Chances of Mortgage

Cameron1590_2

Hi,

Im looking at purchasing my first property and have had a DIP from HSBC (I bank with Nationwide).

We have found a property we like expected purchase to be around 95K with a 10K deposit over 25years, the DIP covers the purchase price however I currently earn £22450 a year (before tax) and live at home so very little outgoing monthly costs currently. (no debt).

The only thing that concerns me is I have been employed for the last 12 months on a FTC which has now been extended until October 2015 with a view of a permanent contract within this window.

What are my chances looking like??

Thanks,

Cameron

TBeckett100

Use a broker or talk to Nationwide. HSBC I believe won't entertain it

ACG

Nationwide criteria

Applicants must have been employed on a fixed term contract basis for a minimum of 12 months. If they have not, they must have at least 24 months remaining on their current contract.
A copy of the current employment contract would be required as proof of income and employment.

Not sure about HSBC.

Cameron1590_2

Hi both,

Thanks for the replies.

As we have already had a credit search carried out with HSBC would it be worth ago at applying for it as I believe they carry out a full credit check on giving the DIP.

Falling that I think we will go through a broker.

Thanks,

Cameron

Immers7

Cameron1590 wrote: »

Hi both,

Thanks for the replies.

As we have already had a credit search carried out with HSBC would it be worth ago at applying for it as I believe they carry out a full credit check on giving the DIP.

Falling that I think we will go through a broker.

Thanks,

Cameron

Is there any point if you don't meet the criteria?

It's not like you would be able to hide it from them?

Dird

Cameron1590 wrote: »

as I believe they carry out a full credit check on giving the DIP.

When I got a DIP from HSBC they told me it was only a soft check

ACG

If you do not fit the lenders criteria there is absolutely no point in applying - its a waste of your time, theirs and you may lose the house by wasting time and potentially money.

If your going to apply for a mortgage, do it right, whether thats by yourself or through a broker.

csgohan4

Cameron1590 wrote: »

Hi,

Im looking at purchasing my first property and have had a DIP from HSBC (I bank with Nationwide).

We have found a property we like expected purchase to be around 95K with a 10K deposit over 25years, the DIP covers the purchase price however I currently earn £22450 a year (before tax) and live at home so very little outgoing monthly costs currently. (no debt).

The only thing that concerns me is I have been employed for the last 12 months on a FTC which has now been extended until October 2015 with a view of a permanent contract within this window.

What are my chances looking like??

Thanks,

Cameron

Getting a DIP does not guarantee you a mortgage. They are not worth the paper it is on even.


It is your own affordability and whether your salary is enough to hit a high enough multiplier for your budget. In addition to your credit history and NOT score that matters.


In addition do you have another 10k to cover fees, removals, refurbishment e.t.c


As with most people on here, you need a broker to see your personal circumstances and go for the lenders that will suit you. Looks like HSBC may not accept you, they are known to be picky.