Excellent credit rating but DIP declined

Nomortgageoman

Hello all,
My mortgage decision in principle was declined by HSBC who I have banked with for 10 years and asked for less than 4 times my basic salary and to top it I have excellent rating from all 3 credit agencies ( opened subscription account with all three) and not a single negative factor over the years with credit cards paid in full. Raised a call with HSBC support team and no useful answer after 3 weeks!
I don't want to go out and try another until I find the root cause. Frustrating as properties that fit my criteria and budget in the location I was looking for are flying !!! Any advice ( or calming techniques) please !
Thanks
Vr

Thrugelmir

Do you meet HSBC's criteria? Such as income, electoral roll status, length of time in employment etc. Your CRA rating has no value to the lender.

You would be better off saving your subscriptions towards the deposit.

minimike2

HSBC have a very, very, very tight lending policy.

dunstonh

and to top it I have excellent rating from all 3 credit agencies ( opened subscription account with all three)

Marketing scores do not mean anything. Lenders dont use them. Its a way for credit scoring companies to get people to pay for their services.

HSBC have one of the tightest lending criteria out there. So, its more likely to do with that. Lending criteria is not x times salary. You could have 1x salary but still not be affordable due to other commitments.

Bippityboppity

Pay a visit to a broker. They will look at the whole market and a good one will listen to your circumstances and apply to the most promising lender. And also a good one holds your hand and walks you through the whole process. Ours was fab.