Hsbc mortgage offer change to lower rate

philng

Son has a mortgage offer from hsbc for a new build due to complete early november.

Today i have tried to amend application to take advantage of the new lower 5 year fixed fee saver and it now says decline.

Son tried phoning hsbc but will have to wait till monday as they wont speak without the mortgage account number from the offer which the solicitor has.

No changes to amount borrowed or circumstances so how can the decision change just by applying for a lower rate?

csgohan4

Products often change all the time and a 'simple' change is not that simple. Often they do require a new application as it's a completely different products with criteria, given it's HSBC they often the most strict.

You have already exchanged I presume and already have a Mortgage offer, I would speak to HSBC on Monday to see if you can change, but given the decline, that may mean affordability or something credit history is causing this

philng

Managed to resolve but only just.

Advised that HSBC had recently reduced their maximum income multipliers and the 'amendment' in rate is taken as a new app.

Referred to original UW and now received updated Mortgage Offer.