HSBC mortgage application declined

Hoopie1

I went to meet a mortgage advisor at HSBC today. They have a similar (although marginally less attractive) deal on at present, the current one is 0.2% above base higher than the one that has now expired, but still by far the best that I can find on the market for my purposes.

After a discussion about my previous one being declined, she suggested submitting a new application and said that I should have no issue with credit.

I did this, she came back to me by email earlier and stated that.

I have commenced your mortgage application and there is no issue about the credit.

I am due to meet with them again next week after this has gone through all the procedures. Fingers crossed.

Lifes_Grand_Plan

Hoopie1 wrote: »

I went to meet a mortgage advisor at HSBC today. They have a similar (although marginally less attractive) deal on at present, the current one is 0.2% above base higher than the one that has now expired, but still by far the best that I can find on the market for my purposes.

Hi Hoopie,

Would you mind posting what mortgage rates you are applying for and what the previously more attractive rate was?

Is this a HSBC tracker you are applying for?

I am applying to HSBC myself at the moment and had a query which your answer to my rates question above may satisfy....

Hoopie1

Lifes_Grand_Plan wrote: »

Hi Hoopie,

Would you mind posting what mortgage rates you are applying for and what the previously more attractive rate was?

Is this a HSBC tracker you are applying for?

I am applying to HSBC myself at the moment and had a query which your answer to my rates question above may satisfy....

LGP - certainly. It is the HSBC Lifetime Tracker (I can't post the link as I'm a noob).

This is 2.09% over base rate, it was 1.89% over base previously (I think). The fees etc. and general terms on repayments are unchanged from the previous deal (it is basically free of any fees or early repayment charges).

Engeroosi

I am awaiting a decision on my mortgage application, its with the underwriters and they have called to confirm details of the bank account so fingers crossed .

Procrastinator333

I'm waiting on our mortgage app from HSBC. I hadn't really considered being rejected. Joint App, < 2X joint income, credit card paid in full every month, no debt, every bill we have ever had for anything and everything paid on time, 20% deposit saved up. Got me worried now!

Thrugelmir

Hoopie1 wrote: »

Thrug - I think stuff like this falls under TCF?

Be surprised if it were. As this is a business arrangement. A mortgage application could be declined merely on the grounds that a lending target has been reached, not in any way a reflection of the applicants status.

Lifes_Grand_Plan

Hoopie1 wrote: »

LGP - certainly. It is the HSBC Lifetime Tracker (I can't post the link as I'm a noob).

This is 2.09% over base rate, it was 1.89% over base previously (I think). The fees etc. and general terms on repayments are unchanged from the previous deal (it is basically free of any fees or early repayment charges).

Thanks for that.

The reason I asked, i'm just coming off a HSBC 5 year fix and am looking at the fee free tracker. I have an offer with the rate as 2.19% above BoE base, but when I look in HSBC's website, that deal lists the rate as 2.39% above base....

So I signed the paperwork and got it back in the post pronto Not going to look a gift horse in the mouth and pay an extra 0.2%

Hoopie1

Small victories...

Dear xxx,

Thank you for attending the mortgage appointment last week Wednesday.
I am pleased to inform you the mortgage application has been approved. I look forward to our second meeting scheduled for tomorrow at 12 noon to sign the necessary paperwork.

Please don't hesitate to contact me if you have any further questions.

Kind Regards

handytips

Back to the original OP
HSBC i suspect just do not want to lend to you, nothing unusual about this given the amount of applications they decline, dont take it to heart, move on to a better lender. Remember rate isnt everything, also look at the monthly cost of everything they stitch you up for, such as Life insurance and home insurance.
Hoopie. Hope you are happy with Hsbc but dont let them sell you anything else.

Hoopie1

Handy - thanks, appreciated. I'm not going to let them cross-sell me anything, having spent the last four years telling Santander to do one, I am well practiced in this area.