Santander mortgage problem

Proud2bWelsh · 25 April 2012 at 8:58PM

I have given up on Santander today after 4 really tough weeks, I am a current Santander customer (current acc, husbands current acc, joint savings acc, both have their c/cards with nil balance) we have a current Santander supposedly portable mortgage and were about to exchange on our new house when Santander have pulled the plug due to affordability apparently they only take half of benefits into account, so we appealed because we could still meet the affordability with our reckoning after an appeal they have still said no, as today they don't take any benefits into account! Why not tell us this before moving the goalposts? I work and can meet the affordability apart from £7 per month my husband is on DLA but they will not take this into account at all, i am approaching a new lender tomorrow but will have to pay Santander nearly £3000 in early repayment charges, I just don't understand how they could except us back in November for the same amount with the same circumstances but if we move down the road and don't change anything they have suddenly changed their criteria, surely then this isn't a portable mortgage? any advice would be greatfully received, many thanks

GMS · 25 April 2012 at 9:03PM

A portable mortgage means you can take the rate to another property subject to meeting all lending criteria at the time of new application. Common error is assuming a portable mortgage is a simple case of switching over.

Unfortunately if you do not meet the criteria at the time in you cannot port.

ACG · 25 April 2012 at 9:05PM

It is portable, but you have to meet their criteria.
Are their any regular payments you cancel? Downgrade your TV package maybe? Cancel your phone contract and go to pay as you go? If your talking about £7 per monh it does seem a little rediculous.

Proud2bWelsh · 25 April 2012 at 9:16PM

thanks for reply, we don't have any other commitments no loans no credit cards with any balance on, we also don't have sky tv anymore (cancelled months ago to save money) mobile can be cancelled in July, poor us this sounds like lol but we really are sensible or stupid we paid 10% off our mortgage at the beginning of the year I just feel they would rather have the early repayment charge as we bank with them too they can clearly see that we can afford it, thanks for any help

Thrugelmir · 25 April 2012 at 10:50PM

Proud2bWelsh wrote: »

Why not tell us this before moving the goalposts?

No goalposts in mortgage lending. In fact its a fluid market where lending decisions can move at the flick of the a switch. There's a general tightening down reflecting the poor economic outlook not only in the UK but much of the developed world.

Lenders view affordability in a different way to borrowers. Lenders apply risk analysis in deciding where to draw the line.

The_J · 26 April 2012 at 10:16AM

Actually I understand your anger, to get so far down the process for Santander to say no is pretty disgraceful. Unfortunately they have become crap recently, tightened up significantly and have so far this year tagged about $2bn in securitisation.

Something is not right with them, they have found a black hole somewhere and the poo has hit the fan. Bad timing for you.

betmunch · 26 April 2012 at 11:03AM

I havent done an Abbey Mortgage since they changed the affordabilty calculator to include religious holidays and the like.

It just feels like they dont want to lend at the moment.

Abbey are back to 2008 with processing but with 2012 criteria restrictions. They are a mess right now

The_J · 26 April 2012 at 11:14AM

The hilarious thing is they set their targets for 2012 in 2011 before it all went mental, all the people paid on those targets are crying tears of unimaginable sadness.

Ivana_Tinkle · 26 April 2012 at 12:31PM

Our chain has collapsed, partly because Santander took so long to process our mortgage application (on a 11.5% LTV with perfect credit ratings) that our buyers' offer expired and they've had to reapply for a new mortgage, at which point everyone involved threw their toys out of the pram and put their houses back on the market. Wouldn't use them again. (And probably won't end up using them this time as the offer still hasn't come through and I have no faith that it will!)

mitford · 20 July 2012 at 6:18PM

We are in the process of moving home, our financial advisor came round done all the figures in line with there affordability calculator which all passed for a 90% mortgage, bearing in mind we allready have a mortgage with them and our credit score is 998 never missed a payment on anything and have a joint income of 60k.

Anyway although our mortgage met santander's affordability calculator it failed there aip check, so my advisor rang them to find the reason why to which they had no answer for and after a long conversation he suggested trying the mortgage at 85%, after jiggling the figures we managed to meet it and it was accepted straight away great or was it.............

phone call today they have rejected it today as its failed there internal scoring to which we replied what is your internal scoring? hhhhhhhhmmmmmmmmmmmm we dont really know so guess what they suggested try upping the deposit AGAIN

I feel we might have to jump ship but am reluctant to as we have a redemption penalty to pay.

are santander really this bad? are there any good lenders out ther? i really could have done without this on a friday

Inforapennyinforapound · 21 July 2012 at 7:23AM

are santander really this bad? are there any good lenders out ther? i really could have done without this on a friday[/QUOTE]

From recent experience i think Santander are really that bad.I had a recent problem remortgaging with them and was rejected,so i appealed and appealed again to no avail.

I tried with halifax and was accepted immediately!...so there we have it,Santander have lost my business and now i have also transferred my current account from them to halifax and my Isa is next...goodbye Santander.....

Santander mortgage problem

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