We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Help with HSBC mortgages inner workings
Ja_s_mon
Posts: 21 Forumite
Hi, we are current HSBC banking and mortgage customers. We are in 2 years into a three year fix. We have sold our own house and agreed a price on another.
We do have a few completies to our situation
. The new house requires an 100k of borrowing. Which we will have to port and borrow more. Secondly my wife's job with NHS has been going through review. It was due to be signed off three weeks ago, but has now been pushed back to 25th of this month. Its the same role with same trust. The Re grade increase has been agree by director etc
My questions to anyone in the know are. Do HSBC allow additional borrowing on the some ported product, or will they make us have two mortgages
Secondly, will they accept a covering letter / contract as proof of increased income. Or will they not budge off asking for a pay slip. As this may be problematic for us due to June stamp duty deadline
Any advice would be appreciated
We do have a few completies to our situation
. The new house requires an 100k of borrowing. Which we will have to port and borrow more. Secondly my wife's job with NHS has been going through review. It was due to be signed off three weeks ago, but has now been pushed back to 25th of this month. Its the same role with same trust. The Re grade increase has been agree by director etc
My questions to anyone in the know are. Do HSBC allow additional borrowing on the some ported product, or will they make us have two mortgages
Secondly, will they accept a covering letter / contract as proof of increased income. Or will they not budge off asking for a pay slip. As this may be problematic for us due to June stamp duty deadline
Any advice would be appreciated
0
Comments
-
2 products. The current amount owing on existing mortgage is transferred over and then new borrowing on whatever rates are available for new purchase cases.
Hsbc take future payrises confirmed by employers up to 6 (i think) months in advance. Definitely 3 months but i think its more.1 -
@Ja_s_mon As per their criteria, the hike must come into effect within 3 months of the application and supported by an employer letter. If the hike is substantial there may be further queries.
I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
2 -
Thank you, the two products was my concern. We are about two years in fixed term with them. Which means we will have to the standard variable for 12 months to align themDeleted_User said:2 products. The current amount owing on existing mortgage is transferred over and then new borrowing on whatever rates are available for new purchase cases.
Hsbc take future payrises confirmed by employers up to 6 (i think) months in advance. Definitely 3 months but i think its more.0 -
Thanks for the reply. I think the pay rise is about 7k, my concern was she gets them a new contract and they demand evidence via a pay slip. Which pushes into May/June and towards 8k of stamp dutyK_S said:@Ja_s_mon As per their criteria, the hike must come into effect within 3 months of the application and supported by an employer letter. If the hike is substantial there may be further queries.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards