HSBC mortgage rejected

mrs_ds

Me & OH have had a mortgage with HSBC for 7 years & wanted to port our current deal to get a new house. It would mean borrowing more money but on affordability we were ok. We needed 90% ltv & have been rejected on OH credit scoring. We have never missed a mortgage payment to HSBC & wondered if we could appeal the decision. OH has missed a couple of C.C. payments & had a default to a mobile phone company for £66 when he was out of work in 2007.

opinions4u

There will be an appeals process but HSBC take no prisoners on 90% lending.

Try a 15% deposit or see a broker for help in finding an alternative lender.

GMS

Porting a mortgage is subject to meeting critria at the time. HSBC are the pickiest of lenders and would not allow a default, certainly not at 90% LTV. Missed unsecured payments won't help either.

You can appeal but don't get hopes up. Look elsewhere or ask a broker to look for you. Be wary of applying at random as the default will exclude many lenders and too many applications could hurt credit score making it more difficult again.

mrs_ds

I have spoken to London & country & they suggested Halifax but the repayments are much higher & for longer. 30 or 35 years instead of 25.

GMS

mrs_ds wrote: »

I have spoken to London & country & they suggested Halifax but the repayments are much higher & for longer. 30 or 35 years instead of 25.

Much higher than what? HSBC?

As you are not eligible for HSBC you canot use it as a comparison

Dave_Ham

On a side note, I actually do not think you will get the default past Halifax these days.. and surprised if you do at 90%

May need a building society....

Good luck

mrs_ds

I was going to try & speak to another broker tomorrow. I didn't think building societies would be any less strict than banks since they've never been suggested to us before. We're trying to see if the default can be removed a year early since it's for such a small amount but that could take a while & we've already found the house that we want.

Thrugelmir

If the interest rate you are currently on is worth hanging onto. Why not wait a while longer. Build your equity/deposit up and borrow at a lower LTV in the future.

mrs_ds

The interest rate is brilliant it's 1 1/2% but we need to move to get into a better school catchment preferably before Sept.

Simon_gloster

HSBC are notorious at 90% lending ror being harsh, probably right at that LTV and would only consider clean clients. I cant see they would bust a gut to approve you at that rate unfortunately.

Either dont sell or face the reality that porting wiyh HSBC is no longer available.