Can I get a mortgage with HSBC

jurgen19

Hi guys and girls, 
My wife and I are currently in the process of obtaining a mortgage with HSBC, we have our A.I.P from them and are waiting for our mortgage application appointment which is coming up on the 4/8/2020. But doing a bit of digging on our credit reports and we have come across 2 late payments on my wife’s report for the same mail order account the first was in April 2018 and the second was March 2019, both were paid as soon as she realised her mistake but we are now worried that this will end our chances of buying. We are both first time buyers and have a 10% deposit and saved really hard to get to 10% and don’t think we can stump up much more.

cooltt

jurgen19 said:

Hi guys and girls, 
My wife and I are currently in the process of obtaining a mortgage with HSBC, we have our A.I.P from them and are waiting for our mortgage application appointment which is coming up on the 4/8/2020. But doing a bit of digging on our credit reports and we have come across 2 late payments on my wife’s report for the same mail order account the first was in April 2018 and the second was March 2019, both were paid as soon as she realised her mistake but we are now worried that this will end our chances of buying. We are both first time buyers and have a 10% deposit and saved really hard to get to 10% and don’t think we can stump up much more.

When you go through the application over the phone the mortgage advisor will be able to tell you of the impact of 2 late payments prior to submitting the application at the end of the appointment. However what you can also ask for is that it does not get scored automatically but is evaluated by an underwriter in the first instance. Your credit file will be earched at some point but what comes back can be overridden by the underwriter.

Two late payments by themselves on an otherwise good report with all accounts all unto date won't be a major risk factor to HSBC, CCJ or bankruptcies and other such nasties are.

jurgen19

thanks for the reply, so it’s definitely worth going ahead with it all then?

csgohan4

jurgen19 said:

thanks for the reply, so it’s definitely worth going ahead with it all then?

you won't know 100% unless you do a full applications. Bare in mind HSBC are among the strictest lenders around. 

Personally would have used a broker who is familiar with HSBC, but your call

jurgen19

I scsgohan4 said:

jurgen19 said:

thanks for the reply, so it’s definitely worth going ahead with it all then?

you won't know 100% unless you do a full applications. Bare in mind HSBC are among the strictest lenders around. 

Personally would have used a broker who is familiar with HSBC, but your call

jurgen19

I spoke with with a broker prior to my A.I.P and they said at the time there were only 2 lenders doing 10% and that was HSBC and a lender called Accord I think and the latter had very high interest rates and HSBC would be better. So I thought I might as well cut out the middle man and apply myself. When I spoke with the HSBC advisor he said the 2 late payments would have flagged up on the A.I.P if it was a problem. But I’m so nervous about this 😩

csgohan4

jurgen19 said:

I spoke with with a broker prior to my A.I.P and they said at the time there were only 2 lenders doing 10% and that was HSBC and a lender called Accord I think and the latter had very high interest rates and HSBC would be better. So I thought I might as well cut out the middle man and apply myself. When I spoke with the HSBC advisor he said the 2 late payments would have flagged up on the A.I.P if it was a problem. But I’m so nervous about this 😩

assuming their not an estate agent broker, I would trust your broker

jurgen19

I don’t know who or what to trust if I’m honest. I don’t trust what the broker said and I don’t trust what the HSBC advisor said. I’m so stressed out about this we’ve got good credit reports and up to date accounts and the only marks on there are these 2 late payments, they weren’t arrears and were rectified as soon as the were brought to our attention. This has got to be one of the most stressful things I’ve ever done in my life 

JS93

Hi, We have AIP and are hoping to apply with HSBC soon with 10% deposit also first time buyers. Was 4th August the earliest appointment you could get for the full application?

jurgen19

JS93 said:

Hi, We have AIP and are hoping to apply with HSBC soon with 10% deposit also first time buyers. Was 4th August the earliest appointment you could get for the full application?

Hi JS93 yeah that was the earliest appointment I could get unfortunately, I’m stressed out waiting and just want it to be over! usually I’m dead laid back when comes to things like this but all the waiting and not knowing is really getting to me! Hope everything goes well for you and let me know how you get on 👍🏼 Good luck 

dunstonh

 I don’t trust what the broker said and I don’t trust what the HSBC advisor said

That is a very sad state of affairs.   What did the broker do to make you feel that way?

 I’m so stressed out about this we’ve got good credit reports 

2 late payments is not good.     A good credit history is one with no late payments, defaults or arrears.    Late payments are not necessarily application killers but if you are pushing limits in other areas, they can be enough to turn it into a decline or reduce the lending offered.