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What happened to the Mortgage market

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Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    HSBC and First Direct will operate the same lending policies. As in the same banking group.
  • dunstonh
    dunstonh Posts: 121,370 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    didgemaster wrote: »
    I'm looking to borrow £120,000 over 20 years, Zoopla states my house is worth £245,000 - releasing equity to build an extension. First Direct are my current lender and will only lend me £93,000 over 20 years. I have been to both HSBC and Nationwide both will lend me £140,000 and nationwide said they'd let me have that over a 14 year period if I want!

    I went back to First direct and asked them to check their figures and they said that they are correct :-(

    HSBC cherry pick
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    dunstonh wrote: »
    HSBC cherry pick

    Some would say lend conservatively. As always have been at the lower risk end of the spectrum.
  • didgemaster
    didgemaster Posts: 58 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Thrugelmir wrote: »
    HSBC and First Direct will operate the same lending policies. As in the same banking group.

    I thought the same so I questioned them on this and apparently they have very different lending criteria
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Go with the ones that will give you the money.
  • swindiff
    swindiff Posts: 982 Forumite
    Tenth Anniversary 500 Posts Name Dropper Newshound!
    I got turned down by HSBC at only 2.5x my salary, not including my partners income or income from a buy to let we have, no bad credit at all. I engaged a broker who got me a deal with Nationwide no problem at a slightly better rate. HSBC / First Direct seem very picky.
  • somethingcorporate
    somethingcorporate Posts: 9,449 Forumite
    edited 13 January 2016 at 12:51PM
    ACG wrote: »
    As has been said, generally speaking you can lend around 4.5x your income.
    However if you have significant amounts of debt or commitments (ie loans, HP, credit cards etc) or a football team worth of kids (or a combination of the 2) then it will reduce that down.

    I'd expect a mortgage advisor to know the difference between lend and borrow given they are, in fact, total opposites.

    How about we encourage correct use of the language? especially from someone who should be an "expert". It lends nothing to your credibility.
    Thinking critically since 1996....
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    didgemaster wrote: »
    I thought the same so I questioned them on this and apparently they have very different lending criteria

    Like supermarkets , lenders will target different segments of the market. The products on offer reflect this. Lending money is a business.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    swindiff wrote: »
    I got turned down by HSBC at only 2.5x my salary, not including my partners income or income from a buy to let we have, no bad credit at all. I engaged a broker who got me a deal with Nationwide no problem at a slightly better rate. HSBC / First Direct seem very picky.

    What's you annual income?
  • swindiff
    swindiff Posts: 982 Forumite
    Tenth Anniversary 500 Posts Name Dropper Newshound!
    Thrugelmir wrote: »
    What's you annual income?
    My annual salary is £40k, wanted a £100k mortgage on a property valued between £165 and £170k
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