Mortgage application rejected without explanation

LDN>HK>LDN

Cheers Kingstreet. :beer:

Already sourced some life cover and critical illness etc before speaking to them, plus I'll do a search re: contents and buildings insurance.

We're still considering what to do with regard to income protection.

I won't be buying direct from HSBC.

Thrugelmir

LDN>HK>LDN wrote: »

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.

On a 95k joint income?

Lenders have changed their practices in the time you've been away.

LDN>HK>LDN

Thrugelmir wrote: »

On a 95k joint income?

Lenders have changed their practices in the time you've been away.

Yes, why? Does that surprise you?

Weddings aren't exactly cheap (neither are honeymoons). Plus we were paying the mortgage of our empty flat as the tenant left in Nov but we only completed last week.

Now that's gone through we've got relatively little debt and I wouldn't expect us to go overdrawn anymore at all. It's just the timing that's screwed us a bit.

Minor update: HSBC have agreed in principal based on the info provided. We've sent off all the paperwork they require (payslips, bank statements, proof of ID etc). So I guess it's a case of sitting and waiting. Hopefully we'll know for sure by Friday or at the very latest Monday.

It's frustrating as we've got a completed chain now, so all parties are eager to get a move on and I don't want to rock the boat as we're the end of the chain.

Thrugelmir

LDN>HK>LDN wrote: »

Yes, why? Does that surprise you?

No surprise. My observation was in response to your comment about being rejected. Lenders no longer chase new business.

LDN>HK>LDN

Thrugelmir wrote: »

No surprise. My observation was in response to your comment about being rejected. Lenders no longer chase new business.

Ah, I see, sorry was a bit defensive from me there!

Still no word. They've definitely got everything and it's been passed to an underwriter, just wish they'd tell us so I can move on with the process or try someone else if it fails.

LDN>HK>LDN

Mortage approved with HSBC! Subject to valuation. :j:money: