Anyone know what "application cancelled" means in HSBC's mortgage system?

ollysavingmoney

Logging in to our mortgage details with HSBC, the status has changed from "ready for offer" to "application cancelled". The last we knew, it was with the underwriters.

The process has taken a number of weeks longer than we were advised and our advisor isn't able to contact us to give us an update until later this week, so thought I'd see if anyone on here knows what the status means?

maninthestreet

Looks terminal to me.

Thrugelmir

Appears that the underwriters have declined your application.

Senior_Paper_Monitor

Did your broker check your full credit reports before application ? HSBC are notoriously picky !

ollysavingmoney

We've been dealing with HSBC directly and clearly laid out our intimate finances from the start, all in the open.

TheGoober87

Worse case scenario is that it's declined.

The fact that it's taken longer than normal may be due to a tech error or something like that. They could have possibly had to cancel it and start a new one.

dgtazzman

Seems strange that it would go from 'ready to offer' to decline as 'ready to offer' sounds as if the process was near enough completed.

Can't say I'm impressed with HSBC's online application system. Tried to put in an application with them 2 weeks ago or so, but the system kept throwing me back to the previous step when I got to the last step that would make it a full submission. I just gave up in the end, but have ended up with 3 credit searches by them on my file because of it...

Senior_Paper_Monitor

ollysavingmoney wrote: »

The process has taken a number of weeks longer than we were advised and our advisor isn't able to contact us to give us an update until later this week,

This confused me - fair to say that a bank 'adviser' is unlikely to look at/evaluate reports.

Did you look at your reports ? Anything there give a clue ?

sam2015_2

Similar happened to friend of mine with another lender. His broker didn't send the document they asked for in time and gave no explanation of the delay either. After several weeks of waiting the lender declined the application.

ollysavingmoney

Been rejected on affordability grounds, which is odd, as the monthly payments on the new mortgage would be £75 less per month than we pay on the house we're selling. All along, they indicated we'd be accepted, knowing our full facts, but it got pulled at the underwriting stage.

Back to the drawing board...

Thrugelmir

ollysavingmoney wrote: »

but it got pulled at the underwriting stage.

That's the only place that matters. As the decision is made in underwriting. Anybody elses view is irrelevant.