Cant be right mortgage refusal

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Charliemarlie
Charliemarlie Posts: 11 Forumite
in Mortgages & endowments
House value 275
90k deposit
50k employed salary same company last 7 years
Married
1 10k loan
No other outgoings company car phone fully expensed etc
Ltv 62%
Need Mortgage 185
Credit history glowing
Max loan offer 162!

Comments

  • bpj
    bpj Posts: 114 Forumite
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    Which lender? 162k is 3.25x your salary so that does seem like it should be OK in terms of affordability regulations. This doesn't take into account your loan repayments - how big are they?

    Do you and your spouse both have glowing credit histories?

    BTW LTV you are requesting is 67%.
  • Charliemarlie
    Charliemarlie Posts: 11 Forumite
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    HSBC
    Banked with them since 87
    Wages paid in there
    Sole application.

    My bad on love
  • Edi81
    Edi81 Posts: 1,444 Forumite
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    There’s your answer! HSBC are notoriously tricky.

    Try using a broker or another lender.
  • haras_nosirrah
    haras_nosirrah Posts: 2,208 Forumite
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    Sole application and married can be an issue for a number of lenders.

    I have got cases approved in these circumstances but I would definately say speak to a broker on this one
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • kingstreet
    kingstreet Posts: 38,770 Forumite
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    The monthly loan payment amount is far more relevant than the outstanding balance. The payment affects affordability.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Lord_Dante
    Lord_Dante Posts: 76 Forumite
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    We are in a similar situation. We've gone with a broker who are currently dealing with HSBC for us. The lady in branch was very much computer says no, no explanation/idea etc.

    The broker is calling HSBC with specifics to see what we need to do to get everything agreed. We're getting better information anyway on what issues we have and what to sort t get accepted.
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