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Mortgage on New Home declined due to securities that are not there!

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  • LStone
    LStone Posts: 12 Forumite
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    Yes Steve in hindsight you are right, we accept responsibilty for that. Seemed like a sensible thing to do at the time as planning takes 9 weeks here, we thought we'd run it concurrent with the conveyancing, so we could start building works asap. Our mistake.
    We have been to the council, they are no grants and its kinda difficult to relay any information back to them when we have to go through a Business Development Manger who will not answer our calls. You say Abbey doesnt exist anymore, these are the people we are dealing with are abbeyforintermidiaries (sorry not allowed to post link), would you advise us to try someone else perhaps? We have a local Santander branch, maybe someone there would help us?
  • steve1980
    steve1980 Posts: 2,334 Forumite
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    By any chance are you getting a one of these products?

    http://www.abbeyforintermediaries.com/news/latest-news/315

    Abbey for intermediaries is just a trading name, the (only) products they offer are Santander.

    You can try to go into a branch and ask the in house mortgage advisor (make sure they ARE a mortgage advisor and not just a customer services person) if they know what it means. If you draw a blank with them then you can at least go to your broker (who could've done exactly what I've said) and tell whoever answers the phone that their own staff don't even know what they're going on about.

    If they still aren't giving any information then you really need to make the decision as to whether you carry on waiting and trying to read Santanders mind or try and find someone else.
    Estate Agent, Web Designer & All Round Geek!
  • LStone
    LStone Posts: 12 Forumite
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    Thanks Steve. After trying to chase the BDM for another week, we have now applied to 2 other lenders in the hope that something can be sorted before the house is purchased by someone else. I have asked my solicitor to write to Santander. We are extremely unhappy with how we have been treated. I believe people have the right to change their mind, but this is ridiculous, we would never have put an offer in on that house if we did not think we were able to obtain the finance. Will be interesting to see if the other lenders come up against the same thing, although I greatly doubt it.
    Thanks for your help everyone. We will be moving our current account and credit card to another bank!
  • LStone
    LStone Posts: 12 Forumite
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    UPDATE

    With no further response from Santander, we applied to the Nationwide. Again we got a decision in principle saying affordability was fine, waited 48 hrs to be told no on affordability because we are still living in our house, as we have no reliable tenant we are responsible for both mortgages...not sure where they expect us to live in the meantime?? BTL offers are with Mortgage works, Nationwide I'm told. I can't figure it out.
    Broker asked them not to do a Dip until they had checked everything else, so im hoping no footprint on credit file.
    So we have now applied to the Halifax, they are happy enough that we will need to get tenants (estate agent is waiting to take over) and will do 3 names on a mortgage. My broker applied online and response was a referal. So its a waiting game for another 48 hrs. Is a referal good news.
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