First-time buyer - HSBC/Principality

Stonesafe

Hello,

I am a first-time buyer and last weekend I place an offer on a property that was accepted, I'm a single buyer with just over a 15% saved deposit and the property is a one bedroom flat - offer accepted at £240.000.

I am using L&C that have actually been very helpful and I am looking to apply for a mortgage with either HSBC or Principality - both are for a three-year fixed rate.

Anyway... I am thinking of going with HSBC, however, I've been told they are an extremely picky lender and take a very long time - especially for FTB.

Has anybody had experience with Principality? Particulaly first-time buyers - advice would be greatly appreciated.

Thanks in advance

Slithery

What does your mortgage broker suggest?

Stonesafe

They recommended Principality - just wanted feedback from somebody that's taken a mortgage with them.

Cluelessftb

I'm a FTB, and my mortgage is with Principality through a broker. Obviously everyone is different, but here's our timeline:

12/9 mortgage applied for
20/9 valuation and homebuyers report carried out
25/9 extra documents requested, sent same day
4/10 got mortgage offer verbally from mortgage advisor
7/10 received formal mortgage offer in the post

If you've got any more questions by all means ask away!

RackAttack2.0

Not Principality, but i am a FTB about to complete with a HSBC mortgage. They have been a dream to lend from, we received our mortgage offer within a few days of application (even before they completed the valuation). They never asked for more than 3 months transactions and never made any more requests during the process which i know my family members have had with other lenders. We were also told they were picky and difficult to be approved by but i think so long as you have good credit and good spending habits/ affordability you'll be fine. Good luck!

eastonian

My first mortgage was with Principality and they were great. No problems and best fix at the time for us.

They were a bit useless around the end of the fix, I wanted to know the redemption value as I was borrowing more when I remortgaged and they would not calculate it until I was leaving, but I think this is fairly common.

All in all I'd happily recommend them.