Mortgage declined why???

barnsleynanna

My daughter and son in law want to buy their council house (value £80k plus). Because of son in laws military service they can buy for £38k. Son in law no debt but daughter bad credit rating due to ex. So going for mortgage in his name only but deeds in both. He did his own credit search .... no issues but HSBC declined after him banking with them for 20 plus years. Won’t give a reason but say he’s unlikely to get an offer elsewhere either. They are devastated. Son in law did 22 years raf and now works for police earning £40k a year. What can they do?????

Thrugelmir

barnsleynanna said:

So going for mortgage in his name only but deeds in both. 

This will put the lender at risk.  If your daughter has adverse credit history. 

ciderboy2009

Have they gone through a mortgage broker or just applied directly themselves?

As Thrugelmir states - you're unlikley to find a mortgage company who will allow someone to be named on the deeds who isn't part of the mortgage.  In addition, if he has any financial links with your daughter (joint bank account etc) then her poor credit could be causing problems as well.

DCFC79

The score will have no bearing on any decision, the lender has access to the credit history which is what all lenders, banks etc worry about.

Zeyfur2021

Ask them to get a report from CIFAS....some lenders may have put an adverse report to CIFAS without his knowledge