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Santander 90% LTV on New Build - HELP!

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tom242
tom242 Posts: 4 Newbie
in Mortgages & endowments
Hi,

We're currently in the process of buying a new build house. My girlfriend works for Santander and knows the mortgage advisor, Amy well so this lender was the obvious choice for us.

Amy confirmed to us on Friday that we had been approved so on Saturday we went into the developer a put down the reservation fee.

Saturday afternoon, Amy calls my girlfriend and drops a bombshell saying that she doesn't think we can now go ahead because Santander only offer an 80% LTV on new builds however, she would check this for us on Monday...

So my question is: As we are first time buyers, can anyone confirm Santanders policy on new builds at 90% LTV?

Thanks in advance,
Tom
«1

Comments

  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    http://www.abbeyforintermediaries.com/content/lending-criteria?&filter=N
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    90% for a new build house for FTB up to 4 x income.

    Very worrying if Santander 'advisers' do not know their own criteria!!
    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.
  • tom242
    tom242 Posts: 4 Newbie
    Thank you both for your help, gives us some hope.

    GMS, tell me about it! Her incompetence is something that's plagued my mind all weekend.

    Thanks,
    Tom
  • Wh05apk
    Wh05apk Posts: 2,938 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    GMS wrote: »
    Very worrying if Santander 'advisers' do not know their own criteria!!

    So what's new?
    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.
  • pinkarsenalprincess
    pinkarsenalprincess Posts: 327 Forumite
    When we bought our new build with Santander we had to have 25% deposit.
    Overdrafts transferred to MBNA £953.40/£4279.80 Car insurance (on CC) £461.98/£751.98 :mad: Bank of mum and dad £1500/£5000
    Total debt repaid £2915.38/£10,031.78 (29%):T Owed [STRIKE]£10,031.78[/STRIKE][STRIKE] £7400[/STRIKE] £7116.40 Pay off as much as you can in 2011 challenge £1127.60/£4000
  • MrRedundant
    MrRedundant Posts: 722 Forumite
    Of course no one knows the exact deal or anything else so the adviser may well be right.
  • themull1
    themull1 Posts: 4,299 Forumite
    You went through santander because you know the mortgage advisor? Ha ha ha!! I wouldnt go through them if i was married to the mortgage advisor.!!
  • pinkarsenalprincess
    pinkarsenalprincess Posts: 327 Forumite
    themull1 wrote: »
    You went through santander because you know the mortgage advisor? Ha ha ha!! I wouldnt go through them if i was married to the mortgage advisor.!!
    :rotfl:
    The more experience I have with them the more I believe that they couldn't organise a p*ss up in a brewery.
    Overdrafts transferred to MBNA £953.40/£4279.80 Car insurance (on CC) £461.98/£751.98 :mad: Bank of mum and dad £1500/£5000
    Total debt repaid £2915.38/£10,031.78 (29%):T Owed [STRIKE]£10,031.78[/STRIKE][STRIKE] £7400[/STRIKE] £7116.40 Pay off as much as you can in 2011 challenge £1127.60/£4000
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    business_man wrote: »
    I think we are heading towards another property bubble considering the fact anybody on a min wage could go and get 90%?


    What is the relevance in this statement? Somebody on minimum wage may get 90% of 50k but not of 500k.

    What are you getting at?
    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.
  • MrRedundant
    MrRedundant Posts: 722 Forumite
    What he is getting at is 90% of a 100k house now means if prices drop more than 10% which they may then it is a negative equity situation which is going to be a lot more difficult for someone on NMW than a high earner.
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