Gavin123 Posted March 18, 2011 Share Posted March 18, 2011 Just wondering if anyone has had dealings with HSBC for mortgages. They seem to be offering the best varible rate at the moment, but when i try their "how much can i borrow" its showing a maximum of less than two times my salary! This is with an LTV of less than 60% and no other committments. Other lenders calculators show around 3-3.5 times joint income. Is their online calcultor reflective of what they would actually lend? Quote Link to comment Share on other sites More sharing options...
paulw0t Posted March 18, 2011 Share Posted March 18, 2011 I tried getting a mortgage with them when I was looking for a house (Granted it was 9 months ago) but when I rang them up they only offered 2x my salary after going through a whole lot of details on the phone. They also where looking for a 35%+ deposit rather than the 10% they had advertised at the time on there site. I ended up with Santander but I took a fixed rate rather than variable. Quote Link to comment Share on other sites More sharing options...
shifty_FTB Posted March 19, 2011 Share Posted March 19, 2011 Just wondering if anyone has had dealings with HSBC for mortgages. They seem to be offering the best varible rate at the moment, but when i try their "how much can i borrow" its showing a maximum of less than two times my salary! This is with an LTV of less than 60% and no other committments. Other lenders calculators show around 3-3.5 times joint income. Is their online calcultor reflective of what they would actually lend? its giving me just over 3x my household salary Quote Link to comment Share on other sites More sharing options...
eyes wide open Posted March 20, 2011 Share Posted March 20, 2011 i had a hsbc mortgage, and what i can say for definite is they don't assess on salary multiples, unlike other lenders they assess on the ability to pay. before securing my previous mortgage i had to demonstrate that i retained 40% of my salary for 'living' i.e. food, clothing, fuel etc, with the 60% including all other committed to bills, such as the mortgage itself, insurance, direct debits, loans, credit cards etc. that mortgage was secured in 2006 during silly season for lending, as i think we all know hsbc were one of the banks least stricken by the practise of irresponsible lending. Quote Link to comment Share on other sites More sharing options...
polythene pam Posted March 20, 2011 Share Posted March 20, 2011 I assume you have children. They seem to knock a huge whack off what they will lend if you have dependents. Quote Link to comment Share on other sites More sharing options...
Gavin123 Posted March 20, 2011 Author Share Posted March 20, 2011 I assume you have children. They seem to knock a huge whack off what they will lend if you have dependents. Yes - 2 children. It's a pity that they don't offer the same multiples as other lenders. Most of the rest seem to charge over £1k for setup and not as good an apr. If they are looking for proof of my spending habits I'm stuffed! My "disposable" income isn't bad - but i do spend all of it each month. That said i could cut back if i had to, but at present i don;t need to. Thanks for the replys from other members by the way. Quote Link to comment Share on other sites More sharing options...
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