HSBC - Is it really impossible to get a mortgage?

agonyjohn

am in a similar situation, frustrating that you want the application to go through, and everyone seems negative about hsbc keep me posted as will be in same boots on wednesday!

Caladan

billchecker1,
I'm a current employee of HSBC. I'm not willing to disclose our lending criteria (or indeed my role, I could lose my job for responding on social media), but considering your professional positions (Police Officers and Teachers are both regarded highly by us) and your stated income, you could potentially borrow the amount you need, however it would be VERY MUCH at the top end of what we could lend.

A few missed payments several years ago are unlikely to be an issue, nevertheless as your LTV (Loan to value) is very high, the application will almost certainly go to central underwriting, in which case they'll want copies of your credit reports, so it may be worth paying the £5 or so each now to have it ready.

Mortgage brokers wont recommend HSBC products because we don't pay them commission.

Previous posters are correct in saying that HSBC is quite conservative, but from the information you've posted (which isn't really enough to give you a proper opinion) your application is likely to go through, but it'll all depend on your bank statements etc.

And sorry to contradict a previous poster, but I'm afraid HSBC was actually FOUNDED by a Scotsman, so I guess we're as Scottish as it gets

Thrugelmir

Caladan wrote: »

And sorry to contradict a previous poster, but I'm afraid HSBC was actually FOUNDED by a Scotsman, so I guess we're as Scottish as it gets

Asian roots was with reference to the way of conducting business. Very much like the UK pre big bang.

John1993_2

billchecker1 wrote: »

Thanks for that wonderful insight.

Not sure that its feasible before Tomorow I'm afraid.

PC world open pretty early, so yes, it's perfectly feasible.

billchecker1

Thanks caladan,

A few missed payments several years ago are unlikely to be an issue, nevertheless as your LTV (Loan to value) is very high, the application will almost certainly go to central underwriting, in which case they'll want copies of your credit reports, so it may be worth paying the £5 or so each now to have it ready.

This is reassuring. The first lady I spoke to also told me that she couldn't guarantee it, but she thought it was likely to not cause any problem.

She also said the same about our occupations, that HSBC were looking at public sector jobs as being slightly more stable than private sector.

I have pulled all our reports and there is nothing adverse on them, except the 4 missed payments. Should I supply copies of these to HSBC? I could do if it wasn't for my printer issues! grr.

The other thing that causes me some concerns is me using credit cards as debit cards to accumulate free airmiles which I have done now for 4 years (I pay for all my shopping on them then pay off using my debit card on a weekly basis) I have these statements which show little or no balance. I just don't want to give the impression that I am living in debt when the opposite is true. Of course the statements show weekly payments so fingers crossed that I should be ok.


agonyjohn,

I will keep the board up to date on how I progress.

John1993:

If I had the luxury of popping into a PC world then that would be fabulous. However work is getting in the way as usual. Not everyone works 9-5 Mon-Fri you know.

I could ask the wife but the chances of her getting it right and being able to install it are very slim.

The basis of my question was whether HSBC or any other bank accepted downloads as attachments. In this day and age (particularly with paperless banking), I thought it would be a standard practice.

Caladan

HSBC isn't concerned if your cards are paid in full/have minimal balances. They'll look at your statement and understand it's just living expenditure, so don't worry about it. As to the credit report, I wouldn't bother unless they ask for it in this instance.

Good luck!

billchecker1 wrote: »

Thanks caladan,

A few missed payments several years ago are unlikely to be an issue, nevertheless as your LTV (Loan to value) is very high, the application will almost certainly go to central underwriting, in which case they'll want copies of your credit reports, so it may be worth paying the £5 or so each now to have it ready.

This is reassuring. The first lady I spoke to also told me that she couldn't guarantee it, but she thought it was likely to not cause any problem.

She also said the same about our occupations, that HSBC were looking at public sector jobs as being slightly more stable than private sector.

I have pulled all our reports and there is nothing adverse on them, except the 4 missed payments. Should I supply copies of these to HSBC? I could do if it wasn't for my printer issues! grr.

The other thing that causes me some concerns is me using credit cards as debit cards to accumulate free airmiles which I have done now for 4 years (I pay for all my shopping on them then pay off using my debit card on a weekly basis) I have these statements which show little or no balance. I just don't want to give the impression that I am living in debt when the opposite is true. Of course the statements show weekly payments so fingers crossed that I should be ok.


agonyjohn,

I will keep the board up to date on how I progress.

John1993:

If I had the luxury of popping into a PC world then that would be fabulous. However work is getting in the way as usual. Not everyone works 9-5 Mon-Fri you know.

I could ask the wife but the chances of her getting it right and being able to install it are very slim.

The basis of my question was whether HSBC or any other bank accepted downloads as attachments. In this day and age (particularly with paperless banking), I thought it would be a standard practice.

gld73

billchecker1 wrote: »

Hi. Have my appointment Tomorow at HSBC. Last week I was given a big check list of things to bring in, most of which I have managed to obtain.

However I am lacking bank statements. I have the last one but not he to months prior. I realise that they are essential to the process but with no printer at home it's a bit of a problem.

Do they take email attachments?

I'd be interested to hear how you got round the bank statement issue - I'm in a similar position, have applied for a HSBC mortgage and been given a list of things I need to take into my branch in a few days. They stated that they must be 'originals' - things like passport, and work contract from current job are okay ... but bank statements for other current accounts are a problem. I'm paperless on the other 2 accounts, so don't know if print-outs are acceptable ... and even if they are, I'd only be able to do them in black & white on an old printer which doesn't do good quality.

Caladan

HSBC accepts internet statements as long as the adviser is 100% sure it's legitimate. Don't fault your adviser if they question it (Mortgage fraud is a MASSIVE issue in the industry) but you should be fine with printed internet statements.

gld73 wrote: »

I'd be interested to hear how you got round the bank statement issue - I'm in a similar position, have applied for a HSBC mortgage and been given a list of things I need to take into my branch in a few days. They stated that they must be 'originals' - things like passport, and work contract from current job are okay ... but bank statements for other current accounts are a problem. I'm paperless on the other 2 accounts, so don't know if print-outs are acceptable ... and even if they are, I'd only be able to do them in black & white on an old printer which doesn't do good quality.

Caladan

Thrugelmir wrote: »

Asian roots was with reference to the way of conducting business. Very much like the UK pre big bang.

My apologies, I didn't mean to suggest the Asian influence is irrelevant, it was more a statement about the fact it was stated that HSBC wasn't Scottish, and I mentioned the fact they were founded by Scotsman in a tongue in cheek manner (although you are quite right in that HSBC is very risk averse and somewhat different to many of its competitors)

bigadaj

Caladan wrote: »

My apologies, I didn't mean to suggest the Asian influence is irrelevant, it was more a statement about the fact it was stated that HSBC wasn't Scottish, and I mentioned the fact we were founded by Scotsman in a tongue in cheek manner (although you are quite right in that HSBC is very risk averse and somewhat different to many of its competitors)

All banter and thrug isn't overly sensitive.

I wouldn't say HSBC is very risk averse, though they have been far more sensible than many of their competitors and avoided public funding and forced recapitalizations. Just look at household purchase in the us, which in and of itself could have forced smaller companies under, I believe the current write down is around $10 billion.