HSBC OR Santander?

Globemaster

Hi all. Had two meetings with said banks and both gave a AIP (Santander twice as much as HSBC). Got a meeting with HSBC on 3rd June. I keep reading about how HSBC are very strict with who they lend too. Our current mortgage is with HSBC. Irrespective of deals and amount they would lend, should we make an appointment with Santander, as for some reason, I have a feeling of being turned down by HSBC. Would it not be better to try Santander first, otherwise a refusal by HSBC will incur a credit search before a Santander meeting?

Thrugelmir

You already have dealings with your current lender which is normally a major plus. Only you know what issues could result in them declining your application now.

Globemaster

Although our wages go into HSBC acc's and an advance acc with just a DD for the fee going out of it plus the mortgage (never missed a payment but over pay), we hold no money with them. The other half for some silly reason went OD twice in two weeks for around £5 for a couple of days (no overdraft but no charges for going OD either). Santander, we have £71,000 in various isa's and current acc's. That is what makes me feel dubious about HSBC along with their strict lending code. Have a Santander 123 credit card too, and have spent £22,000 over the past 19 months (always paid off in full).

Rmphotography

Personally I would avoid santander like the plague.
There is a thread HERE
about people being kept waiting endlessly by them and their underwriters requesting documents then sending you to the back of the queue for processing.
Our own wait was 9 weeks for an answer before we gave up waiting and switched to another lender (who processed it all and gave us a valuation and decision in 8 days)

That said, from what I've read in here HSBC also have a bit of a reputation for being one of the pickier lenders too...

Thrugelmir

Globemaster wrote: »

Although our wages go into HSBC acc's and an advance acc with just a DD for the fee going out of it plus the mortgage (never missed a payment but over pay), we hold no money with them. The other half for some silly reason went OD twice in two weeks for around £5 for a couple of days (no overdraft but no charges for going OD either). Santander, we have £71,000 in various isa's and current acc's. That is what makes me feel dubious about HSBC along with their strict lending code. Have a Santander 123 credit card too, and have spent £22,000 over the past 19 months (always paid off in full).

Providing you meet the criteria for the mortgage advance you are seeking. Doesn't sound if you will a problem particularly. So approach them on the basis of the lender that offers you you the best option.

Butti

I don't think you will have a problem if you put all your cards on the table. They have just given me a mortgage with two late payments on a Career Devt Loan in 2012. I was totally upfront and took the credit report with me and explained the circumstances. They said if I hadn't done that they would have refused!

It may go to the underwriters so be prepared for that.

hounslowfish

If HSBC are anything like first direct, I can strongly recommend their service. They were efficient and very helpful all the way through mortgage application. Santander seem to be a nightmare at present.

hounslowfish

If HSBC are anything like first direct, I can strongly recommend their service. They were efficient and very helpful all the way through mortgage application. Santander seem to be a nightmare at present.

Regarding credit checks, if you've had the agreement in principle you've already had them!!

Globemaster

Thanks to all who replied. Will stick with HSBC.