Anybody taken HSBC mortgage recently?

bigriggers

kingstreet wrote: »

I read an article a couple of days ago about PO not being prepared to release number of 90% applicants turned down in response to a suggestion they were declining the bulk of them. I'll see if I can find it.

http://www.thisismoney.co.uk/money/mortgageshome/article-2066566/Post-Office-lenders-accused-window-dressing-90-mortgages.html?ito=feeds-newsxml

There it is.

Thanks kingstreet, interesting article.
Hopefully somebody will lend us some money then!
Just a little on edge now I've already made two applications today, don't want to damage my rating further by being declined for more. :eek:

betmunch

Lokolo wrote: »

Thanks. That's the bit I worry about. I could go and say "Well I can get this already, do your magic." I come out with the same mortgage (as they couldn't beat it) but having to pay the IMA a fee for their services, so I lose out.

Hence the "I kinda want a guarantee." point.

---

Sorry for hijacking your thread OP, good luck finding a mortgage.

It sure is a tricky one, I understand your point completely. Unfortunately it takes time to understand your situation and then research the best mortgage.
You could argue if a Mortgage Advisor does all this and then cant beat your deal and hasnt agreed a fee then he loses out.

I guess it comes down to how confident you are in your own abilities to source the correct mortgage against what you have been quoted as a fee by an Independent guy.

Taking advice isnt for everyone, I'd be a fool to suggest it was.

betmunch

Also sorry for helping with the hijacking!!!

bigriggers

Hey guys don't feel bad about the "hijacking", this mortgage lark is a minefield!

One more question though, if some kind soul would offer their opinion...
I don't want to flood my credit report with loads of failed applications, so I was thinking of limiting to two applications tomorrow. Co-op do a 3yr fixed at 5.19% - anybody have any experience of their lending criteria? If that is rejected then I think I'll apply for the Halifax's 2yr fixed 5.69%, as by all accounts they are a little more flexible in their lending (they did give us an AiP a few months ago). Crap rate but we can't rent for another year!

Leon_W

!!!!!! riggers. See a broker.

This random approach will shaft your credit score for months.

bigriggers

Leon_W wrote: »

!!!!!! riggers. See a broker.

This random approach will shaft your credit score for months.

We did, best he could get us was 5.69%. If I can get that direct with the Halifax then I'd rather not pay him £100 for telling me that!

GMS

I have posted on here many times about it being important to apply to the correct lender rather than following the cheapest rate downwards. If the cheapest rate is the appropriate product then superb. If not, chasing rates will only ever lower your score making each subsequent application more likely to be declined.

If you apply for 2 more DIP's tomorrow that will be 4 in 3 days? Score will be lowered, possibly to the point of decline everywhere.

90% mortgages are difficult enough to obtain with credit score being vital. You seem to be intent on trashing yours as quickly as possible

Leon_W

So when they decline you aswell what are you going to do ?

Brokers have relationships with lenders that can turn that decline into an accept. So you'd rather jeopardise everything, have to rent for another year, all for the sake of £100 ? That makes perfect sense !

Thrugelmir

bigriggers wrote: »

We have good credit ratings and only a couple of grand on credit cards, no loans.

How much is a couple of grand? A 10% deposit equates to £14k. So your net savings balance isn't great considering your gross income.

(Said as an observation only)

Leon_W

You do realise that lenders can see the searches ?

So when you find a lender that will possibly accept you (unlikely with your approach), they will see a list of lenders that looks like a whos who of the high street. They may not have a reason to decline you but will do so anyway because they KNOW that you have been turned down everywhere else. The results of searches (decline/accept) is not revealed but it's hardly rocket science for a lender to work it out and they will ere on the side of caution, 'if they wont lend to him, we wont either'.