Applying with HSBC - too picky?

innerspeaker

Hi all
I'm a FTB who had an offer accepted on a property yesterday.

It's £175k and I'll be looking to put down £20k deposit.

I bank with HSBC and having had an initial consultation with a broker I was advised to stick with them due to their good rates on 90% LTV mortgages.

However from browsing online I'm a little concerned on how picky and slow HSBC seem to be with lending, so just wondered if any FTBs had experienced this with them?

Also, I'm concerned if my matched betting history will catch me out and to be honest I have no idea how picky they would be with this. I stopped in April - although I've been saving for a few years for a deposit it's only in the last 6 weeks when considering the economy & market I decided now was the right time for me to buy. I also didn't expect to find such an ideal property so quickly. Therefore my bank statements probably aren't as tidy as they could be - there's no bookmaker transactions in May but I do have a handful across the the last few months, a couple of them in three figures. On their application terms they don't ask for bank statements for existing customers, but I figure they will be able to look at my account history if they need to?

In total including my deposit I have about £30k saved with HSBC, and another £12k elsewhere, plus I have an excellent credit rating. I'm in full time employment and I'm comfortable about the affordability of the mortgage repayments each month. Therefore in my head it feels like I'm in a good position (apart from the matched betting conundrum), so would appreciate any feedback to put my mind at ease! Thanks

FIRSTTIMER

I would stick with HSBC - they are awesome if you're existing customer. I am in exact position. FTB. £180k house with £18 deposit. I'm with First Direct though. Their rate is 2.44 without fees versus 2.34 with HSBC.


Had no issues whatsoever and looking to complete shortly.

innerspeaker

Thanks firsttimer - did you apply online or in branch?

FIRSTTIMER

first direct only do online or phone - did online

lspell1

If you go through a Broker you may find that they only ask for 1 months statements so you should be fine.

xyz123

lspell1 wrote: »

If you go through a Broker you may find that they only ask for 1 months statements so you should be fine.

But OP banks with HSBC so they have his/her full banking history since he/she became a customer...

Yurona

We have our mortgage with HSBC - can't fault them, it was as quick and painless as possible (also existing customers)

MrMortgages

Not a chance HSBC will touch you with betting transactions in last 3 months. They don't ask for your statements as they can see everything already as you are a customer.

nb0825

if you're current account is with hsbc, first direct or m&s bank and you apply for a mortgage they will see all your transactions going back years if they wish. I'd wait at least 3 months and apply elsewhere as betting transactions will scupper your application

FIRSTTIMER

Correct - First Direct didn't want to see any statements from my HSBC account too as their systems are all linked and they can see any HSBC Group accounts