Mortgage Application worries

Minky_2

Hi there

I may be worrying over nothing but we've found a house and want to put in an offer. I want to make sure the Mortgage Offer has the best chance of being accepted. Our Experian and Equifax accounts are squeaky clean

My current tracker mortgage is at a ridiculously low rate of 0.88% (0.38% plus base of 0.5%) I’ve had an appointment with them and they've said they would port my mortgage and given me the Key Facts Illustration showing the extra they would lend. Overall comparison is 2.1%. (Even if they didn’t port we can comfortably afford the rate for the total amount of the mortgage and increases up to 6%.)

I was conservative on our equity but have found since that I was overly conservative. The house that we want to buy is also cheaper than we expected so our LTV is now down to around 63% and would want to borrow around 30k less than the illustration. (The illustration does also take into account our outstanding credit card debt.)
However, I know that they will still go through our statements etc. with a fine tooth comb so have the following questions:

- We’ve made large payments to help clear off the cc’s over the last couple of months – will they look at this negatively (ie – you can’t afford a mortgage and these cc payments) or will it be ‘I see you’re trying to pay off your debt’ One card is at 62% used and the other is 87% (this is a 0% card for clearing debt) but they are increasing my credit limit in a week so that it will fall to 72%
We can could comfortably pay the mortgage and more than the minimums of the CC's.

- Hubby has gone into his planned overdraft the last two months but by no more than about £80 and covered off the next day. Will this be seen as a negative, even though it’s a small amount for a small amount of time that’s quickly rectified? It’s been bad timing with cheques.

- Hubby’s tax has been all over the place too with them registering his co car wrong and wrong tax codes so his take home pay is much lower than it should be. HMRC are looking into it but supplying his last 3 payslips will show a much lower take home figure (but they do all show his annual salary) is this an issue?

- Will it carry any sway that we are existing customers?

- I’ve heard the least amount of people that have to see an application means a higher chance of being accepted. Probably an urban myth but is it worth making annotations on the bank statements on anything I think they’ll query? Eg large amounts in/out?

Any help or advice would be greatly appreciated!

Minky_2

*Bump*

Hi - is there anyone that could help with any of the points at all? I'm really quite anxious about us being turned down so would really appreciate any guidance at all.

Thank you

kingstreet

Without knowing which lender this is, it's just about impossible to answer.

Minky_2

Sorry - thought I'd put that. It's HSBC.

Thanks

kingstreet

Hopefully, someone who has recently applied to HSBC will now be able to tell you of their experiences.