Mortgage application rejected without explanation

LDN>HK>LDN

GMS wrote: »

You need to be careful with chasing rates as too many applications will lower your credit score and impact on further applications.

You have a limited time back in the UK which will not help. You are over 3 times income and carrying some debts. 10% is not a great deposit from the lenders point of view and they will reject applications for the slightest reason.

By all means try HSBC but I wouldn't be too confident of success.

Who is your current mortgage with?

Our current mortgage is with Natwest.

We could up our deposit quite a lot, but then we wouldn't have any cash for legal fees and stamp duty.

GMS

LDN>HK>LDN wrote: »

Our current mortgage is with Natwest.

We could up our deposit quite a lot, but then we wouldn't have any cash for legal fees and stamp duty.

Speak to Natwest and see if they can offer anything.

Don't mean to be rude but you can't up your deposit if it means you cannot complete the transaction.

Do what you did as in make it 89.9% LTV. This can often help as the computer does not see it as a 90% application.

betmunch

Sorry, I missed the bit about you being back in the UK only 6 months, that is the most likely reason for the decline with Accord, and I'm pretty sure HSBC will chuck it right out for that!

I suggest you try speaking to an Independent Mortgage Broker, choose to pay a fee and have any commission rebated to you so they can consider the actual whole of market, not the FSA defined whole of market.

There are too many different factors to pick a lender without first doing a full fact find on you, which is what the L&C advisor did, sadly they are not independent.

LDN>HK>LDN

betmunch wrote: »

Sorry, I missed the bit about you being back in the UK only 6 months, that is the most likely reason for the decline with Accord, and I'm pretty sure HSBC will chuck it right out for that!

I suggest you try speaking to an Independent Mortgage Broker, choose to pay a fee and have any commission rebated to you so they can consider the actual whole of market, not the FSA defined whole of market.

There are too many different factors to pick a lender without first doing a full fact find on you, which is what the L&C advisor did, sadly they are not independent.

Even though my wife's been a customer for 15 years or so?

betmunch

The HSBC bit?

Doesnt change the fact they are picky picky picky and you have a massive gap in your credit file!

Like I said before, read the horror stories on this forum, and then if you make an application do so with your eyes open.

LDN>HK>LDN

Fair play, just thought it might sway things a bit.

As I said before though, we've got shed loads of credit history, dating back over 10 years. Plus a mortgage with Natwest whilst we were away.

Anyway, we'll wait and see. Thanks for the advice though.

betmunch

No worries, back in the day when you could sit down with the bank manager and talk through the application it would have. Do not think the bank is your friend, they will not do you any favours.

I realise you have the credit history, but you also have a 3 year period they cant trace you properly, you could be doing anything in this time in Hong Kong and if you dont tell them they wont know.

Let us know how it goes

kmmr

I got declined through Accord (30% deposit, v high income etc) but I was told it was because I missed a few low value payments on my credit card last year. Totally my fault - I tend to forget when there is only £50 on the card... I always remember when there is a large amount, but the credit file impact is the same!

Anyway, they turned me down, but I was told this was because they use Equifax for referencing. You can check you file with them for free also (nice website) and my missed payments were there. Platform (which is co-op) approved it no problem.

Re HSBC - I don't know anything myself, but see in the house selling forum there is a discussion about them changing which solicitors they will deal with. So you either use their panel solicitors, or have to pay twice for some services. Doesn't sound like much fun.

LDN>HK>LDN

Hi Everyone,

So I had a call with HSBC today and things seemed to go okay.

Fortunately, my solicitors is on their "preferred" list, which hopefully means no additional costs.

Basically, the call went as follows:

- Confirmed the info I provided on the online application.
- Confirmed some more details with regard to property
- Confirmed what we plan to do re: contents, life cover, critical illness insurance etc.

Then they said they'd send out an application pack in the next day or two which details the items we need to provide them to make their final assessment, such as 3 months bank statements, 3 months payslips and proof of ID.

Does this sound promising? Is it just a case of them doting the Is and crossing the Ts or is it likely they'll reject us despite getting this far? With the last app. we made with Accord, they didn't ask for any of this stuff, they just dismissed us out of hand.

My main concern is that due to our recent wedding and honeymoon, plus Christmas, there has been a lot of activity in my account and I've been overdrawn for second half of the month for one or two months.

kingstreet

LDN>HK>LDN wrote: »

- Confirmed what we plan to do re: contents, life cover, critical illness insurance etc

As usual, their loss-leading mortgage gets them plenty of overpriced poor quality insurance sales.

Please try to find these products from a source where you'll get better quality at a better price.