HSBC Mystery

demontfort

Hello

I'm applying to switch my mortgage to HSBC. After 3 weeks having had the survey and provided lots of evidence I have now been told that a credit officer will be assigned to my case as this will go to a full credit decision. I'm surprised as the numbers on the mortgage are very conservative, (albeit there are probably some things they don't like about my finances) and I've banked with them for 25 years. So I'm wondering what the process normally involves and whether I'll be expected to provide more information?

Thanks in Advance,

DM

Hoenir

demontfort said:

albeit there are probably some things they don't like about my finances

Such as?  25 years of banking with them may be fairly meaningless as a result. 

demontfort

Nothing sinister, no money laundering for the Mexican cartels, although HSBC seem to like that.

Possible negatives

Two residential properties

Partner is a contractor

Quit my full time job early last year and was then rehired at the same place as a contractor a few months ago

A lot of investment income (dividends and cap gains) that I lived off when not working

penners324

Being self employed and not having a couple of years accounts will be the reason 

dunstonh

HSBC are well known for being a cherry picker.   A mildly good case elsewhere would be borderline with them.   A very good case elsewhere would be their norm.

Possible negatives

Two residential properties

Partner is a contractor

Quit my full time job early last year and was then rehired at the same place as a contractor a few months ago

A lot of investment income (dividends and cap gains) that I lived off when not working

The top three are negatives (or require further digging).  The 4th isn't but they will need to decide if any of it is taken into account.  

demontfort

Thanks for your replies, yes it's not straightforward but in my favour it's a LTV of 45% and Loan to Income of 0.5 to 1 (depending on what they consider as income). Plus if HSBC would like to look through the savings and investment accounts that I have with them, they could see that I have more than enough liquid cash available to pay off the mortgage tomorrow. I'd hope they would/could take all of this into account as my risk profile is minimal compared to a FTB at 90% LTV and 3 or 4 times LTI .