Hi,
Partner and I applied for a 90% ltv mortgage with HSBC which was approved in principle. We offered on a house and offer was accepted,we went back to HSBC to confirm application for 10 grand less than the AIP. We stupidly thought that it would be a walk in the park!
Briefly;
£24,000 from sale of our house (deposit)
Income £80,000 (combined)
Outgoings £700 (loans due to be settled sept and nov)
Need to borrow £202,500
Child care £98 p/w
Both have overdrafts on accounts (1joint 2 individual accounts)
No credit cards
Credit scores "good" and "fair" ?!?!
Store account with £290 (£1400 limit)
Outgoings bills and DD etc £600
One big issue we have is that currently I am on mat leave, although HSBC said as long as I have before mat leave paysilps they would take this into account, I am due to return to work in June.
I know it would be better to wait till Nov time when our loans are settled and I've been back to work for a few months so our income and outgoing are much better, but our offer has been accepted, we have accepted an offer on our house and there is quite a big chain now. Pressure!!!!!
We really are at a loss as to what to do, we understand it'll be tight for a few months but we are confident it'll be ok (we do waste a lot silly things like food/drink) belts can be tightened!
Sorry such along post, but any advice would be greatful. Be gentle!
:)
Partner and I applied for a 90% ltv mortgage with HSBC which was approved in principle. We offered on a house and offer was accepted,we went back to HSBC to confirm application for 10 grand less than the AIP. We stupidly thought that it would be a walk in the park!
Briefly;
£24,000 from sale of our house (deposit)
Income £80,000 (combined)
Outgoings £700 (loans due to be settled sept and nov)
Need to borrow £202,500
Child care £98 p/w
Both have overdrafts on accounts (1joint 2 individual accounts)
No credit cards
Credit scores "good" and "fair" ?!?!
Store account with £290 (£1400 limit)
Outgoings bills and DD etc £600
One big issue we have is that currently I am on mat leave, although HSBC said as long as I have before mat leave paysilps they would take this into account, I am due to return to work in June.
I know it would be better to wait till Nov time when our loans are settled and I've been back to work for a few months so our income and outgoing are much better, but our offer has been accepted, we have accepted an offer on our house and there is quite a big chain now. Pressure!!!!!
We really are at a loss as to what to do, we understand it'll be tight for a few months but we are confident it'll be ok (we do waste a lot silly things like food/drink) belts can be tightened!
Sorry such along post, but any advice would be greatful. Be gentle!
:)