Mortgage pulled at last minute

Competsoph

caw379 said:

haras_n0sirrah said:

hsbc are doing 10% (if you can get one - brokers will know what I am talking about here) however they are only accounting for any overtime/ bonus etc if you are an nhs worker. Not even a key worker - just an nhs worker.
If your application depended on overtime and you do not work for the nhs then that would be the reason

Hi @haras_nosirrah, we have submitted for 10% with HSBC - what do you mean by "if you can get one"? 

Apparently they are only releasing a certain number of products a day so brokers are having to get up early to secure them! 

haras_n0sirrah

other lenders are still using overtime and bonuses. Just not hsbc and a few others

jamesm5094

Do you know if any lenders who will accept a 10% deposit and take into account overtime??

haras_n0sirrah

Competsoph said:

caw379 said:

haras_n0sirrah said:

hsbc are doing 10% (if you can get one - brokers will know what I am talking about here) however they are only accounting for any overtime/ bonus etc if you are an nhs worker. Not even a key worker - just an nhs worker.
If your application depended on overtime and you do not work for the nhs then that would be the reason

Hi @haras_nosirrah, we have submitted for 10% with HSBC - what do you mean by "if you can get one"? 

Apparently they are only releasing a certain number of products a day so brokers are having to get up early to secure them! 

its not about getting up early - it is about everyone jumping on at the same time (as they release them at 8am) and then hsbc website crashes so it is practically impossible to get them.
I remember in 2007/2008 barclays did the same thing with limited mortgages but released them at midnight so brokers were getting up at midnight to try and get applications booked. 8 is an improvement on that I suppose.

haras_n0sirrah

jamesm5094 said:

Do you know if any lenders who will accept a 10% deposit and take into account overtime??

there is one who accept 50% as long as it has been consistent over the last 3 months but they are pulling out at 8pm tomorrow

jamesm5094

50% of overtime ? And they take a 10% deposit? Which lender is this please ?

haras_n0sirrah

Coventry but they are pulling their rates tomorrow 

gab3x

Spikeisbroke said:

Hi All,
We were 2 weeks away from completing on a new build property when i was put on furlough for 5 weeks. Despite having the mortgage agreed and help to buy arranged our mortgage provider pulled all applications that weren't complete! I'm back at work and they have said they just scrapped all applications for anyone that went on furlough not put them on hold but didn't tell us. We only found out this week because we were chasing for updates. It appears this has happened to many others too.
Anyone else had this situation or can advise we would be extremely grateful.
Thanks in advance.

how do they know you were furloughed? 

Spikeisbroke

They asked if we were being furloughed so we said yes. The didnt say anything would be wrong just they needed to update records. We rang them back as soon as we knew we were returning to work. 
Apparently most banks are now only dealing with basic mortgage applications and certainly not processing any help to buy despite agreements already being in place.

sparkletoes4

Hi all, 
We exchanged contracts just before everything started to go in to lockdown, workers are back on the building site and I'm expecting it to be complete within the next couple of months. We have both been out on furlough during lockdown and up untill now our employers have been topping our wage up 100%. We are now going to be on 80%. We haven't told the lenders as we really don't want our mortgage to fall through when we are so close. I also have an interview tomorrow for a new job (pays the same and is a company I have worked for before). I guess I am already at risk because I am furloughed so I don't know wether i should take the job (if offered) as I am already at risk and surely having a new job is better than being furloughed? I don't know what to do, HELP