FTB: Mortgage Questions

aidman

Hello,

We have had our offer on a house accepted and we are ready to start moving forward with a mortgage. We had a mortgage in principle done through HSBC who we both bank with for the duration of the property hunt just to prove that we could proceed.

The HSBC mortgage in principle was for £215k for a house of a value of £240k... We purchased at £240k, however due to the work required we want to place a lower deposit down meaning we'd require a mortgage of £227k.

To cut to the chase... HSBC have said that if I was to go through a full mortgage application they think my chances of being offered £227k are pretty high, however I'm a little worried about this whole credit searches thing against us and it ultimately putting us in a bad position.

So my question is really what do I do... do I go through a full application with our current bank to see if they can offer the amount we are after... or is it best to speak to a mortgage adviser... I must admit when we previously spoke to a mortgage advisor the rates being offered by the lender they suggested (nationwide) were not as good as those from HSBC.

Our joint income (pre tax) is: £57,400.

Thanks in advance,

Aidman.

MortgagesInc

Just one additional credit search isn't going to harm your credit much at all - it would be worth seeing an adviser though as the mortgage market is ever changing - HSBC may have been best two weeks ago but not necessarily now

herbiesjp

You don't say if you have any other debts in the background.

So you are looking at 4 times joint income.

There areplenty lenders that will agree that, assuming a good credit score.

Again, double check with HSBC to see what they can offer, but have a word with a fee free whole of market adviser to see if they can find a better deal - at 95% borrowing though you will need to make sure you take into account lenders charging a Higher Lending Charge and compare to those that do not