HSBC Joint Mortgage Rejection - no reason given!

Thrugelmir

Rejection just means you don't meet their criteria.

If concerned. Build some more deposit.

thomasdown

stigers007 wrote: »

Sorry but can anyone advise whether being rejected at this stage effect lenders dealing with us? Would we have to say "yes refused a mortgage" if so is there anyway we can get HSBC to not state they refused us as it seems they were never going to let us borrow the money....

We're not bothered about being rejected, it's whether or not it stops us finding another deal.

Any future potential lender will only see there has been a credit search, not whether successful or not. Which is why too many searches in a short space of time could be harmful? (They see desperation and then know obviously something is up)

So get a copy of all 3 credit reports. Call Credit, Equifax and Experian, take these along to a good (recommended if you can) local mortgage broker/advisor, not one in an estate agents, these are not usually whole of the market and only see mortgages from there selected panel and let them work there magic!

stigers007

Well fingers crossed it doesn't cause us problems... we've just exchanged on the sale of our place and have already found a place and their waiting for our mortgage info!!! Nice of HSBC to effectively waist a week of very valuable time!

Thanks for all the advice.

Thrugelmir

stigers007 wrote: »

Well fingers crossed it doesn't cause us problems... we've just exchanged on the sale of our place and have already found a place and their waiting for our mortgage info!!! Nice of HSBC to effectively waist a week of very valuable time!

Thanks for all the advice.

Best Wishes.

Let us know the outcome.

GMS

HSBC are very picky. Don't take it as an indication of what other lenders may think.

If the question is asked 'Have you ever been refused a mortgage?' then the answer is yes. Falling outside of criteria is not a crime.

Get copies of your credit files from Experian, Equifax and Call credit to ensure there is no incorrect data on them.

Consider using a broker. Get the reports to them and see what they can come up with.

kingstreet

If you did not put your old repaid mortgage on the application form and it appears on the credit search, you could have been declined for undisclosed credit.

My advice would have been to add the commitment to the application and tick the "to be repaid on, or before, completion" option, so it was noted but shown as not being there after the new mortgage started.

This is a problem with recently repaid credit where the entry on the file has not yet been updated.