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  • FIRST POST
    • Proud2bWelsh
    • By Proud2bWelsh 25th Apr 12, 8:58 PM
    • 13Posts
    • 12Thanks
    Proud2bWelsh
    Santander mortgage problem
    • #1
    • 25th Apr 12, 8:58 PM
    Santander mortgage problem 25th Apr 12 at 8:58 PM
    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
    Last edited by Proud2bWelsh; 25-04-2012 at 9:12 PM.
Page 1
    • GMS
    • By GMS 25th Apr 12, 9:03 PM
    • 5,350 Posts
    • 2,783 Thanks
    GMS
    • #2
    • 25th Apr 12, 9:03 PM
    • #2
    • 25th Apr 12, 9:03 PM
    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.
    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.
    • ACG
    • By ACG 25th Apr 12, 9:05 PM
    • 12,681 Posts
    • 6,222 Thanks
    ACG
    • #3
    • 25th Apr 12, 9:05 PM
    • #3
    • 25th Apr 12, 9:05 PM
    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.
    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.
    • Proud2bWelsh
    • By Proud2bWelsh 25th Apr 12, 9:16 PM
    • 13 Posts
    • 12 Thanks
    Proud2bWelsh
    • #4
    • 25th Apr 12, 9:16 PM
    • #4
    • 25th Apr 12, 9:16 PM
    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
    • By Thrugelmir 25th Apr 12, 10:50 PM
    • 47,864 Posts
    • 39,879 Thanks
    Thrugelmir
    • #5
    • 25th Apr 12, 10:50 PM
    • #5
    • 25th Apr 12, 10:50 PM
    Why not tell us this before moving the goalposts?
    Originally posted by Proud2bWelsh
    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.
    "A man who wishes to remove a mountain begins by carrying away the smallest stones first."
  • The J
    • #6
    • 26th Apr 12, 10:16 AM
    • #6
    • 26th Apr 12, 10:16 AM
    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.
    The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.
    • betmunch
    • By betmunch 26th Apr 12, 11:03 AM
    • 3,082 Posts
    • 1,890 Thanks
    betmunch
    • #7
    • 26th Apr 12, 11:03 AM
    • #7
    • 26th Apr 12, 11:03 AM
    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
    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.
  • The J
    • #8
    • 26th Apr 12, 11:14 AM
    • #8
    • 26th Apr 12, 11:14 AM
    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
    • By Ivana Tinkle 26th Apr 12, 12:31 PM
    • 834 Posts
    • 996 Thanks
    Ivana Tinkle
    • #9
    • 26th Apr 12, 12:31 PM
    • #9
    • 26th Apr 12, 12:31 PM
    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
    terrible terrible service
    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
    • By Inforapennyinforapound 21st Jul 12, 7:23 AM
    • 740 Posts
    • 685 Thanks
    Inforapennyinforapound
    I reckon they are..
    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.....
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