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self employed mortgage declined by HSBC- now appealing
2010omnia
Posts: 7 Forumite
I'm self employed in my early 30s. been in a mixed of PAYE and Ltd in the past 4 years.I'm a qualified accountant working in risk management consulting area.
yr1 49k (PAYE)
yr2 52k ( Ltd, profit)
yr3 21k (PAYE, only worked 4 months as I took time off for travel)
yr4 74k ( Ltd, this is 09-10 projection on Ltd, a 3 month rolling contract -been extended for 4 times with the same employer as this is the common practice and the contract is likely to be extended due to the nature of my work- risk consulting)
no debts, have 2 credit cards but paid off every month.
all accounts (business and personal accounts are with HSBC for many years)
Mortgage amount :£165k, LTV 45%
mortgage : 1.99% life tracker for 25 yrs fee 999 monthy payment £740.00
Premier account holder
provided last 4 years tax returns , paid slip,proof of employment.
mortgage manager accessed my detail and was sure no affordability issues,
no credit issues.
but she needed to send my case for the underwriter due to my self employed status.
it got declined by the underwiter on : income unsustainable....
My mortgage manager said my case has been sent for appeal will need to wait as they were confident the reason of decline is unreasonable.
Has any one experienced anything like this , shall i try other banks ( called Halifas, seems they can provide AIP over the phone just based on information provided and can submit full application for me over the phone then to proceed for survey etc etc- a bit too good to be true?!!)
Shall I wait for the reply of HSBC or shall I apply for other banks while waiting ,knowing that it will leave a credit check print on my file.
your advice is highly appreciated!!! thanks !!
yr1 49k (PAYE)
yr2 52k ( Ltd, profit)
yr3 21k (PAYE, only worked 4 months as I took time off for travel)
yr4 74k ( Ltd, this is 09-10 projection on Ltd, a 3 month rolling contract -been extended for 4 times with the same employer as this is the common practice and the contract is likely to be extended due to the nature of my work- risk consulting)
no debts, have 2 credit cards but paid off every month.
all accounts (business and personal accounts are with HSBC for many years)
Mortgage amount :£165k, LTV 45%
mortgage : 1.99% life tracker for 25 yrs fee 999 monthy payment £740.00
Premier account holder
provided last 4 years tax returns , paid slip,proof of employment.
mortgage manager accessed my detail and was sure no affordability issues,
no credit issues.
but she needed to send my case for the underwriter due to my self employed status.
it got declined by the underwiter on : income unsustainable....
My mortgage manager said my case has been sent for appeal will need to wait as they were confident the reason of decline is unreasonable.
Has any one experienced anything like this , shall i try other banks ( called Halifas, seems they can provide AIP over the phone just based on information provided and can submit full application for me over the phone then to proceed for survey etc etc- a bit too good to be true?!!)
Shall I wait for the reply of HSBC or shall I apply for other banks while waiting ,knowing that it will leave a credit check print on my file.
your advice is highly appreciated!!! thanks !!
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