Santander mortgage application problem

CazuaLL

Hello all, I'm am new to these forums and I have signed up for some advice on a situation I have.!

I went to Santander on Saturday 21st of August to discuss a mortgage. All talks went fine with the advisor about affordability and everything was looking smooth to lend £28,495 including the booking fee with a £7000 deposit, the property is a part buy/part rent.

I then went into Santander on the 28th of August (Yesterday) and all talks about affordability went fine with the advisor, I paid my loan off for £2000 which had a £138 repayment each month, on the 19th august so I have nothing tieing down my name for a credit search.

She made my application and after taking loads of details after an hour or so she searched me details for a credit check, it came back refuses due to affordabilyy, to be honest my heart sank as we have a child on the way in october and this place would be the start of a new chapter.

The kind advisor I had has send off proof to underwriting with proof my loan is paid off as she said experian are usually on a delay to what they can see on a credit file, like they work 28 days behind the present date and she said she will speak to them and call me Wednesday the 31st and let me know if it's good news or bad news.

Anyone have any ideas of moves I can make or any help would be grateful?

Thanks
Liam

CazuaLL

I'm just wondering if my loan is still showing on my credit search and that I'm still paying out £138 a month in which case it could be why it's showing refused under affordability :S The advisor at Santander who we had said it's a bit strange :S

DVardysShadow

Crosspost. All the action here: https://forums.moneysavingexpert.com/discussion/comment/46448179#Comment_46448179

CazuaLL, please don't crosspost, it wastes peoples' time providing an answer which has already been given on the other thread. Or if you must crosspost, at least say you have done so.

CazuaLL

Very sorry. Really hope someone can give me some idea and some advice

kingstreet

Affordability isn't based on what commitments you have on the day of the application. It's based on what you'll have on and after completion.

A mortgage application asks you to list your credit commitments and to tick a box indicating which ones will be repaid on or before completion and which ones will continue. Only the monthly payments for continuing commitments are "deducted" from your affordability.

I have heard of Abbey's system deducting commitments twice for some reason. All you can do is await the return call from the employee dealing with you.

kingstreet

Try using this to see what happens to affordability with and without the commitment;-

http://www.abbeyforintermediaries.com/calculators/affordability.aspx

DVardysShadow

kingstreet wrote: »

Affordability isn't based on what commitments you have on the day of the application. It's based on what you'll have on and after completion.

A mortgage application asks you to list your credit commitments and to tick a box indicating which ones will be repaid on or before completion and which ones will continue. Only the monthly payments for continuing commitments are "deducted" from your affordability.

I have heard of Abbey's system deducting commitments twice for some reason. All you can do is await the return call from the employee dealing with you.

kingstreet wrote: »

Try using this to see what happens to affordability with and without the commitment;-

http://www.abbeyforintermediaries.com/calculators/affordability.aspx

All the action on the other thread http://forums.moneysavingexpert.com/...php?p=46448179 until you intervened.

CazuaLL

REally puts me in a predicament, I really hope it comes out positive for me, I paid my loan of knowing this was the only thing against my name, we had a big chat with the mortgage advisior and she said I can dfinately afford it all for it to come back to this situation, to be honest i was absolutely gutted!