Could rejected mortgages be for this reason?

wen-tom

Hi Guys,
We have just discovered that we have been telling mortgage providers that we have a joint loan, when in fact it is only in my name!

We only found this out after viewing my husbands experian report and realised that the loan wasn't on there!
Halifax have confirmed that they have put it in my name only which was a mistake that cannot be corrected now as the loan is 2+ years old!

We have had a mortgage application rejected today by HSBC! I know HSBC are notoriously awkward but we didn't forsee any problems and neither did their advisor until it was flat out rejected!

We are now dealing with a broker but I'm now wondering whether this could have been the reason?

I only work part time on minimum wage and also have a car loan/HP so all this debt against just me is not great!

NOVAMET21

Oh dear! Not looking great is it. Definitely try to consult with an independent mortgage adviser if he/she can find any lender who will accept your mortgage. Nowadays some of them don't charge fees so no harm querying. Also you being part time on min wage plus car loan doesn't help. Hope your other half has got some decent salary without any loans. Good Luck!

ACG

Trust your broker.
It should not be a reason for a decline but who knows with HSBC.

Thrugelmir

wen-tom wrote: »

I know HSBC are notoriously awkward but we didn't forsee any problems and neither did their advisor until it was flat out rejected!

Always been a conservative lender with a very target market customer in mind. Only reason they came to prominence was that other lenders simply contracted or left the market after the GFC. Leaving HSBC by default as one of the largest lenders in the market even though they weren't lending anymore.

wen-tom

agurung wrote: »

Oh dear! Not looking great is it. Definitely try to consult with an independent mortgage adviser if he/she can find any lender who will accept your mortgage. Nowadays some of them don't charge fees so no harm querying. Also you being part time on min wage plus car loan doesn't help. Hope your other half has got some decent salary without any loans. Good Luck!

Thanks!
My other half has a very good wage. we didn't fail on affordability (in fact HSBC said we have a huge amount of disposable income compared to many) Neither have we got bad credit records, 996 & 966 on Experian so its obviously something odd somewhere which is why I can only think it was something like this loan being given incorrectly.

amnblog

The loan has nothing to do with anything here Wendy.

HSBC are notorious for being very selective on who they will accept.

What is your broker's 'Plan B'.

wen-tom

amnblog wrote: »

The loan has nothing to do with anything here Wendy.

HSBC are notorious for being very selective on who they will accept.

What is your broker's 'Plan B'.

he's suggested Halifax and if that fails I don't know where we go from there

amnblog

Plan C Presumably

wen-tom

amnblog wrote: »

Plan C Presumably

they can get to plan 'z' as long as this gets sorted. we've waited to sell for years and never had any problems getting any credit in the past so this has completely thrown us!