HSBC strikes again

Cloud09

Seems there's no let up in the quite baffling decisions being made by some lenders. So, three weeks after sitting down with a very helpful HSBC mortgage advisor (who I have to say has been superb) they finally decline me for a mortgage. The strong case confronting them was :
-Premier customer since 2008. Salary paid into RBS account until March when they asked if i'd have it paid into the HSBC account in order to maintain 'premier status'. I did and they confirmed that I would satisfy the Premier criteria going forward. I was particularly careful about this due to the fact I was selling a property and wanting to port a rate over to a new purchase. In other words, I did all they asked in order to satisfy the criteria and got confirmation I had.
-Previous mortgage on a .79% above base tracker. Redeemed in May so I had another six months to port it over.
-LTV 80% on a property in London. LTV had decreased from my previous mortgage with them.
-No other debts
-Experian credit score of 999 and Equifax of 570. Obviously there's debate as to the helpfulness of these scores but essentially, i've never missed a payment and have settled lots of credit over the years so have an unblemished history.
-Salary multiplier and affordability all v healthy and well within their criteria (as they confirmed to me)
-Their 'internal credit score' was good. Again, confirmed by the mortgage advisor.

The initial app on first credit score was declined so mortgage advisor built a case, supported by the regional credit manager and hey ho, underwriting take two weeks to say 'nah'. Their reason? That despite one part of the business, Premier Direct, confirming I did indeed satisfy the criteria for Premier, I don;t actually because I've only had my salary paid into the account since March. Er, yes. At your request and indeed followed by confirmation that I was 'safe'. Second reason ; that they held my current address as a correspondance address and not my residential address despite me advising Premier Direct TWICE in the last year to the contrary. Said mortgage advisor had to change this in the system as I sat with him.

So, all in all i'm left feeling frustrated, mis-lead and wrong-footed. All common emotions of legions of HSBC customers it seems. I fully accept that banks dont have to lend and indeed that once you redeem one mortgage and either purchase another/remortgage that you have to meet the 'current lending criteria' at the time of the new application but c'mon! How does one do this when the goalposts are moved and any number of spurious reasons can be dreamt up ?! I'd rather they front up and say 'you know what, you may well fulfill the criteria but we need to do everything within our power to prevent you continuing with that nice little rate you got back in 2008'.

I need to explore where I go from here but suspect seeking redress from HSBC is a non starter. They can hide behind their cloak and sharpen their dagger after all!

Dave_Ham

Poor show...

I think you have hit nail on the head.

Great rate and they do not want to give it back...

If you can prove you hit criteria, they have to look into complaint or FOS sure will..

Suggest you sort another mortgage and complain in the background, think you are already on that thought chain mind you..

Good luck..

Thrugelmir

Cloud09 wrote: »

-Previous mortgage on a .79% above base tracker. Redeemed in May so I had another six months to port it over.

On commercial grounds alone this would have cost them money. So therein lies the answer.