HSBC - increase chances of approval

billchecker1

Great. Now completely confused! Lol

So I appreciate that HSBC may not always have the best rates but I have been watching them for a while now and their rates do seem to be good.

I suppose I am merely trying my best to secure the application. The timing all depends on a good house coming on the market so it's difficult to judge when that will be but am trying my best to bad a strong applicAtion.

My Lloyds account shows on credit files with a smash overdraft tht has never been used. Like I say I hope the lengh of holding the account helps. It has been over 16 years. Having it as a vantage at 4% is also a good reason to keep it going.

I could jiggle things about to ensure that the 4% stays active and open a other account.

In fact was discussing this with the wife last night to discover she actually has a current account and ISA with the which she has held for around 5 years. We had forgotten about this. When we got married 4 years ago we switched all her details to mine but kept the account open.

So does this change things? Is it worth messing about ? We could join together on her current account and do our main banking with them whilst also keeping the vantage open.

So many questions!

Thanks all for the help.

thomasdown

billchecker1 wrote: »

I am now hoping to apply for a HSBC mortgage sometime in the next 12 months.

Have banked with Lloyds TSB for 16 years with my credit report reflecting this. However the rates at HSBC seem better. A customer service assistant in branch told me that it would seem better if I banked with them as they could see some history of my banking.

My question is if it is worth changing to them. I don't really want to move my Lloyds account. It is a vantage one with 4% interest and my history with them is good.

Would it be a suitable alternative to open a savings account with them and pay in a regular amount? That way they can see some history without me having to change my main bank.

Thanks.

Hi there,

Me and wife got a HSBC mortgage last February so nearly a year ago now. I banked with Chavtander and missus lloyds. We got approved no problems. But we have no adverse credit issues. Savings account won't make a difference. I now bank with HSBC after issues with Chavtander and the switching team were fantastic. Where mortgage is with them it's very easy to see your outstanding balance and to make overpayments online. I've personally had no problems with them, whenever go in branch hardly anyone in there and get seen within 5 mins. Chavtander I could be in there for an hour sometimes. Last year they had a sale on but this year they don't seem to have one. Mortgage guy in branch said to us as long as you don't lie on application then all will be fine and it was. (i.e. we had to prove where out deposit came from and we gave a years bank statements from both banks that proved we both put away over £800 each every month) etc.

So it don't matter basically who you bank with. But it does make it easier with mortgage online etc etc and as its HSBC make sure you are both squeaky clean on credit history and don't lie on application!

Hope this eases your mind abit

Tom

bylromarha

HSBC mortgage agreed nov 14 2012.

Didn't and don't bank with them.

Process quick and simple. Took about 6 weeks in total from remortgage application to completion...and would have been quicker if I'd been faster returning phone calls, but life happened.

Applied online, took documents into local branch.

No need to switch bank accounts to hsbc unless you want to give an employee a bonus.

Robert66

Hi billchecker1,

I'm planning on using HSBC as a mortgage provider in the near future. Although you don't need to have a current account with them to get a mortgage, they may give you a reduced application fee if you do. The two mortgages I've been looking at have a reduced application fees if you hold a current account with HSBC (you must pay your salary into the current account). In both cases the application fee is reduced by £500 so well worth changing your current account to them in my opinion.

I also asked the HSBC advisor if you then had to have the current account for the term of the mortgage and he said no. So you could just use the HSBC current account for a few months until the mortgage is sorted and then change immediately - thus saving yourself £500! Hope this helps.