How many times is it safe to re-apply (once declined)

AndyLiverpoolFC

As some of you know, we were rejected by HSBC quite out of the blue so we sourced a broker.

We've since been declined due to our credit rating with another lender. The broker has another possibility in mind but should we just cut our losses now and get out relatively unscathed?

Or should we gamble once more and still try and get our dream home?

All at 90% LTV. We've no missed payments but do have a lot of credit. Don't want to go into the ins and outs, just how much declined applications further deteriorates a credit score.

GMS

Speak to your broker about it.

Credit scoring differs from lender to lender. It is impossible to say how many searches will be safe or not.

Most imortant thing is to apply to the correct lender rather than keep applying to the cheapest.

Your application to HSBC will not show as a decline, just a search.

AndyLiverpoolFC

GMS wrote: »

Speak to your broker about it.

Credit scoring differs from lender to lender. It is impossible to say how many searches will be safe or not.

Most imortant thing is to apply to the correct lender rather than keep applying to the cheapest.

Your application to HSBC will not show as a decline, just a search.

Thanks. Really don't know what to do now. Gamble and try it just one last time or cut our losses, do our best to improve our credit rating/credit and apply again with HSBC in 12mths or so.

Really don't like letting down our buyers though. That's the worst thing.

GMS

AndyLiverpoolFC wrote: »

Thanks. Really don't know what to do now. Gamble and try it just one last time or cut our losses, do our best to improve our credit rating/credit and apply again with HSBC in 12mths or so.

Really don't like letting down our buyers though. That's the worst thing.

Only you know the answer.

If you apply and the lender says no are you any worse off than you are now?

If they say yes you get your 'dream' home.

Thrugelmir

The big 6 mortgage lenders now account for 92% of new mortgage lending. So your options are actually fairly limited.

We've no missed payments but do have a lot of credit

The amount of credit you owe with a 90% LTV mortgage will be a negative factor. Certainly with lenders such as HSBC. So tackling your unsecured debts may prove the most worthwhile way forward.