Applying direct to HSBC

Haze18

Hello
I'm hoping to have an offer on a house accepted shortly so have been looking at our mortgage options. We're looking to borrow £168,000 for a house that's £210,000. I earn £25,500 and my husband earns £20,000. We have a £42,000 deposit. We have credit card debt of £2900 and one daughter who is just turning 18. I also have a student loan.

I've got a decision in principal from HSBC for £177,000 but I'm a bit concerned that this is not very much over what we're looking to borrow so just wondered how HSBC might view that?

I'm looking at HSBC because they have very good rates for a 2 year fix. I'm happy to go to a broker if necessary but not sure if I need to as I'm happy with the type of mortgage we require.

Also, does anyone know how long HSBC typically take to make a decision after you've applied for your mortgage?

Thanks

minimike2

An HSBC DIP is worthless.

I have seen them give a DIP for £150k then reduce it to £0 at application based on exactly the same information....

You look to be at the top end of your affordability for what you want to borrow. I would suggest a broker to establish what is the best option for you.

Credit-Crunched

Haze18 wrote: »

Hello
I'm hoping to have an offer on a house accepted shortly so have been looking at our mortgage options. We're looking to borrow £168,000 for a house that's £210,000. I earn £25,500 and my husband earns £20,000. We have a £42,000 deposit. We have credit card debt of £2900 and one daughter who is just turning 18. I also have a student loan.

I've got a decision in principal from HSBC for £177,000 but I'm a bit concerned that this is not very much over what we're looking to borrow so just wondered how HSBC might view that?

I'm looking at HSBC because they have very good rates for a 2 year fix. I'm happy to go to a broker if necessary but not sure if I need to as I'm happy with the type of mortgage we require.

Also, does anyone know how long HSBC typically take to make a decision after you've applied for your mortgage?

Thanks

Good luck with HSBC....

Ems08

We got a DIP from HSBC for the exact amount we needed which was £216000 and we had a deposit of £24000 which was 10% of our purchase price. Our joint income is pretty much on par with yours. We however didn't have anything on a Credit Card and no dependant.

We had no problems and I am so thankful I applied to HSBC directly. I had read so many bad things about their lending criteria, but it couldn't have gone smoother for us. We did have to wait a week and a half for our initial appointment because we were doing it face to face, and then it took 3 working days to find out we were approved subject to valuation. The valuation took another 2 weeks however but that is more to do with Countrywide! All in all it took us about 3/4 weeks from offer to a solid mortgage offer from HSBC.

Haze18

Thanks for the responses. I'm going to pay off the credit cards so that will help but I've contacted a broker to see what they say.