Problems with a HSBC Premier Mortgage

Kilkee_Rover

My wife and I are HSBC Premier Customers, we wanted to help our daughter who has just started as a teacher help in getting her first house. The plan was we would borrow 40K from our house as a deposit and do a joint mortgage. This was scuppered by the bank as I have already done this with our older daughter and the rules have changed. So we decided to put my wife forward instead. Amazingly the joint mortgage was rejected and no one will tell us why. We checked Experian and Equifax - my wife despite having a very well paid position has a limited credit record as I do all that stuff but Equifax put her around 450. My daughter missed one or two payments on a store card earlier this summer but she paid up straight away in full and cancelled the card. We are now applying for the mortgage in my wifes name but this is taking forever. The house we are interested in purchasing is 230K and we were putting down a 20% deposit. Anyone have a similar experience? BTW the mortgage advisor is very poor, doesn't answer e-mails or phone calls and doesn't seem to give a damn...

Wutang_2

Missed payments by daughter? Think you'll find the reason a little closer to home

kingstreet

Surely a "Premier" mortgage guarantees acceptance?

Kilkee_Rover

Is there any way we can find out reasons for rejection? Should I be complaining about the mortgage advisor - is it unreasonable to expect some response within a 24 hour period?

Dave_Ham

Search the forum for HSBC mortgage.

They are just being super selective, there could be countless reasons but they should tell you.

Either it was failed on credit score, criteria or affordability.

They should tell you this much, but they are selective - even for Premier clients it would appear

Conrad

Your wife has to convince any lender she will be comming off your current resi mortgage and residing in the new place. It is possible to do this sort of case but the application has to be spot on. A good broker might be worth trying

Thrugelmir

Kilkee_Rover wrote: »

Is there any way we can find out reasons for rejection? Should I be complaining about the mortgage advisor - is it unreasonable to expect some response within a 24 hour period?

Maybe a policy decision by the bank. Joint mortgages between parents and siblings raises a number of potential issues.

Another factor is your daughters acceptability for a mortgage as an individual. I'm not referring to her credit record here but own income etc.

Where has the deposit come from if you weren't able to remortgage your house?

Kilkee_Rover

We are going to get the deposit from savings now, my daughter as a first year teacher has a salary of 23000. We are going to rent some rooms to cover most of the mortgage. The bank phoned today, said that my wife got the mortgage on her own. The bank are putting in the joint mortgage application again. Are we being messed about?

Conrad

Kilkee_Rover wrote: »

We are going to get the deposit from savings now, my daughter as a first year teacher has a salary of 23000. We are going to rent some rooms to cover most of the mortgage. The bank phoned today, said that my wife got the mortgage on her own. The bank are putting in the joint mortgage application again. Are we being messed about?

So they think your wife will be moving in, or they know this is a B2L?

Thrugelmir

Kilkee_Rover wrote: »

We are going to rent some rooms to cover most of the mortgage.

Have you investigated all the potential tax issues? If the mortgage is in your wife's name.