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  • FIRST POST
    • FlumpyHall
    • By FlumpyHall 3rd Dec 17, 1:28 PM
    • 6Posts
    • 1Thanks
    FlumpyHall
    Santander declined
    • #1
    • 3rd Dec 17, 1:28 PM
    Santander declined 3rd Dec 17 at 1:28 PM
    I've had a mortgage with Santander for 10 years, made 4 late payments in 2013 after separating from husband, have sold house now and hoped to port mortgage so myself and new partner can buy a new build. AIP all fine, valuation on new house all fine then application went to underwriter who declined it on our joint credit scores (which they knew about initially!).

    I have 2 defaults from 2013 for total £612, all settled now and my partner hasn't had any credit apart from £1000 credit card, which he took out last year.

    We've were initially told we could have £210k but only need £140k as we have a deposit of £90k.

    We are both in our mid 40s, work full time with no debts apart from £1000 And £2000 on credit cards, no late payments so why did they turn us down? The whole process took 6 weeks and now the broker has applied to Halifax.. will they decline too?

    Getting so worried as Bovis won't keep the house for us forever!
Page 1
    • ACG
    • By ACG 3rd Dec 17, 1:53 PM
    • 15,907 Posts
    • 8,149 Thanks
    ACG
    • #2
    • 3rd Dec 17, 1:53 PM
    • #2
    • 3rd Dec 17, 1:53 PM
    You have no late payments - except the ones in the first paragraph and the defaults in the second.

    You have bad credit, it is not shockingly bad but it is bad credit none the less. I am not sure Santander would be my first port of call personally. There are other lenders who I think will be fine and Halifax (based on hat you have said), could be an option.

    Even if they do decline, there are other lenders.
    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.
    • FlumpyHall
    • By FlumpyHall 3rd Dec 17, 2:08 PM
    • 6 Posts
    • 1 Thanks
    FlumpyHall
    • #3
    • 3rd Dec 17, 2:08 PM
    • #3
    • 3rd Dec 17, 2:08 PM
    Who do you suggest? My broker was recommended by Bovis and is shockingly bad.
    • ACG
    • By ACG 3rd Dec 17, 2:19 PM
    • 15,907 Posts
    • 8,149 Thanks
    ACG
    • #4
    • 3rd Dec 17, 2:19 PM
    • #4
    • 3rd Dec 17, 2:19 PM
    Brokers can not recommend lenders on here. We only have a limited amount of information to go off and if we get it wrong because of something we do not know then we are no more help then your current broker.

    Try another broker if you do not think your current broker will get it through?
    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.
    • FlumpyHall
    • By FlumpyHall 3rd Dec 17, 2:46 PM
    • 6 Posts
    • 1 Thanks
    FlumpyHall
    • #5
    • 3rd Dec 17, 2:46 PM
    • #5
    • 3rd Dec 17, 2:46 PM
    Think it might be too late to find another broker.
    • Thrugelmir
    • By Thrugelmir 3rd Dec 17, 5:39 PM
    • 56,248 Posts
    • 49,619 Thanks
    Thrugelmir
    • #6
    • 3rd Dec 17, 5:39 PM
    • #6
    • 3rd Dec 17, 5:39 PM
    Think it might be too late to find another broker.
    Originally posted by FlumpyHall
    Onus is on you if you wish to purchase the property.
    “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”
    ― Warren Buffett
    • DCFC79
    • By DCFC79 3rd Dec 17, 7:14 PM
    • 30,425 Posts
    • 19,234 Thanks
    DCFC79
    • #7
    • 3rd Dec 17, 7:14 PM
    • #7
    • 3rd Dec 17, 7:14 PM
    OP 1 thing I do know is you werent declined to your credit scores, your credit history is what is used.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • srisport
    • By srisport 6th Dec 17, 9:14 PM
    • 168 Posts
    • 18 Thanks
    srisport
    • #8
    • 6th Dec 17, 9:14 PM
    • #8
    • 6th Dec 17, 9:14 PM
    You have no late payments - except the ones in the first paragraph and the defaults in the second.

    You have bad credit, it is not shockingly bad but it is bad credit none the less. I am not sure Santander would be my first port of call personally. There are other lenders who I think will be fine and Halifax (based on hat you have said), could be an option.

    Even if they do decline, there are other lenders.
    Originally posted by ACG
    Interesting, Are you allowed to elaborate further why Santander would not be your first port of call personally?

    I only ask because I am currently looking for a mortgage as a FTB and Santander is a bank I'm looking to apply with (only because my HTB is with them and my partner has her current account with them too)

    Regards.
    • YHM
    • By YHM 6th Dec 17, 9:30 PM
    • 303 Posts
    • 99 Thanks
    YHM
    • #9
    • 6th Dec 17, 9:30 PM
    • #9
    • 6th Dec 17, 9:30 PM
    Likewise. Santander would NOT be my first port of call for anyone with defaults.

    Use a broker and allow them to earn their corn reviewing the market for the best rates available
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, 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
    • fewcloudy
    • By fewcloudy 7th Dec 17, 2:24 PM
    • 173 Posts
    • 84 Thanks
    fewcloudy
    Interesting, Are you allowed to elaborate further why Santander would not be your first port of call personally?

    I only ask because I am currently looking for a mortgage as a FTB and Santander is a bank I'm looking to apply with (only because my HTB is with them and my partner has her current account with them too)

    Regards.
    Originally posted by srisport

    Experienced brokers know which lenders are more suitable for their clients, depending upon their client's personal situation. So in this case, I imagine ACG in his/her experience has found Santander to be possibly not-the-best lender to go with, when clients have similar issues to the OP.
    Which helps you very little, as Santander may be an excellent choice for you based on your personal circumstances.
    This for me would be one of the main reasons why I would always use my mortgage broker, even though these days I expect I am quite an easy case for him. I'm surprised to see on here how many people don't use one.

    fc
    Feb 2008, 20year tracker with Sprogget and Sylvester, 0.5% + base for 2 years, then 0.99% + base for life of mortgage. Kudos to my mortgage broker...
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