First Time Buyer - Mortgage Anxiety

OohSoHolly

Good Evening Everyone,

I hope you don't mind me picking all your brains but my partner and I are looking to buy our first home and the whole experience is making my chest hurt...

I just have a couple of questions I wanted clearing up...

So I've done a number of mortgage comparisons and have really set on approaching HSBC for our mortgage, however I understand that with them giving the best rate it's obviously not going to a given - basically my question is have people found that the best advertised rates generally are too good to be true? We have around £6k debt (50/50 loan and credit card) on around £40k income looking to borrow £130k (10% deposit).

Second question is - my partner doesn't have any current photo ID. He has no interest in driving and his passport is expired. Would a lender accept an expired passport or am I going to have to fork out for a new one

Apologies if my questions sound daft only we are completely new to this and my head is very muddled!

Thanks in Advance

Thrugelmir

Are you an existing HSBC customer. Have a joint income of £75k?

OohSoHolly

Not an existing customer, and sorry should of clarified joint income is £40k

pmartin86

While I'm far from an expert, I (and from what I know, banks) see your "10%" as 13k - 6k, so 7k deposit. Why do you have savings if you have debt? Unless your debt is at a lower rate than your finance, why not pay it off?

AS for ID, seems daft not to have one of the 2 commonly accepted valid IDs in the UK...is the (potential) haslte really worth more than the 70 odd quid for a passport?

Barney72

Hi there my passport ran out in January and when we applied in March to the Halifax they didn't accept it had to do an emergency appt at the passport office

Thrugelmir

OohSoHolly wrote: »

Not an existing customer, and sorry should of clarified joint income is £40k

You may not meet HSBC's lending criteria then. Low rates are target towards those that will require larger mortgages. HSBC are more interested in quality over volume.

swishy87

I've just spoken to HSBC today about a mortgage in principle as I've seen a good rate with them. They told me that if a rate is advertised for a particular LTV then that's the rate you can apply for, regardless of your credit score, etc. So, if you have a LTV of 90% it seems? If the rate you have seen is for a 90% mortgage and HSBC will lend you what you need, that's the interest rate you will get. I hope that helps a little bit.

We're just looking at moving house and I'm a worrier so not enjoying the whole mortgage process as I'm terrified we won't get enough, etc!

Poor_Single_lady

People do give some daft advice on here. Obviously its not ideal to have debt but if you're trying to get a mortgage better to have savings and debt than no debt and no savings (to state the bloody obvious).
I have a mortgage with hsbc, had around £6000 debt when I applied on credit card, we discussed this and they told me that they wanted me to clear this but they lent me £98,000 on a salary of £32,000. With hsbc your application goes to a real person and so I wrote a letter to accompany my application because it was quote borderline so this might be an idea. This was 2 years ago and things may have changed but I do bank with hsbc. They were very helpful so worth a chat with them if they can help?
Hope thos helps in some way. It is a minefield and incredibly stressful. Can only wish you luck.

OohSoHolly

Many Thanks for all your replies and the well wishes. I will be incredibly glad when the whole process is over!