HSBC mortgage sent to underwriters

woodsey2002

We've been struggling to obtain a mortgage as we've been abroad for 5 years up until February 2009, today we went into our local HSBC branch for some mortgage advice, we weren't expecting miracles, in fact I wasn't expecting to be there for more than 5 minutes but having discussed our situation with the MA he suggested completing a full application for the house we're interested in and has sent off our case to the underwriter and is recommending it be accepted..
We failed the initial credit score process but not due to adverse credit, simply theres not much on there as the two credit cards we have are paid in full each month and we have no other outgoings and of course there isn't isn't the usual three year history.
The MA advised us before going ahead that this would be the case but not to be too concerned as in cases such as ours the underwriters are happy to take a more human approach as oppose to 'computer says no'.
I'm really not wanting to get my hopes up but Im extremely surprised we've go this far. Is this how their system works, do they refer everyone who fails the initial credit score or is there some vague hope of this actually being accepted.

paulc1978

we were approved by the HSBC underwriter yesterday - i was not convinced it would be due to our complex situation. The guy was very nice and definately did take a human approach ie was happy to speak with us and updated us at 5.55pm last eve
good luck

Burridge60

HSBC have helped a lot of highly skilled migrant workers who have come to the UK. They of all Lenders should be in the position to do this sort of thing. Good to know an organisation comes close to what they portray in a TV ad.

alipops1986

I too was approved by the underwriters of HSBC, despite failing the instore credit check - again because little info on me!
All was good in the end, good service!

Daisy_Dumpling

It's good to read this as we are still waiting for a decision from the HSBC underwriters on our case. We have two residential mortgages on two properties and wish to purchase a third house with the intention of letting the other two. Despite being able, on paper, to afford the new mortgage, we have been refused because the underwriters won't let us have three residential mortgages. We have to transfer one to a 'buy to let', at a much higher rate and with a huge application fee. After asking questions it would appear that the bank are unhappy with us making money from our houses and this is the only reason we can't proceed.

I'm pretty !!!!ed off because we ran all this by our relationship manager a month ago and we were told that, subject to checking, it would be fine and we've offered on a house on the basis we can proceed quickly. As soon as we can, we're shaking the dust of HSBC off our heels and this is after a 30 year plus relationship. Grrrrr

paulc1978

daisy dumpling - thats pretty much our "complex" situation with 2 existing properties (one BTL already though) and buying a third (our existing residential just on the market).
was convinced they would say no - but didn't
best of luck

riverboat2001

Daisy_Dumpling wrote: »

It's good to read this as we are still waiting for a decision from the HSBC underwriters on our case. We have two residential mortgages on two properties and wish to purchase a third house with the intention of letting the other two. Despite being able, on paper, to afford the new mortgage, we have been refused because the underwriters won't let us have three residential mortgages. We have to transfer one to a 'buy to let', at a much higher rate and with a huge application fee. After asking questions it would appear that the bank are unhappy with us making money from our houses and this is the only reason we can't proceed.

I'm pretty !!!!ed off because we ran all this by our relationship manager a month ago and we were told that, subject to checking, it would be fine and we've offered on a house on the basis we can proceed quickly. As soon as we can, we're shaking the dust of HSBC off our heels and this is after a 30 year plus relationship. Grrrrr

I have a fairly complex situation, after being turned down by the Post Office, i went to see a mortgage broker.
Got both mortgages all sorted and should be signing the papers next Tuesday:p

Yorkie1

Daisy_Dumpling wrote: »

It's good to read this as we are still waiting for a decision from the HSBC underwriters on our case. We have two residential mortgages on two properties and wish to purchase a third house with the intention of letting the other two. Despite being able, on paper, to afford the new mortgage, we have been refused because the underwriters won't let us have three residential mortgages. We have to transfer one to a 'buy to let', at a much higher rate and with a huge application fee. After asking questions it would appear that the bank are unhappy with us making money from our houses and this is the only reason we can't proceed.

I'm pretty !!!!ed off because we ran all this by our relationship manager a month ago and we were told that, subject to checking, it would be fine and we've offered on a house on the basis we can proceed quickly. As soon as we can, we're shaking the dust of HSBC off our heels and this is after a 30 year plus relationship. Grrrrr

I can fully understand your being angry because the relationship manager got it wrong and you feel misled by that.

But why on earth do you think you're entitled to 3 residential mortgages when you only live in one of them? The other 2 are BTL properties, which whether you like it or not is a higher risk for the lender and is effectively a commercial venture (albeit on a very small scale).