Hsbc porting nightmare!!!

csgohan4

Pateman1987 wrote: »

When i took the mortgage out i was a little naive, whilst i had been working in mortgages for many years it was always with one lender and our stance on like for like was a lot more relaxed.

I'm hoping once we have our tax computations for 2018/19 the lender will reconsider the port. Either way i will not be renewing my mortgage with HSBC at the end of my fixed deal.

Regardless of the lenders stance on like for like ports my case has been handled very badly, HSBC should never have written to me confirming they would be happy to look at my case as an exception only to then ask for further documentation knowing i wouldnt be able to provide it.

I wish you all the best, but one thing I have learnt from being on this forum for years, is HSBC are very strict, I have found that out even just opening a business bank account and the amount of hoops one had to go through.

Certainly get what you pay for, they are very risk adverse.

Sadly if your in a 5 year fix for example and you want to move before that, it does pose a potential problem and no guarantee the lender will accept.

Same goes for Consent to lets, no guarantee at all and at lenders discretion

Pateman1987

I dont hold much hope! The only ray of light is we will meet affordability if we do our tax returns this weekend and they will use tax computations and one years accounts as an exception. The problem is time eventually the seller will find another buyer and we will lose the property.

It's the two weeks wasted we me believing i had won the arguement which stcks in the craw!!

I'll update this thread once it's all over!

LRmortgage

I’m a broker too, I don’t know any lenders that will port without effectively starting the application process again.

Most will allow a product transfer without any further checks, but not a port / new property...

Thrugelmir

Pateman1987 wrote: »

I spoke to the BDM's, i understand the business can impose their own terms but as a lending decision it makes absolutely no sense to not allow me to move. Which is very frustrating.

Lenders set their lending policies at a macro not micro level. That's the only way of offering competitive interest rates. Goes without saying that borrowers look at their own personal finances in an optimistic light. Whereas lenders determine their policies from historic data from advancing thousands of mortgages over many years. Statistically they have the advantage. Proven by the low default rates they incur.

Pateman1987

Case was agreed, Just goes to show! Went down the treating customers fairly route and provided this years SA302 ( which mainly showed employed income ).

robatwork

New poster in "said they would update the thread and actually did" shock.

Glad it worked out for you - useful for future searchers I imagine.

Pateman1987

They made it very clear the case was agreed as an exception to the rule but it does show you shouldn't just accept the first answer you recieve!

muhandis

Congratulations. Kudos to you for persisting with your efforts in spite of the consensus and the roadblocks put up by HSBC.

Pateman1987 wrote: »

Case was agreed, Just goes to show! Went down the treating customers fairly route and provided this years SA302 ( which mainly showed employed income ).