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Santander mortgage application problem

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  • poppysarah
    poppysarah Posts: 11,522 Forumite
    How much maternity pay will you get?

    Is your entire joint salary 21k a year?
    To be honest but cruel maybe they're saving you from yourself. If you buy and struggle with rent and mortgage (AND all repairs) then you will lose your home and the money you have saved.
  • kingstreet
    kingstreet Posts: 39,265 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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.

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

    http://www.abbeyforintermediaries.com/calculators/affordability.aspx
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • CazuaLL
    CazuaLL Posts: 60 Forumite
    poppysarah wrote: »
    How much maternity pay will you get?

    Is your entire joint salary 21k a year?
    To be honest but cruel maybe they're saving you from yourself. If you buy and struggle with rent and mortgage (AND all repairs) then you will lose your home and the money you have saved.

    I will be a father and get 2 weeks full paid peternity, and I will be living with my girlfriend and newly born baby in october. Its kind of annoying as the mortgage advisor has seen everything and said I can definately afford it, then to find out that an automated system says I can not.

    In come each month as of moving in would be:

    Me: £1300 take home
    My girlfriend: £320 to start with, from child benefit and child tax credits.

    The working tax credits to be added ona few months after.
  • CazuaLL
    CazuaLL Posts: 60 Forumite
    Any replies would be great :)
  • GDB2222
    GDB2222 Posts: 26,265 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    The Abbey calculator gives these values when I enter your data (assuming there are no outstanding credit cards, etc)

    These calculations are based on interest only which is C & I over 300 months.

    Low scoring applicant: £0

    Medium scoring applicant:£39,666

    High scoring applicant: £50,205

    So, it all looks fine, except that your credit score is low, or perhaps you have some other outgoings you have not mentioned.
    No reliance should be placed on the above! Absolutely none, do you hear?
  • narabanekeater
    narabanekeater Posts: 1,892 Forumite
    you earn too much to get WTC im affraid but do double check on entitled to website (assuming this is your only child)
    Mad Mum to 3 wonderful children, 2 foster kittens and 2 big fat cats that never made it to a new home!
    Aiming to loose 56 pounds this year. Total to date 44.5 pounds 12.5 to go. Slimming World Rocks!
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    How much rent are you required to pay on the remaining 75%?
  • GDB2222
    GDB2222 Posts: 26,265 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Thrugelmir wrote: »
    How much rent are you required to pay on the remaining 75%?

    It's in the thread further back - £246 /mth + £86 service charge
    No reliance should be placed on the above! Absolutely none, do you hear?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    GDB2222 wrote: »
    It's in the thread further back - £246 /mth + £86 service charge

    Thanks. .....
  • evoke
    evoke Posts: 1,286 Forumite
    Tenth Anniversary Combo Breaker
    You've got a child on the way in October. How will you pay the rent and mortgage (after the first year of free money from your employer)?
    Everyone is entitled to my opinion!
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