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  • FIRST POST
    • flamingblade
    • By flamingblade 16th Oct 16, 11:09 AM
    • 3Posts
    • 1Thanks
    flamingblade
    Santander Additional Borrowing
    • #1
    • 16th Oct 16, 11:09 AM
    Santander Additional Borrowing 16th Oct 16 at 11:09 AM
    Hi all

    I'm looking to get some additional borrowing on my existing santander mortgage in order to do some works to my house.

    Does anyone know the process for this?
    1. Will they go through a full mortgage-style application where they go through all my expenses etc?
    2. Will there be a house survey to determine it's value?

    I re-mortgaged with them last year (I stayed with them) and they did not go through a credit check or anything, they just asked some questions and processed the remortgage. It was painless!

    Thanks

    FB
Page 1
    • Thrugelmir
    • By Thrugelmir 16th Oct 16, 11:13 AM
    • 51,268 Posts
    • 43,074 Thanks
    Thrugelmir
    • #2
    • 16th Oct 16, 11:13 AM
    • #2
    • 16th Oct 16, 11:13 AM
    In answer to your questions yes. New borrowing, new application. Procedures to be followed.

    Switching product with an existing lender is not remortgaging. This requires no checks.
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
    • flamingblade
    • By flamingblade 16th Oct 16, 11:17 AM
    • 3 Posts
    • 1 Thanks
    flamingblade
    • #3
    • 16th Oct 16, 11:17 AM
    • #3
    • 16th Oct 16, 11:17 AM
    Thanks for the quick response!

    Their website says that they can lend up to 85% of the value. Does anyone know if this will this require a survey and will I have to pay for it?
    • star02
    • By star02 16th Oct 16, 5:21 PM
    • 107 Posts
    • 470 Thanks
    star02
    • #4
    • 16th Oct 16, 5:21 PM
    • #4
    • 16th Oct 16, 5:21 PM
    When I borrowed more with Santander I accepted their desktop valuation of the property (which was slightly less than I thought) but enough for me to borrow what I needed without going over the limit for additional borrowing.

    All I then needed to do was upload proof of income (copy payslips)
    • Thrugelmir
    • By Thrugelmir 16th Oct 16, 5:23 PM
    • 51,268 Posts
    • 43,074 Thanks
    Thrugelmir
    • #5
    • 16th Oct 16, 5:23 PM
    • #5
    • 16th Oct 16, 5:23 PM

    Their website says that they can lend up to 85% of the value. Does anyone know if this will this require a survey and will I have to pay for it?
    Originally posted by flamingblade
    Depends how close you are to the threshold. If the lender considers there to be more than sufficient equity probably not.
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
    • flamingblade
    • By flamingblade 17th Oct 16, 9:38 AM
    • 3 Posts
    • 1 Thanks
    flamingblade
    • #6
    • 17th Oct 16, 9:38 AM
    • #6
    • 17th Oct 16, 9:38 AM
    I see, thanks all!
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