HSBC Mortgages

pathtofreedom

Credit checks are only part of it remember. With the new mmr afordability rules they will check your income and expenses, so if the interest rates rise you will still have enough to make the payments and have a buffer to still be able to live. These new rules are very strict and have stopped people remortgaging to lower rates as even though they are paying more per month now, if they don't have a big enough buffer the banks still won't let them remortgage to a lower rate.

So it is worth looking at your outgoings and your situtation, do you have dependants etc or planning on kids if you don't have any, as that will all factor into it.

Thrugelmir

johnzoro wrote: »

when i applied for the mortgage in principal my experian credit score was "good" but now i've changed it because it was missing some info it's gone down to "poor"

What information is "missing"?

10pence

HSBC use all three CRAs, so what's available on them is available to them too. HSBC also take checks for fraud too.

As mentioned credit checks - note not credit scores as these are money making scams by the CRAs - are only a small part of the mortgage process.

What is this 'missing info' as you seem to be very worried by it?

TravelBugHappy

what has reduced your score to poor? are there late payments or defaults showing on the accounts that where previously 'missing'?

If so then you probably did make a mistake by contacting experian previously to tell them

johnzoro

ok basically when i checked and did the inital decision in prinicipal credit check my score was good. but i noticed i wasn't on the electrol roll according to equifax.

i called equifax and they updated my record to being on the electrol roll which has brought in all my credit history and my score down.

i think my score was only good because my address has lots of variations

but yeah basically i did the credit check with hsbc when my equifax score was good. so i don't know if hsbc are basing it on that or on my actual one

johnzoro

I've got an appointment with a mortgage advisor in branch tomorrow at 12.30 so i'll let you know how it goes

TravelBugHappy

Good luck, I hope this doesn't effect your application

johnzoro

I hope it doesn't affect it either.

The worst that can happen is I get declined and I carry on renting for another 35 years...

10pence

johnzoro wrote: »

I hope it doesn't affect it either.

The worst that can happen is I get declined and I carry on renting for another 35 years...

You just try another lender or try again in 6 months.

Do not get all hung up on credit scores as banks and lenders do not see or even use them.

If you're an existing HSBC customer the way you manage your accounts with them is more important than a made up figure from CRAs. And, to pass a DIP with them means you must have decent internal scoring, as HSBC are generally considered conservative lenders.

johnzoro

I'm not an existing HSBC customer. Would it up my chances of getting a mortgage if I had one of their accounts or would it not make any difference?