HSBC mortgage declined

gazh1980

Evening all,

Hopefully someone can help me here. Been into HSBC to apply for a mortgage today, absolutely no adverse credit history not even a late payment to my name and apparently "computer says no"
I'm not sure if I've shot myself in the foot by recently applying for a new credit card to transfer a balance (only 2 weeks ago) I genuinely can't think how else this could be possible!

To make matters worse I tried to check experian and equifax to see what may be the deal and both have even refuses to give me credit score information without further proof of ID!

I'm really at a loss here and need to get this mortgage sorted ASAP.

Does anyone have any ideas?

Thanks

LuSiVe

Are you on the electoral roll?

ACG

HSBC have good rates...but are also pretty strict on their criteria.

There is nowhere near enough information to say whether it was to be expected or not. It does mean that there could be other options available, but you need to get your credit file (also try noddle.co.uk, whilst your waiting on equifax etc).

What is the purchase price, deposit and your income and debts? That should give a bit of an indication whether its down to affordability or not.

If not, then you can only presume its down to your credit score, in which case you will need those reports.

Thrugelmir

gazh1980 wrote: »

Does anyone have any ideas?

HSBC applies minimum income requirements to filter out applicants. As receives far more applications than it can accept.

Good rates go to the best of borrowers

gazh1980

LuSiVe wrote: »

Are you on the electoral roll?

Yes no issues there. Been here 9 years!

gazh1980

ACG wrote: »

HSBC have good rates...but are also pretty strict on their criteria.

There is nowhere near enough information to say whether it was to be expected or not. It does mean that there could be other options available, but you need to get your credit file (also try noddle.co.uk, whilst your waiting on equifax etc).

What is the purchase price, deposit and your income and debts? That should give a bit of an indication whether its down to affordability or not.

If not, then you can only presume its down to your credit score, in which case you will need those reports.

Purchase price deposit and income are all not an issue. I even have an agreement in principal given by an independent mortgage advisor but decided to go to HSBC as rate was more attractive

gazh1980

Thrugelmir wrote: »

HSBC applies minimum income requirements to filter out applicants. As receives far more applications than it can accept.

Good rates go to the best of borrowers

Any indication on what their minimum requirements are?

ACG

Im presuming by your reply, you walk the affordability issues?
If not, just be careful as lenders do have different criteria.

Who is your DIP with? If they have done a soft footprint, it may have missed whatever is causing problems for HSBC.

gazh1980

Hi ACG. No issues with affordability as amount I need to borrow isnt astronomical and well within our means (joint application)

DIP was through Halifax so is only a soft footprint so you are right may have missed any potential issues, however I'm 100% confident there shouldn't be any issues which is my main worry! My wife got her credit history straight away from equifax however they seem to be withholding mine which is also a concern.

I have an appointment at nationwide on Tuesday so hopefully it is just HSBC being overly strict, otherwise I'm in the brown stuff as I need to move quick!

ACG

Dont worry about the credit reports taking a few days to come through - it can be normal.

Get your reports with Experian also.

There is nothing wrong with seeing nationwide but i wouldnt have anymore credit searches done until you know what the issue is. You could be doing more harm than good.

Thrugelmir

gazh1980 wrote: »

I'm not sure if I've shot myself in the foot by recently applying for a new credit card to transfer a balance (only 2 weeks ago) I genuinely can't think how else this could be possible!

Current level of debt will impact on a lenders decision.