Going for a mortgage interview on Thursday, what to take/ask
Discussion
Basically I would like to buy my first place next year. As such I'm going to my bank on Thursday for an informal sit down with an advisor.
I want to find out what price range I will be able to afford, then I can figure out what size deposit I need and get a slight idea of monthly payments etc.
Now the main question is there anything I should take with me? As its at my Bank that I have all my accounts with will I need to take payslips?
I want to find out what price range I will be able to afford, then I can figure out what size deposit I need and get a slight idea of monthly payments etc.
Now the main question is there anything I should take with me? As its at my Bank that I have all my accounts with will I need to take payslips?
I wasted many hours at hsbc doing the same process. They wanted payslips, last 3 years p60's, details of all outgoings, right down to sky telly subscriptions. I'm on a fairly good salary even by ph standards and they treated like some chancer.
When after 3 appointments and two weeks they finally felt i was worthy of a decision, they gave me a low ball offer about 50k short of what i needed.
I think the real reason for all the questions was to work out what other 'products' they could flog me at the same time. Suffice to say i'm not one of those people who took out any form of PPI cover years ago (or gap insurance nowadays, which will be the next big outcry).
spoke to my financial guy, had an offer principle in 20 minutes and the full offer within a day or two, just on one payslip.
I think the problem with hsbc for me, is that i dont have any loans or outstanding credit for anything - which ironicly seems to score me down in thier eyes.
Shop around and avoid them flogging other products to you.
When after 3 appointments and two weeks they finally felt i was worthy of a decision, they gave me a low ball offer about 50k short of what i needed.
I think the real reason for all the questions was to work out what other 'products' they could flog me at the same time. Suffice to say i'm not one of those people who took out any form of PPI cover years ago (or gap insurance nowadays, which will be the next big outcry).
spoke to my financial guy, had an offer principle in 20 minutes and the full offer within a day or two, just on one payslip.
I think the problem with hsbc for me, is that i dont have any loans or outstanding credit for anything - which ironicly seems to score me down in thier eyes.
Shop around and avoid them flogging other products to you.
If it's your own bank they will already have a very good idea of your income/outgoings and therefore what they will lend. I got my last mortgage 2yrs ago from my bank. Took 10mins on the phone, no need for proof of anything.
I agree with what someone else said, if they are asking you to see an in branch "consultant" it's to sell you other stuff you probably don't need.
I agree with what someone else said, if they are asking you to see an in branch "consultant" it's to sell you other stuff you probably don't need.
When I tried my bank three or four years ago I had a meeting with their chief mortgage advisor. Who I think had just left school.
He was little more than an interface between me and their computer mortgage system. 'Computer says no' and I was in the meeting for the sum total of 5 minutes. I had gone in fully prepared with a folder of paperwork etc. None of that was any use.
The LTV was about 1% short of what I needed - I'd hoped that as a customer of 20 odd years with a clean record of positive balance in my current account and easily verifiable savings in an account with them as well that there could be some wriggle room or discussion around the matter.
But computer said no. In the end I went direct to another lender (Brittania / now the co-op I think) who did have a 2 hour chat about the paperwork I provided and what they could do for me. Very disappointing I couldn't get that from my own bank but perhaps given everything that's gone on since in the world of banking - not surprising.
He was little more than an interface between me and their computer mortgage system. 'Computer says no' and I was in the meeting for the sum total of 5 minutes. I had gone in fully prepared with a folder of paperwork etc. None of that was any use.
The LTV was about 1% short of what I needed - I'd hoped that as a customer of 20 odd years with a clean record of positive balance in my current account and easily verifiable savings in an account with them as well that there could be some wriggle room or discussion around the matter.
But computer said no. In the end I went direct to another lender (Brittania / now the co-op I think) who did have a 2 hour chat about the paperwork I provided and what they could do for me. Very disappointing I couldn't get that from my own bank but perhaps given everything that's gone on since in the world of banking - not surprising.
I've found these people useful for my mortgage needs, if that helps? Generally got everything done in couple of one hour sessions during my lunch break. First visit to figure out what would suit, second one to bring the required documents (not onerous) and then a final pop-in to get things signed. Went the bank route initially, but they went straight for trying to sell me everything under the sun, plus they were trying to drive me to borrow the maximum they'd lend me rather than what I was actually asking for. Imab was complete reverse. Went in with a number in mind and they matched it to what was on offer. No pressure at all.
thanks for the advice all. Sounds like most of the time in there im going to be dodging them selling me various options. As long as I come out of there with an idea of a price range I can start to look for I will be happy. Then I will be able to focus on rates and lenders and i'm sure I will be dropping a few people on here a PM
dave0010 said:
...an idea of a price range I can start to look for
http://www.google.co.uk/#hl=en&sclient=psy-ab&...Gassing Station | Finance | Top of Page | What's New | My Stuff