First time buyer - struggling

scottyboy2013

Hi everyone,

First time I have used this forum before.

Im just after a little advice or to simply try and find out some things.

Im a first time buyer and have approached HSBC for a 90% LTV mortgage. I have given them every possible thing they need by going in Branch and speaking to a mortgage advisor & Protection manager in house.

I gave them 3 months of bank statements & 3 months of payslips and a copy of my credit report.

Everything seems positive and he seemed to think there shouldnt be any problems.

Now that he has seen my credit report, I had 3 default payments for a mobile phone contract. I have put in an NOC on my credit report as im in the Merchant Navy and had no communications in the middle of the Indian Ocean, hence why I missed the payments.

He told me, he wouldnt be willing to take my application forward because he said the underwriters will just decline due to this.

I get paid a pretty hefty salary and have no other outstanding debts or credit cards.

I have been approved a mortgage with Lloyds TSB but the deal isnt as good. HSBC have taken 3 weeks to get to this stage and I have a feeling I will loose the house I have had my offer accepted on.

HELP!!!

Your advice would be much appreciated.

mrsmchapman

My personal opinion would be to contact an independent financial advisor, who can source many more mortgage options for yourself. I'm sure one of the very good people on here will advise you further

Dave_Ham

On your credit file, is there a default date?

Some use the word default for missed payments, but this information is crucial. Does it show 1 or 2 or 3 and default D and a date

HSBC are very selective, C&G are not loads better..

scottyboy2013

Thanks very much mrsmchapman.

Its a very frustrating situation to be in, I can understand why many people have sleepless nights about it.

When I approached other lenders they would not lend me anything near enough what I wanted.

I was initally told from the assistant manager from HSBC that I could not borrow anywhere near the amount I wanted. Infact when I gave her all my documents they sat on her desk for a week, because she didnt know what todo with them or who to send them to, when the mortgage advisor returned to work from his sick leave he told me It would be worth applying for it.

Dave_Ham

Probably more bad information from an inexperienced advisor/branch colleague.

Just get a broker that is good, as HSBC are certainly nowhere near top end income multiple wise.

What is your income and how much do you want/need?

scottyboy2013

Dave_Ham wrote: »

On your credit file, is there a default date?

Some use the word default for missed payments, but this information is crucial. Does it show 1 or 2 or 3 and default D and a date

HSBC are very selective, C&G are not loads better..

On my credit report, it had them numbers... upto 3 for 3 dates

0 0 3 2

£0 £0 £114 £114

#3 was the highest number.

Started 27/10/07

Settlement Date 15/04/11

Account updated 08/05/11

I have seen it says 3 years for clearance on the website but then 6 years on the credit report.

Thanks alot for your help.

Dave_Ham

Does the default date section have a date, if blank then you are likely to be able to find a solution although as you know not HSBC...

Good luck

scottyboy2013

Hi,

I dont see any default date... there is no mention of that section of the report. Simply: Start date, settlement date & account updated.

I didnt realise it would be this much of a problem.

As I say there are simply alot of 0's and then a few 1,2 & 3. Everything was settled upon my return to the country.

Dave_Ham

Not sure how HSBC would deal with the no tax issue either, as they may not understand..

I would expect there to be a solution, although you will not get close to the HSBC rates and I suspect you will be looking at a rate around 5%..

It is probably hard given your job, but you really need to put everything on the table for a broker to sort this out..

I would not be giving up though...

scottyboy2013

Okay, well thanks very much for all you advise. I wont be beaten with this, I work for a Major Oil company and have worked for one of the biggest Oil companies in the world and they did not beat me.

I will persist with HSBC and if they deem it not possible I will push TSB, which have said they will lend me the money but an application hasnt been processed (Worry that same thing will crop up about credit report with them)

Failing these I will try an independant broker. If I keep trying will this affect my credit score massivly??

Thanks alot for your help, much appreciated.

Kind Regards

Dave_Ham

Just remember, when you go to HSBC/Lloyds etc. and ask can they help you, they only have their products to offer.

Add in that they could be targeted by applications only and you do not necessarily get the best information and/or advice.

A couple of credit searches is not a huge issue; 7 or 8 within a week would be.

Good luck