's no right to a mortgage. Lending money is a two way business relationship.
Only for buy-to-let mortgages. For residential it's a normal , albeit tough, afforbility criteria.0
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