HSBC rejection has made me paranoid - advice on Woolwich application please?

jonesylou

HSBC totally screwed me and my boyfriend over in 2004 and we are still paying for it now,

cut a long story short we took a loan out of £10800 and paid it for six months at £137 a month, told the interested was only £50 a month on it, well after six months it went UP not down to £11400 and after takin advice we stopped paying it, MCS (HSBC) took £20 a month towards the debt they sold our loan in 2007 without telling us so we were getting defaults on our credit scores as they hadnt told us they sold it and hadnt sorted out the payment to go to them.

we have now sort of sorted a mortgage out with another bank but we have had to fight for it and its all down to HSBC and their mess they have made of sorting things out.

i really hope you get everything sorted out.

curiousftb

This is taking AGES! They needed more bank statements. They sent me the envelope on Thursday, got it Friday, went to Barclays on Saturday and got the poor bank manager to sign and verify two months worth of internet bank statements and I sent them off on Sunday. I assumed they'd get the paperwork today but apparently their systems were down all day (?!) so they couldn't confirm they had them. I'm about to lose the vendor because this is taking so long. Fume. Presumably there's nothing I can do now but does anyone know how long it takes for underwriters to do their stuff? I assume they'll only commision the survey once they've underwritten? Bit worried about being stung for £550 if they then reject me?

Thrugelmir

jonesylou wrote: »

well after six months it went UP not down to £11400 and after takin advice we stopped paying it, MCS (HSBC) took £20 a month towards the debt

Then you defaulted. HSBC would have marked your credit report accordingly. Not the bank's fault whatever you wish believe.

curiousftb

Good news! HSBC removed the mark from Experian with an apology and although my score is still 100 points below what it was, they're looking into it. Proof banks will move fast to correct your record if you threaten them with legal action and recovery of costs. Woolwich texted me about five minutes ago to say they have the paperwork and my contact there called to say it's going to the underwriters today. So very nervous, it's going to be the longest weekend of my life. I'm going to choose to believe my contact at the Woolwich when she says that most people are turned down at the phone stage, not the paper stage. Anyone care to comment? Fingers crossed - enjoy your weekends everyone!

Dave_Ham

With the removal sorted, you should be fine.

Fingers crossed for you, certainly the Intermediary underwriters at Woolwich do work weekends and evenings (suppose the cost per hour is low when they outsource) but unsure if directly they are assessed in the same manner...

Usually Woolwich tell you early on if not going to work so assume you will be fine - try not to worry...

Credit-Crunched

Please stop paying so much attention to your experian credit score, these are just for indication purposes and on the grand schemes of things mean not a lot.

Each lender has their own credit scoring matrix, taking not only your finances into account, but voters role details, time at address, time at employer, land line number included (this is actually a negative metric on a score card if not in with some matrices) even geographics.

So stop worrying and put your application in!

curiousftb

Oh hurrah, could it be that this is over? The Woolwich said yes! They were more than happy with my income (I didn't try to get the mortgage on commission but they could see it as a regular thing so that helped) and they said that banking with barclays for years and keeping my accounts in good order helped. In addition to this, they cleared me on the credit score! Hah! Take THAT HSBC! Survey happening tomorrow morning so I'm nervous again but I can't believe they'll undervalue the property - we got it for £15k under the asking price which is £14k more than the current owner bought it for in 2006 so hopefully we'll be fine. Searches have been done on the property, our solicitor has OK'd their contract so as soon as we get their search responses we can look at exchange! Current predicted completion date is the 15th of June so I'll let you know how it goes. Surely the gods wouldn't be so cruel as to fail us at the survey after this nightmare? Thank you all for your advice, especially Dave Ham - can't tell you how much you reassured me! PS: If you go to the Woolwich, ask for Sarah. She's AMAZING and has pushed it through really quickly - and because of her I haven't had to talk to India at all.

Dave_Ham

curiousftb wrote: »

Oh hurrah, could it be that this is over? The Woolwich said yes! They were more than happy with my income (I didn't try to get the mortgage on commission but they could see it as a regular thing so that helped) and they said that banking with barclays for years and keeping my accounts in good order helped. In addition to this, they cleared me on the credit score! Hah! Take THAT HSBC! Survey happening tomorrow morning so I'm nervous again but I can't believe they'll undervalue the property - we got it for £15k under the asking price which is £14k more than the current owner bought it for in 2006 so hopefully we'll be fine. Searches have been done on the property, our solicitor has OK'd their contract so as soon as we get their search responses we can look at exchange! Current predicted completion date is the 15th of June so I'll let you know how it goes. Surely the gods wouldn't be so cruel as to fail us at the survey after this nightmare? Thank you all for your advice, especially Dave Ham - can't tell you how much you reassured me! PS: If you go to the Woolwich, ask for Sarah. She's AMAZING and has pushed it through really quickly - and because of her I haven't had to talk to India at all.

Given you being a worrier, I still need to say do not panic. you are close to the finishing line now and not too many go wrong from here on in (although they can)

Try to relax and hopefully you will not have to look at a mortgage again (well for 2 years or so!)

Well done - fingers crossed..

curiousftb

Survey was fine, mortgage letter waiting to be picked up at the post office, life is good! Thank you all - especially Dave Ham. I can't tell you how much I appreciate your advice! Hurrah, happy ending to this mortgage tale of woe!

We're set to exchange very soon - possibly next week. Life is VERY good!

Dave_Ham

curiousftb wrote: »

Survey was fine, mortgage letter waiting to be picked up at the post office, life is good! Thank you all - especially Dave Ham. I can't tell you how much I appreciate your advice! Hurrah, happy ending to this mortgage tale of woe!

We're set to exchange very soon - possibly next week. Life is VERY good!

Good work and congratulations..... - now to relax...?