Refused a mortgage because of PPI complaint

kenny78

Hi,

I am not normally the type to complain but this is too much for even me to keep quiet about.


I have been refused a mortgage because of a previous PPI complaint that I did against HSBC.

After 20 years being with them. I was misold a PPI in the past which I complained about because of that they have turn down my recent mortgage application. Deposit is fine, credit score is also fine, cash flow is fine (as one of their advisors told me). I can not believe a simple complaint that I did on a law that they and so many other banks have broken has been used against me. 20 years of loyalty is now gone in thin air. I think Hong Kong Shanghai Banking Corp should not be getting away with treating people this way. After checking online - it appeared that there are so many other people who feel unfairly threated by HSBC too: @ reviewcentre


I am not a lawyer but surely refusing to lend money to someone on the basis that they had complained about their PPI is surely not legal nor is it fair. Something needs to be done about this but I do not know what, can someone please help me?

regards

bengalknights

What a adviser says is irrelevant in the same way credit scores are.

HSBC being a business can lend to whoever they wish and decline whoever they wish based on a criteria they set if you dont meet it you just try elsewhere.

DCFC79

No

Surely the bank can decide whether to give a mortgage to you or not, how sure are you the reason you were declined is due to the complaint ? You will have to prove it is the reason.

scottishblondie

The bank can refuse to provide a service to whoever they want, the same as any other business - you might feel it's unfair, but basically it's tough luck.

Just give your business to someone else, there is very little point in getting upset about it.

Curr946

Complete rubbish. The fact they wont lead to you is, either the value of the house is nor high enough (if you got that far) or you simple dont meet their leading criteria. You can appeal, wage slips etc required.

opinions4u

No

I would hazard a wild guess that their refusal is absolutely nothing to do with your complaint. HSBC are just about the fussiest lender on the market.

cash flow is fine

Are you self employed?

What's the purchase price?

How much were you borrowing?

What other loans do you have?

What income has been declared?

refusing to lend money to someone on the basis that they had complained about their PPI is surely not legal

I'm not aware of a law that compels them to lend to you. Have they actually said this is the reason?

redfox

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dunstonh

No

I am not a lawyer but surely refusing to lend money to someone on the basis that they had complained about their PPI is surely not legal nor is it fair. Something needs to be done about this but I do not know what, can someone please help me?

As it happens they, like any business, can refuse to transact with anyone they like as long as it is not discrimination. However, a bank wont refuse on that basis unless your PPI complaint was fraudulent.

I think Hong Kong Shanghai Banking Corp

No such organisation exists.

_Andy_

kenny78 wrote: »

Hi,

I am not normally the type to complain but this is too much for even me to keep quiet about.


I have been refused a mortgage because of a previous PPI complaint that I did against HSBC.

Says who?

After 20 years being with them. I was misold a PPI in the past which I complained about because of that they have turn down my recent mortgage application.

Have they actually said this was the reason?

Thrugelmir

No

kenny78 wrote: »

Deposit is fine, credit score is also fine, cash flow is fine (as one of their advisors told me).

Which they would as its not their job to make the lending decision.

However the underwriter said no. That's all that counts.

poacherp

dunstonh wrote: »

No such organisation exists.

http://en.wikipedia.org/wiki/The_Hongkong_and_Shanghai_Banking_Corporation