Mortgage Denied - Strange Reason

Tracewhy

Today, we FINALLY after over 3 weeks got a decision for a mortgage from HSBC. The underwriters refused to underwrite it. When my partner asked why all they would say was that its because of a previous address of mine. Not what the address was or why the address was a problem.

I have previously had debt issues due to a previous partner impersonating me with my credit cards, altho I'm still paying them off I've done a LOT of work to sort myself out. I was totally upfront with the bank and as requested even printed off my credit report for them. I was half expecting it to fail due to previous credit, but am completely thrown now as to what it actually means. As IO don't know what it means, and the bank are refusing to call me back and the central call centre has said it has to come from the branch I'm at a loss whether to try somewhere else, or if there is something lurking that I don't know about.

Does anyone have any idea what 'declined due to a previous address' actually means and what my next steps should be?

Thanks

Dave_Ham

It means that there is adverse registered at a previous address.

Just because HSBC have said no does not mean everyone will. Get your Experian & Equifax reports and put them in front of a broker and they will be able to assess your options..

Search HSBC mortgage at the top right of the forum and you will get some other views on "HSBC Underwriting"

Good luck

Tracewhy

Thanks Dave, so basically they are saying it is my adverse credit (which I told them about and how it happened).

I think I'm going to be paying for my a* of an ex forever at this rate jeesh I started the improvement process of my credit over 3 years ago, will it EVER leave me. Mind you it took about a year to get everything sorted he'd managed such a trail of destruction, certainly taught me to keep an eye on my experian report.

I notice quite a few recommending woolwich, which we may consider, as Barclays is my bank and has been for over 20 years, I'm also a premier customer with them, I wonder if that goes in your favour. Although may also consider a Broker altho my partner is reallly against that route.

The_J

Really against getting professional advice? Yeah, that makes sense.

It only took a professional 5 seconds to explain something HSBC couldn't do in 3 weeks.

Dave_Ham

Find out exactly what you are dealing with and you can then check criteria yourself to ascertain if they will accept it..

Key is any defaults and CCJ's and importantly what dates they were recorded..

This information is crucial to your success.

Using your bank helps, although do remember they have only 1 set of criteria and 1 credit score to sell you and are therefore never independent...

Good luck

Tracewhy

The_J wrote: »

Really against getting professional advice? Yeah, that makes sense.


It only took a professional 5 seconds to explain something HSBC couldn't do in 3 weeks.

No its not quite like that lol - He's only against it because he is concerned he's going to get stung for extra costs. I have a very very stuborn partner (you must all know one of the sorts) that you can explain things in a multitude of ways, but planting the seed and making them seemingly come up with the idea rather than you suggesting it, seems to work. I need the patience of a saint and then some :rotfl:Currently he sees it as my idea so its a no, but I will get there eventually.

Tracewhy

Dave_Ham wrote: »

Find out exactly what you are dealing with and you can then check criteria yourself to ascertain if they will accept it..

Key is any defaults and CCJ's and importantly what dates they were recorded..

This information is crucial to your success.

Using your bank helps, although do remember they have only 1 set of criteria and 1 credit score to sell you and are therefore never independent...

Good luck

I have no CCJ's and never had any. I have 2 defaults, both have been paid off over 2 years ago. As I said I've done a LOT of work to sort things out. Now the only things left are credit cards and I pay more than the minimum every month and in fact only this week my bank offered me a consolidating loan but I said to wait until after the mortagage response had come through as it was part way through and I didn't want another credit check on my file (of which I've had none for the last 18 months)

The_J

lol fair enough, in this type of situation a mortgage advisor will be best placed. Someone like Martin's chums L&C is fees free?

Simon_gloster

Tracewhy wrote: »

I have no CCJ's and never had any. I have 2 defaults, both have been paid off over 2 years ago. As I said I've done a LOT of work to sort things out. Now the only things left are credit cards and I pay more than the minimum every month and in fact only this week my bank offered me a consolidating loan but I said to wait until after the mortagage response had come through as it was part way through and I didn't want another credit check on my file (of which I've had none for the last 18 months)

Barclays have Pre Approved Mortgage Limits (PAML). Basically you call to change a DD, in the top right of their screens is a figure they would lend to you based on the income into the bank account over a period of time.

Call me an old sceptic, but even with 457,000 years banking with them, a credit check is due at some stage. I had it, knew the system, couldn't get away with a check.

As J said, HSBC should have been last on the list. Sod headline rates as people fall for them.

mgdavid

Tracewhy wrote: »

No its not quite like that lol - He's only against it because he is concerned he's going to get stung for extra costs. I have a very very stuborn partner (you must all know one of the sorts) that you can explain things in a multitude of ways, but planting the seed and making them seemingly come up with the idea rather than you suggesting it, seems to work. I need the patience of a saint and then some :rotfl:Currently he sees it as my idea so its a no, but I will get there eventually.

...sounds like a triumph of hope over experience I'd say...

Tracewhy

Sorry another question. So I've looked up L&C and they look good however all the rates they quote on their site look very competitive. Does anyone know if they have any experience of finding mortgages for people with previous credit problems?

I've read (I think on here) that you shouldn't go to one of the 'specialist' bad debt brokers as generally they are not as scrupoulous. Is this correct?

Problem with the internet is there is so much information its deciphering which is true and which is embelished