mortrgage offer declined by HSBC urgent advice needed

engleby

Existing mortgage with HSBC for 21 yrs and all bank accounts £61,000 never defaulted on payments
CC debt of £47,000
Good credit
no other debt
income joint £52,000 full time nhs and tax office employment
remaining term 8 yrs 11 months to retirement
3 dependents one at uni one a college one at school
applied for equity release but declined by underwriter on basis that they are not happy to take on so much of debt of other lenders
Outgoings would have reducd by £700 making life much more manageable and affordable for us was a good plan and circumstances will change over next few years re dependents looking for a plan to get us through another 5 years at the same house before considering selling . Hoping someone can advise on options now and if possible how to go about finding a broker I can trust. Feeling like come to end of road and the door been shut is there any hope now of anyone lending to us.

SouthCoast

Suggest you update your threads on the Debt Free Wanabee Board.

payless

even before the crunch some prudent lenders were moving away from additional borrowing on Further advance / remtgs in cases that had high credit consolidation

Mrs_Bumble

Sorry to hear that, really am.

Ask around friends and family, work colleagues to see who they have used and trusted, recommendation is the best route. You need a good, independent, whole of market mortgage broker. Provide them with a copy of your credit report and they can make enquiries for you. AS previously stated, it is always difficult to say which way HSBC will go as they are a law unto themselves and are currently cherry picking, one would have thought that with your business for 21 years that would have counted but obviously not. That doesn't mean that all doors are closed for you. A good mortgage broker will ring round and hopefully find a more sympathetic lender, don't give up yet! It aint over till the fat lady sings ;-)

engleby

Thank you for your kind words you always keep me going I would like to think someone would be able to offer to hep us out with this but am frightened of using a broker have never done this before and so worried someone will rip me off which is the last thing we need. Do I take it that a mortgage broker only looks at mortgages or do they look at homewoner loans too not sure which I need really as only got about 9 ears to take mortgage out over anyway. would they want to take over the existing mortgage too as this is on a very low rate with HSBC and I would be reluctant to change this just want the extra. Also would the short period of payback time put the lender off!

Mrs_Bumble

A broker isn't going to rip you off, why would they? You might get charged for their services but like everything in life you pay what you are comfortable with.

Are you really sure that you want to secure the credit card debt onto your house? If you default then potentially the secured lender can seek possession.

A broker can look at everything for you, the fact that the size of the secured loan is high might make it more economical to remortgage the whole lot, even though you say you are on a low rate with HSBC as they can look at the overall costs.

9 years shouldn't cause a problem for a lender!

Ask around for a good, independent, whole of market broker in your area, that you can go and see, or they can come and see you. We really are not a bad bunch! Not scary:) Get a lot of bad press but most of us genuinely care about what we do, or to be frank we just wouldn't do it

engleby

I do want to put the debt onto the mortgage as I cannot see a better solution a loan may be higher interest and as it is only over 9 years it seems a good way forward my problem is just not knowing anyone also would there be a possibility of only putting half of the debt onto morgage or would this pointless just wondered if somwon would be more likely to lend us a smaller amount which in itself would make a difference to our monthly outgoings.

maninthestreet

engleby wrote: »

I do want to put the debt onto the mortgage as I cannot see a better solution a loan may be higher interest and as it is only over 9 years it seems a good way forward my problem is just not knowing anyone also would there be a possibility of only putting half of the debt onto morgage or would this pointless just wondered if somwon would be more likely to lend us a smaller amount which in itself would make a difference to our monthly outgoings.

Have you tried going back to HSBC and asking if they would consider lending you a smaller amount? From what you have told us, they turned down the request solely due to the amount of unsecured borrowing you were trying to consolidate.