We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
mortgage declined- any ideas?
be96erj
Posts: 72 Forumite
I currently have a mortgage with HSBC and I want to port the rate over to another property (because we are moving homes). I want to borrow exactly the same amount of money.
However, HSBC are now telling me that I no longer meet their lending criteria! This maybe something to do with the fact I am on a lifetime tracker rate of +0.48 over base rate.
If I were to stay in my current house, there would be no problem, I would keep my mortgage. But as I want to port my mortgage, they say they will not lend me the money! This is crazy!
Has anyone else had a similar problem? Can anyone suggest what I can do?
However, HSBC are now telling me that I no longer meet their lending criteria! This maybe something to do with the fact I am on a lifetime tracker rate of +0.48 over base rate.
If I were to stay in my current house, there would be no problem, I would keep my mortgage. But as I want to port my mortgage, they say they will not lend me the money! This is crazy!
Has anyone else had a similar problem? Can anyone suggest what I can do?
0
Comments
-
Thats HSBC for you. Their criteria is very very strict at the minute - partly because their rates are very very good.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
-
If I were to stay in my current house, there would be no problem, I would keep my mortgage. But as I want to port my mortgage, they say they will not lend me the money! This is crazy!
Why would the HSBC wish to agree to transfer a mortgage that is losing them money? Declining you application is the only leverage they have.0 -
Is there anything I can do to fight my corner or do I have to bend over and take it like a man?0
-
Porting is subject to meeting criteria at the time of application.
Which part of criteria are you no longer meeting?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I was not told.
But I could keep the mortgage as it is and carry on paying what I do.
But if I wanted to take the mortgage over to another house, on the same deal, for the same amount, I am being declined!
It makes no sense!
Do I have any rights of appeal? It is a crazy situation!0 -
It makes no sense!
Do I have any rights of appeal? It is a crazy situation!
I explained why.
Stay put and enjoy the low rate or accept that you will have to pay a higher rate to move.
The bank will have a defined policy. By making exceptions then they would leave themselves open to unfair treatment from customers.0 -
Ask them which part of their current criteria you do not meet.
They cannot be forced to lend even though as you say it would be the same amount etc.
Try to get the answer and take it from there.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
It's worth remembering, porting is transferring the rate from an old mortgage to a new one on a new property. You have to qualify for the new mortgage first. There are no tests on keeping the mortgage you already have, so that's irrelevant.
If the lender will not lend to you again, this is because your credit profile, income situation or the new property does not match the lender's requirements.
Until you establish the problem the lender has with you, there's not much anyone can suggest which would help.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
you are paying about 1% of interest rate at the moment.... which is as good as having an interest free mortgage when it comes to home mortgages
you are indeed borrowing the same amount of monies, but not for the same house - so HSBC valuation can consider it as not acceptable.
furthermore, the bank is not obliged to move your mortgage over to a new property.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.3K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards