What are my chances? Santander appeal

bleo89
bleo89 Posts: 1 Newbie
in Mortgages & endowments
Hi all

Recently applied for a Santander mortgage. 69% LTV, DIP accepted and sent to full application.

Went to underwriters but it has been declined due to affordability.

I believe this is because my credit report still shows that I owe debt (loan, credit card etc) despite me paying it all off, completely clear, a few days before the mortgage application.

The Experian file won't update until early January.

Mortgage broker asked me to send him statements showing my clear balances and he'll appeal with Santander.

What are my chances, do you reckon? Anyone had appeal success? And how long does it usually take?

Cheers in advance.

Comments

  • amnblog
    amnblog Posts: 12,442 Forumite
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    Follow your brokers advice. Santander are an unpredictable Lender but you may get a result here.
    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.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Asked rhetorically. How did you manage to clear all of your debts just before submitting a mortgage application? Certainly something an underwriter may well question in their minds.
  • Clacecel
    Clacecel Posts: 1 Newbie
    edited 8 February 2018 at 12:04PM
    This wasn't to do with a mortgage, but a loan application to Santander. My husband applied for a 15K loan from Santander. We own our home outright, value approx 220K, My husband has a loan already with Santander with approx 9K outstanding. Neither of us has EVER been late with a payment, or missed a payment on anything. My husband has a gross annual income in excess of 60K per year and I have a small pension, and he has two credit cards with zero balances (if used, the balance is always cleared the same month). We have no other debts. We each have some savings with Santander. The loan application was declined !!! Go figure !! The explanation was that "it didn't currently meet the loan criteria" !!! The point I am trying to make is that there is no rhyme or reason to santanders decisions on anything... Good luck with your appeal. Frankly, we are currently moving our accounts away from Santander. If my husband did not meet their criteria, then who on this earth does ????
  • Happyland000
    Happyland000 Posts: 4 Newbie
    What was your result?
  • Sibz
    Sibz Posts: 389 Forumite
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    Yeah, how Santander decide anything is anyone's guess. I've found them to be a horrible company to deal with
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Happyland000 wrote: »
    What was your result?

    Best to start your own thread and ask questions that relate to your own situation. You'll more likely receive answers then. :beer:
  • Happyland000
    Happyland000 Posts: 4 Newbie
    True, Although I find people rarely post their result
  • KnowledgeIsLife
    KnowledgeIsLife Posts: 71 Forumite
    If you can prove these have been repaid in full from my experience (I work at Santander) in most cases you should be fine hope everything works out.
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