Turned down for HSBC mortgage

mikeassured

Hi

Can anyone advise me please?

If you get turned down for a mortgage, will this affect you when applying elsewhere?

Thanks

Sue

Mips

Different lenders using a different criteria and sometimes different credit scores.

Have you got a copy of your Credit Report? Do you know why you have been turned back? It could be that you are overstretched with credit already, or that you have a poor rating?

I would have thought all the high street banks have the same criteria - there are sub prime lenders but I think you may pay a higher fee?

mikeassured

Hi Dippychick

Credit check was fine, eventually turned us down on affordability, so was wondering if I applied elsewhere in the future if a failed application would show up on our credit history, or would we have to tell another lender of a failed previous application??

Thanks

Sue

_Andy_

The application will show up but not the decision.

herbiesjp

mikeassured wrote: »

Hi

Can anyone advise me please?

If you get turned down for a mortgage, will this affect you when applying elsewhere?

Thanks

Sue

You credit file does not show the words decline - it will only show that a credit search has been made by that lender

Some lenders ask the question about if you have applied elsewhere, and others don't. Either way it will make little difference, as long as you meet the criteria of the new lender in terms of affordability you should be fine

However if you were to approach numerous lenders, and have numerous credit searches (and be declined again for not meeting the correct criteria) that is when you may start to encounter problems

Best way of making sure you fit the criteria of the lender, could be by using a whole of market adviser - that should help avoid the problems of making an application only to find they will be declined, as they will check the criteria before submitting an application