Advertised rates are a con - HSBC

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  • mgrowe
    mgrowe Posts: 12 Forumite
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    Clive_Woody wrote: »
    Sounds like they disagree and seeing as they are the one doing the lending they get the final call.

    Typical rates quoted have to be given to 51% of successful applicants, you made the other 49%


    Yes but I have applied to Santander and have been accepted for the same amount over the same term and at 3.2%.
  • somethingcorporate
    somethingcorporate Posts: 9,449 Forumite
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    Not sure your thread title is appropriate. As has been mentioned above the representative rates have to be offered to the majority of successful applicants. You weren't judged the risk you through you were!
    Thinking critically since 1996....
  • JJG
    JJG Posts: 330 Forumite
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    mgrowe wrote: »
    Yes but I have applied to Santander and have been accepted for the same amount over the same term and at 3.2%.

    And Santander are a different bank with completely different scoring criteria and risk assessments. HSBC are apparently known for their very strict lending policies.
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
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    mgrowe wrote: »
    Yes but I have applied to Santander and have been accepted for the same amount over the same term and at 3.2%.

    Yes because Santander have their own way of scoring you just as HSBC has theirs. (Neither way has anything to do with the credit scores generated by the credit reference agencies since lenders can't even see those scores let along use them.) Whilst Santander might rate you highly HSBC clearly doesn't but doesn't rate you so low that they just straight out decline you.

    The rates are clear on each high street lenders' website where they state the advertised rate is a representative rate.
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