Applied for mortgage and have noticed incorrect mark file

[grantley1988]

Hi,

We’ve just applied for a mortgage with HSBC.

We have a MIP and have had an offer accepted on a house and have instructed solicitors.

Deposit is 60k and we are borrowing 225

Ltv is 79%

Our combined salary is 55k plus 6k I’m extra income.

We both have no debts. £0 balance on credit cards.

Outgoings are minimal and our mortgage in principal amount was up to £27000 borrowed.

I’ve just checked my credit report and there is an incorrect mark on my file. A default for British Gas at £2500. The address is incorrect and I never missed a bill there. This has effected my rating. They have dated it 06/2014

I’ve disputed it with noodle and they are on the case.

I’ve read HSBC are really picky with there applications.

What are my chances of getting the mortgage?

Edited by grantley1988 on Tuesday 24th October 23:25

[Sarnie]

Slim.

[grantley1988]

Sarnie said:

Slim.

What do you suggest I do?

[Du1point8]

Checking your credit rating first and removing the error and trying in a few weeks.

HSBC computer says no, so you are screwed.

OH had this when she was listed as a director and had just come back into the country from Egypt for 2 years, because there was technically a break in using UK bank accounts, she failed that part of the credit check.

If she had shown HSBC that she had an Egyptian HSBC account whilst abroad, she would not have failed, could we retrospectively fix it using a human being... Nope not a chance in hell, plus now she needed to be on the electoral role as an added bonus.

Had to wait 2/3 months for it to clear that she had failed the credit check

[Sarnie]

grantley1988 said:

What do you suggest I do?

In my opinion, the HSBC MIP/AIP/DIP (or what people want to call it) is the most basic in the whole industry, it takes minutes to do, is only a soft search and has no bearing on what the actual decision will be once it reaches the underwriters and they carry out a full credit search.

At that point, they will decline you, in my opinion.

Firstly, is the default an error and can it be removed or altered? If yes, then get it done, but expect it to be a few weeks maybe months before the credit file is reflected accurately. If no, then move onto a lender who may accept the default.......

I hope I'm wrong, for your sake......

[grantley1988]

Sarnie said:

In my opinion, the HSBC MIP/AIP/DIP (or what people want to call it) is the most basic in the whole industry, it takes minutes to do, is only a soft search and has no bearing on what the actual decision will be once it reaches the underwriters and they carry out a full credit search.

At that point, they will decline you, in my opinion.

Firstly, is the default an error and can it be removed or altered? If yes, then get it done, but expect it to be a few weeks maybe months before the credit file is reflected accurately. If no, then move onto a lender who may accept the default.......

I hope I'm wrong, for your sake......

Thanks for the reply.

The default is 100% an error. It’s from a 1 bed flat that I was at for 6 months. I paid the bill each month and now there is a big bill there. This was 4 years ago.

I’ve informed both the energy supplier asking for it to be removed & the credit reference agency. There is a mark saying dispute on my
credit report.

I’m not sure that the application has gone to the underwriters yet. Last I heard from my mortgage broker was that I would get a call yesterday. Which I did and that was for my email
address to send of direct debit forms for HSBC.

Should I contact him and get another quote from a lender who will make note of this default.

I’ve not paid my broker a fee yet as he had a mix up with the hsbc £999 mortgage fee. So he waived his cost.

Thanks again.

[Sarnie]

grantley1988 said:

Thanks for the reply.

The default is 100% an error. It’s from a 1 bed flat that I was at for 6 months. I paid the bill each month and now there is a big bill there. This was 4 years ago.

I’ve informed both the energy supplier asking for it to be removed & the credit reference agency. There is a mark saying dispute on my
credit report.

I’m not sure that the application has gone to the underwriters yet. Last I heard from my mortgage broker was that I would get a call yesterday. Which I did and that was for my email
address to send of direct debit forms for HSBC.

Should I contact him and get another quote from a lender who will make note of this default.

I’ve not paid my broker a fee yet as he had a mix up with the hsbc £999 mortgage fee. So he waived his cost.

Thanks again.

Have you informed the broker of the default? If not, do so asap..........otherwise you could spend a lot of time with a lender, who was never going to lend...

