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  • FIRST POST
    • Leannejones01
    • By Leannejones01 18th Jun 17, 8:02 AM
    • 2Posts
    • 0Thanks
    Leannejones01
    Santander formal application ftb 5%
    • #1
    • 18th Jun 17, 8:02 AM
    Santander formal application ftb 5% 18th Jun 17 at 8:02 AM
    Hi all,
    We started our application on Friday and submitted documents yesterday. Does anyone know how difficult it is getting a 95% mortgage with santander at the min? The advisor we first spoke to said affordability is definitely there but the ltv rate is high... This has got us wondering if it's the ltv that will let us down. We have found a house and had offer accepted so ready to move forward. We also spoke with London and country who suggested post office mortgage... But we thought we'd try santander as back with them and help to buy isas etc. Now we're panicking after reading some forums few years ago about how hard being a mortgage with santander is... And wondering if we should cancel with santander and go with the post office as per London and country advice. Men's they suggested the post office as they will be more likely to accept us? Or can we apply to 2 places at once? Any help / advice most welcome
    Thanks in advance leanne
Page 1
    • illusionek
    • By illusionek 18th Jun 17, 9:02 AM
    • 94 Posts
    • 19 Thanks
    illusionek
    • #2
    • 18th Jun 17, 9:02 AM
    • #2
    • 18th Jun 17, 9:02 AM
    Ive got recently 90% with Santander via broker. Smooth process.

    Youve applied already so just wait and see. Dont make too many applications as they could potentially harm your credit score.
    • juniordoc
    • By juniordoc 18th Jun 17, 9:50 AM
    • 113 Posts
    • 66 Thanks
    juniordoc
    • #3
    • 18th Jun 17, 9:50 AM
    • #3
    • 18th Jun 17, 9:50 AM
    Buying with a 5% deposit at the moment is inherently risky and you could be in negative equity before you know it with brexit just around the corner.
    Getting your application turned down may be a blessing in disguise!
    • Fosterdog
    • By Fosterdog 18th Jun 17, 10:38 AM
    • 3,001 Posts
    • 5,192 Thanks
    Fosterdog
    • #4
    • 18th Jun 17, 10:38 AM
    • #4
    • 18th Jun 17, 10:38 AM
    When I bought last year general consensus was Santander are one of the easiest to get a mortgage with however we were putting in 10% rather tgan 5% so maybe that is their cut off. We didn't go with them but they were going to be our backup if we didn't get the deal we wanted.
    • SuboJvR
    • By SuboJvR 18th Jun 17, 1:31 PM
    • 214 Posts
    • 157 Thanks
    SuboJvR
    • #5
    • 18th Jun 17, 1:31 PM
    • #5
    • 18th Jun 17, 1:31 PM
    It's probably safest to ride this out at this point? I assume Santander have done their credit check (they did ours at the AIP stage). If you withdraw without even giving them a chance to offer you'll then end up getting another check unnecessarily from another lender.

    It's a very stressful thing to do but at this point you probably just need to sit back and wait patiently. The option of going to another lender will still be there at the end if required.

    They offer 5% deposit mortgages, if your affordability is there and you meet all their other criteria, then there's no reason to think you won't be able to get one!

    Also info from a few years ago will be out of date - housing market very different - mortgage market very different.

    If possible though do try and overpay to try and reduce the risk of negative equity.
    • aphill24
    • By aphill24 19th Jun 17, 10:41 PM
    • 57 Posts
    • 23 Thanks
    aphill24
    • #6
    • 19th Jun 17, 10:41 PM
    • #6
    • 19th Jun 17, 10:41 PM
    I've used L&C in the past and they were great to deal with and I would recommend them highly.
    • bob bank spanker
    • By bob bank spanker 19th Jun 17, 10:48 PM
    • 358 Posts
    • 609 Thanks
    bob bank spanker
    • #7
    • 19th Jun 17, 10:48 PM
    • #7
    • 19th Jun 17, 10:48 PM
    Buying with a 5% deposit at the moment is inherently risky and you could be in negative equity before you know it with brexit just around the corner.
    Getting your application turned down may be a blessing in disguise!
    Originally posted by juniordoc
    Where do you work?
    • Frances109
    • By Frances109 20th Jun 17, 12:12 PM
    • 32 Posts
    • 61 Thanks
    Frances109
    • #8
    • 20th Jun 17, 12:12 PM
    • #8
    • 20th Jun 17, 12:12 PM
    We used Nationwide with a 5% deposit and it all went through okay (so far!)
    First time buyer!
    • buy_my_cookies
    • By buy_my_cookies 20th Jun 17, 4:25 PM
    • 6 Posts
    • 1 Thanks
    buy_my_cookies
    • #9
    • 20th Jun 17, 4:25 PM
    • #9
    • 20th Jun 17, 4:25 PM
    Hi,


    We are in the same boat as you, 5% with Santander. Sent in the full application via a broker on Friday. Already had it in principle as well.
    Fingers crossed, the broker seems to think it should be fine.
    • LKRDN_Morgan
    • By LKRDN_Morgan 20th Jun 17, 6:44 PM
    • 241 Posts
    • 738 Thanks
    LKRDN_Morgan
    I have a 95% LTV with Satander. AIP came back fine. The full application took about 3 weeks. I think you hear a lot of scare stories which maybe puts people off trying for them. For us a 10% deposit would have taken another few years to save which wasn't an option. House prices in my area are £££ and rising. Leaving it much longer would have priced us out completely.
    • Leannejones01
    • By Leannejones01 20th Jun 17, 9:12 PM
    • 2 Posts
    • 0 Thanks
    Leannejones01
    Thanks for your replies everyone! I think we just panicked after sent in documents. Fingers crossed it'll be OK. We have our formal mortgage interview on Friday am so just working through the sums on everything we can find they'll quiz us about. They're not that far out from what we have them at aip stage looking at our last 3 months statements which we game them. Not looking forward to the process mind. Really want this to work out but it's the unknown. The housing market is strong by us, hardly any for sale and selling very quick when they do come up. If it doesn't come through with santander we'll head back to l&c and try that. Buy my cookies good luck and keep me posted if it goes through! Thanks again all
    • illusionek
    • By illusionek 20th Jun 17, 9:34 PM
    • 94 Posts
    • 19 Thanks
    illusionek
    When I was applaying with Santander my broker said if there were any problems we would go with Halifax next as they would be a sure bet. Hope this helps.
    • alchemist.1
    • By alchemist.1 20th Jun 17, 10:29 PM
    • 850 Posts
    • 654 Thanks
    alchemist.1
    Buying with a 5% deposit at the moment is inherently risky and you could be in negative equity before you know it with brexit just around the corner.
    Getting your application turned down may be a blessing in disguise!
    Originally posted by juniordoc
    Or you could be paying rent for the next couple of years hoping for a property crash that may or may not happen.
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