Affordability yes mortgage no

islington1

Hello All
I applied for a mortgage with HSBC, they did all the affordability checks in the branch and told me I had enough equity and there shouldn't be a problem especially as the mortagage was 65-70% of the property price. I was then refused the mortgage on the basis that it would be tight if rates went rose to 6-8%. Needless to say this wasn't mentioned when we went through the rates and payments and I was actually encouraged to go for more money than I wanted, which I did. Now they refuse to return my emails when I question why there was no transparency in the criteria and how they continue to promote mortages up to 90% based on current interest rates but then refuse then on their projected rates.
Has anyone had a similar experience and got any advice please on if this affects my credit rating? thanks

betmunch

HSBC is well known for this, they only take the creme de la creme of applicants.

Do you have kids or other credit?

_Andy_

Shame on HSBC for being a responsible lender

opinions4u

Try elsewhere.

Life goes on.

islington1

betmunch wrote: »

HSBC is well known for this, they only take the creme de la creme of applicants.

Do you have kids or other credit?

Hi we have one child, I have no credit cards and no loans or debts, wife has a couple of cards but pays them off each month and we went through all of this with the mortgage manager. I also told them I was looking to buy at auction and would need an answer quite quickly, he told me it would take a few days then left me waiting weeks for a reply and I had to chase it. Now they tell me I can apply again in 3 months like I would ever go there again!

Thrugelmir

islington1 wrote: »

Now they tell me I can apply again in 3 months like I would ever go there again!

Do offer highly competitive rates.

Thrugelmir

betmunch wrote: »

HSBC is well known for this, they only take the creme de la creme of applicants.

Or are being responsible if you take a medium term view of where interest rates could easily be heading.

betmunch

personnally I feel lenders are more responsible by being up front with potential clients about how much they will reduce a loan by due to family or other credit commitments BEFORE taking a full application.