Applied for mortgage online but got declined...am I screwed?

Raneynickel4

Tried to apply on HSBC's website just now for a mortgage since I didn't want to go through a broker again (this is the second time I'm applying this year - my first purchase fell through, applied for mortgage in April earlier this year and I went via a broker who is now ignoring my emails). My first mortgage application (with Natwest) resulted in an offer so I know it's not an affordability issue.

I tried to go through the online application form myself, but at the end when I pressed submit I got an immediate answer and it was declined. I think I have an idea why - when it asked me for my address history for the last 3 years, for whatever reason it didn't give me the option to enter a postcode/address for the previous address (that field was blank and normally there's the option to type a postcode), just the number of years/months I've lived there. But I was able to enter a postcode/address for the address before that.

I know if you get rejected for a mortgage you're discouraged from applying for a year or so. Have I screwed myself? If I go to a new broker and explain myself would that still allow me to make a fresh application and hopefully have it go through or will I have to wait a year again before I apply? 

amnblog

No, you have not 'screwed yourself', but you may do without the assistance of a good Broker.

Find one and start from scratch.

Raneynickel4

amnblog said:

No, you have not 'screwed yourself', but you may do without the assistance of a good Broker.

Find one and start from scratch.

My application is straightforward (excellent credit, up-to-date credit report, no missed payments etc) so I thought I could make the application myself. 

When I apply again via the broker, won't the mortgage lenders do a hard check and see I've applied and been declined? I'm wondering if this will decrease the chance of the mortgage application being accepted?

amnblog

NO and NO !

Jen271626

I was declined in March by one lender and just completed on our purchase today with another lender. It doesn't matter if you have been declined before by another lender.

Raneynickel4

Jen271626 said:

I was declined in March by one lender and just completed on our purchase today with another lender. It doesn't matter if you have been declined before by another lender.

That's reassuring to know. Which lenders were these if you don't mind me asking? And congrats on completing today!

[Deleted User]

It happens. Even to people who do this for a living get declined cases.  No big deal.  Move on to the next one and try again.  Save yourself the hassle and get a broker to do it for you though.   

Also,   HSBC's system doesnt bring up the postcode box if you accidentally tick the 'foreign' address box.   Maybe thats what happened

Raneynickel4

Deleted_User said:

It happens. Even to people who do this for a living get declined cases.  No big deal.  Move on to the next one and try again.  Save yourself the hassle and get a broker to do it for you though.   

Also,   HSBC's system doesnt bring up the postcode box if you accidentally tick the 'foreign' address box.   Maybe thats what happened

Thank you, that's reassuring to hear!

Thrugelmir

Do you meet HSBC's annual income requirements?