Mortgage Urgent HELP needed!

left87

Hello,

I've been having a horrible time the past week.

I have made an offer on a property of 200K. I got 20K deposit and I am on a £39,294 salary.
My equifax score is 472 - no default, no missed payments over the last 3 years - all seem fine.

I did an AIP with HSBC for 180K which was accepted. Went in to finish the application.
The mortgage specialist towards the end started flushing and sweating. He was like the system says no - credit failed. I was like what do you mean credit failed? My credit is really good.
He then promised to send it to underwriters to review.

On the same day I created an Experian account only to find out that my score was poor (completely different for Equifax) and not showing any of my current accounts/credit cards on my current address.

Called them up the next day asked for that to be rectified and the guy I talked on the phone said that because there are variations of my address and they were not linked lenders would not be able to see my current credit and that is why I got rejected. He confirmed that he fixed it and that I should ask HSBC to try again. And So I did.. Calling HSBC to try again, they do. Comes with a fail again. Called Experian again the person I talked to was telling me that her colleague was wrong and that even though I couldn't see all my credit on their report all the lenders should. By then I was FUMING!

Next day my Experian score goes up to 867 but there are now 3 YES 3 credit searches from HSBC in my credit . I also had an AIP with Nationwide making it 4 in total over two months!

I really don't know what to do.. I got an appointment with Lloyds who I have been banking with the past 8 years hoping that they might approve it even though their rates are really bad compared to what HSBC was offering.

Do you guys have any other suggestions?

Thrugelmir

Have you been registered on the electoral roll?

Any unsecured debt owing?

Do you bank with HSBC?

left87

Registered on Electoral roll for over 2 years.

I got a loan with RateSetter through my dentist for Invisalign. Does that count as unsecured debt?

I don't bank with HSBC but with Lloyds for 9 years..

Any help appreciated

kingstreet

Lloyds next?

Why don't you make an appointment with a decent independent broker who is actually interested in getting you moved in to a new home so they get paid and only wants to get you the best deal so you'll refer friends and relatives?

Multiple credit searches, declines for whatever reason. Going it alone really isn't doing it for you, is it?

David_White

left87 wrote: »

Called Experian again the person I talked to was telling me that her colleague was wrong and that even though I couldn't see all my credit on their report all the lenders should. By then I was FUMING!

This is correct.

I would imagine what's happened here is you've not given Experian your full address history when registering meaning the report visible to you won't give the full picture. A lender on the other hand will have the means to do their own search and will pick up all addresses regardless.

The first thing I would do is ensure Experian have included ALL linked addresses on your file so you know what the issue is and then put your credit file in front of a broker.

Thrugelmir

left87 wrote: »

I don't bank with HSBC but with Lloyds for 9 years..

Any help appreciated

In the politest sense you don't meet HSBC's criteria.

amnblog

As mentioned above.

A broker will sort this for you.

Another application direct to Lender is likely to yield a similar frustrating result.


Why?


It appears that data on your credit file is listed in conflicting ways between providers and credit reference agencies. This needs to be managed.


The staff that work within the Banks can only see into one side of the 'prism'. The broker gets to turn it around and check all angles.

MerrilyA

Yep in this case I think a great mortgage broker is the one to deal with.

left87

Hi guys

Thanks for your help.

I just got accepted with Lloyds actually..

Anzhelka

left87 wrote: »

Hi guys

Thanks for your help.

I just got accepted with Lloyds actually..

Is it AIP or full application? Too quick for a second one.