Is it worth appealing a mortgage application?

BSkaaning

Hi Guys

Last week me and my boyfriend applied with HSBC for a mortgage for £66,300 the property is £78,00 and we are putting down a 15% deposit. I earn 21k a year and my b/f is self employed and has averaged his last 3 yrs accounts at around £10,500. We were told that we had been declined due to a default on my account from 5 years ago which was also settled last year ago. The lady who did the application has told us that she is going to appeal it so someone actually has to look at our file rather than a computer making the decision, does anyone know if we will have any chance or what we could do?

Please help!!
Thanx

mat1234

Probabley doesnt help, but I have a couple of friends who are staff at HSBC for a long time. They also had them refused ( much delight to my financial adviser who got them loans in seconds from other banks )

seems HSBC like to publiscise low rates but not give them out.

BSkaaning

Would it be worth going to another lender, bear in mind if they still say no that will be 2 high street lenders that have declined us! Its stupid how strict they're being, we payed alot more for renting last year!!

Raggs_2

Just from reading things on the forums here, HSBC seem to offer the lowest rates, and are able to do this because they only pick the safest bets. You can be a little more generous if there's a much better chance of you getting your cash back.

If this is true (and from my own readings of peoples issues with HSBC it is) then any default is probably going to be a complete red light. Other may know more.