Very confused why my mortgage application has been rejected. Any advice?

Gaz_W

Funny_old_game wrote: »

Don't trust the online calculator then. Its always going to be a case of until you apply nothings concrete.

Have to say it'd a massive drop, either they have picked something up your unaware and they can't disclose or you score is worse in their eyes than you think.

My credit score was 963/999 on Experian. Not sure what my wifes was but it was high as well!

Funny_old_game

Sorry Gaz, I meant their internal scoring system not the experians etc.

Try other lenders, it may cost you more but at least you'll have the loan as opposed yo appealing, complaining and wasting your own time.

Good luck.

Incris

Mini update from Me. I have requested feedback from HSBC and am awaiting their response.

I have checked my credit report and It's all fine apart from the fact a flag has now been thrown up due to the number of searches HSBC performed, it appears they requested searches in triplicate most of the time.

Will this pose a problem for securing agreements from other lenders and if so should I wait before approaching another bank or broker?

Thanks for all the helpful responses so far!

Jitterbug123

The mortgage I have been approved for is ~4.7 times income, rejection for 3.75 with perfect credit score, no dependents, and no other factors is madness.

Gaz_W

Incris wrote: »

Mini update from Me. I have requested feedback from HSBC and am awaiting their response.

I have checked my credit report and It's all fine apart from the fact a flag has now been thrown up due to the number of searches HSBC performed, it appears they requested searches in triplicate most of the time.

Will this pose a problem for securing agreements from other lenders and if so should I wait before approaching another bank or broker?

Thanks for all the helpful responses so far!

Good luck. Ours has gone back to the underwriter for one last attempt before we ditch HSBC and go through a broker.

Incris

A week later and no proper response from HSBC yet. I've just made a phone call to them advising them if someone doesn't get back to me tomorrow to at least give me an update I will raise a Subject Access Request. It should give them an administrative headache if nothing else.

Update: Even as I typed this someone gave me a call back from HSBC ( Funny how they suddenly could be bothered to contact me within half an hour of me saying that I would be taking action obligating them to go through a lengthy admin process). They didn't tell me anything new but I did get a chance to restate that I want access to the information which the decision was made on. Interestingly the MA who phoned me mentioned that they had on file that I only had £400 disposable income each month, which is totally untrue.

Based purely off the events of the last half hour I would recommend anybody looking to motivate a request for feedback on an application to consider mentioning SAR. It's clearly something they are looking to avoid!

Thrugelmir

I doubt a SAR will answer your quest. If you don't meet their lending criteria for the product applied for , then it's a commercial decision. With the computer saying no.

Incris

Thanks for responding, I understand and am not questioning for the figures they hold that the decision was correct. My contention is that the underwriters seemed confused about the information passed by the MA and may have a distorted view of my monthly earning and spending. I'm just trying to get evidence of that. Am not even suggesting that a SAR would answer my queries, but it's the first reaction I have had from HSBC regarding my request.

I've actually gone to a broker and found another product, I just wanted this information in case the cancelled application comes up due to the number of searches curently showing on my credit report. Fingers crossed!