Declined HSBC mortgage knocked confidence

herbiesjp

More lenders are coming back into the 90% arena, so you should have several options available.

It will boil down to what exactly you are looking for from the mortgage, and then matching that up with the correct lender.

Your broker should be able to help you - income multiples should not be a factor, so you need to find a lender that does not cherry pick as much as HSBC

kingstreet

MoneyMagic01273 wrote: »

Really? Can I ask how you have formed this opinion regarding PO declines?

I got an AIP from HSBC too but it didn't mean anything.

Is it likely that a broker might be able to give me an opinion on lenders with typically less strict scoring criteria, do you think?

The story did the rounds in a few of the trade papers around the end of November;-

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

You've got the AIP with PO, so you might as well have a go with a full application before you start looking for other alternatives.

callmechar

I have 2 AIPS with PO, we want 90% LTV. Im worried now

Thrugelmir

callmechar wrote: »

I have 2 AIPS with PO, we want 90% LTV. Im worried now

Getting technical. There are only limited funds available for mortgages at this LTV level. As lenders are required 6 - 8 times the capital of a 60% LTV mortgage.

So lenders will be very careful as to how the available funds are allocated. Such as lower income multiples, size of advance for example. In no way does reflect on the individual themselves.

Yomo

My partner and I are in a very similar situation to you, right down to the household income.

We also got turned down on a 90% LTV by a high-street bank after being given an agreement in principle and being told that 'we should be fine'.

After than was declined, we took a couple of months to save more deposit. So we now have a 25% deposit and it was worthwhile since the mortgage we are applying for now is at 3.19% rather than the ~5.8% we were offered the first time round.

I would definately recommend saving as much deposit as you can. Once you get past even a 15% deposit, the rates become very very competitive.