[grantley1988]

Sarnie said:

Have you informed the broker of the default? If not, do so asap..........otherwise you could spend a lot of time with a lender, who was never going to lend...

I will call him tomorrow morning.

Is it worth me going through the broker I was suggested to use use by the estate agent or finding a specialist broker who can help my situation?

I’m reluctant to use the guy I have as he hasn’t mentioned our credit reports and seemed to think the AIP meant that hsbc have done a credit check and we should get an offer.

[Bikesalot]

Just use Sarnie...makes life ever so easy!

[TheAngryDog]

Bikesalot said:

Just use Sarnie...makes life ever so easy!

This. I'd never use a broker recommended by an estate agent

[Sarnie]

Thanks guys


OP, how are you getting on?

[boxst]

TheAngryDog said:

Bikesalot said:

Just use Sarnie...makes life ever so easy!

This. I'd never use a broker recommended by an estate agent

Yes. Although I didn't get a mortgage in the end (Sarnie: I will when I get my act together) all the information provided was excellent. I can't recommend highly enough.

[grantley1988]

Sarnie said:

Thanks guys


OP, how are you getting on?

The application has gone to the underwriters which i think is going to be declined. The estate agents broker was not in the office yesterday so i could not call to explain the situation.

Sarnie when i have more news i will send you a PM and hopefully get you on the case! You have been recommended on here and i have been sent a PM by a member on here who only had good things to say about you.

[Sarnie]

grantley1988 said:

The application has gone to the underwriters which i think is going to be declined. The estate agents broker was not in the office yesterday so i could not call to explain the situation.

Sarnie when i have more news i will send you a PM and hopefully get you on the case! You have been recommended on here and i have been sent a PM by a member on here who only had good things to say about you.

No problem at all, naturally, I hope you don't need to call me and HSBC accept your application, fingers crossed, good luck!!

[TheAngryDog]

grantley1988 said:

Sarnie said:

Thanks guys


OP, how are you getting on?

The application has gone to the underwriters which i think is going to be declined. The estate agents broker was not in the office yesterday so i could not call to explain the situation.

Sarnie when i have more news i will send you a PM and hopefully get you on the case! You have been recommended on here and i have been sent a PM by a member on here who only had good things to say about you.

Utterly top bloke is Sarnie. I cannot recommend him highly enough, he should be PHers first port of call for mortgages

Good luck with your current application, hopefully you get approved!

[grantley1988]

Sarnie said:

grantley1988 said:

The application has gone to the underwriters which i think is going to be declined. The estate agents broker was not in the office yesterday so i could not call to explain the situation.

Sarnie when i have more news i will send you a PM and hopefully get you on the case! You have been recommended on here and i have been sent a PM by a member on here who only had good things to say about you.

No problem at all, naturally, I hope you don't need to call me and HSBC accept your application, fingers crossed, good luck!!

Thanks. Fingers crossed but not holding much hope! Will let you know how it goes!

[grantley1988]

HSBC have asked for more documents. Had to send pdf versions of passport.

Is this a good thing they have asked for more documents?

First application sent to them last Friday and now they are asking for my documents.

Who knew this would be so stressful!

[red_slr]

Have a look on money saving expert forum, there are a few threads about the process.

If you are a member might be worth asking on this thread

http://forums.moneysavingexpert.com/showthread.php...

[Sarnie]

grantley1988 said:

HSBC have asked for more documents. Had to send pdf versions of passport.

Is this a good thing they have asked for more documents?

First application sent to them last Friday and now they are asking for my documents.

Who knew this would be so stressful!

It's part of the process..............in no way is it a good thing..........or a bad thing............just follow the requests until you get a formal mortgage offer issued or a decline decision............PS: Your broker should be helping you with this.....

[grantley1988]

Sarnie said:

It's part of the process..............in no way is it a good thing..........or a bad thing............just follow the requests until you get a formal mortgage offer issued or a decline decision............PS: Your broker should be helping you with this.....

Okay. Will sit tight for the time being. Annoying that the offer was submitted on Friday and I’ve had to resend documents that I sent last week.

Should have gone to you in the first place Sarnie 😊