Santander loan application

MWAUGH1983

Hi All,

When in santander on saturday trying to get a loan to transfer over my tsb loan. It was declined and the guy said he would appeal it; I said that would be fine.

Just wondered if anyone had an application approved this way and whether it was common practice?

Cheers
Martin

michael1983l

MWAUGH1983 wrote: »

Hi All,

When in santander on saturday trying to get a loan to transfer over my tsb loan. It was declined and the guy said he would appeal it; I said that would be fine.

Just wondered if anyone had an application approved this way and whether it was common practice?

Cheers
Martin

If you have nothing to hide then a decline can be over turned quite easily, providing your credit history is good and your not over stretching yourself. Computers make the decisions based purely off figures and facts that the computer has been fed and sometimes these are not accurate. When you appeal a credit controller physically goes over your application and may well over turn the decision.

P.S. sometimes it is just that there is not much money left in the banks lending pot for that period.

MWAUGH1983

michael1983l wrote: »

If you have nothing to hide then a decline can be over turned quite easily, providing your credit history is good and your not over stretching yourself. Computers make the decisions based purely off figures and facts that the computer has been fed and sometimes these are not accurate. When you appeal a credit controller physically goes over your application and may well over turn the decision.

P.S. sometimes it is just that there is not much money left in the banks lending pot for that period.

Cheers for that. I earn enough money to pay the loan over 2 and half yra as it works out around £2300 for loan and the interest would be just under 500 quid.

Be nice to get shot of tsb!

Martin

michael1983l

MWAUGH1983 wrote: »

Cheers for that. I earn enough money to pay the loan over 2 and half yra as it works out around £2300 for loan and the interest would be just under 500 quid.

Be nice to get shot of tsb!

Martin

That is good Martin, but the banks have to take in consideration that you can afford to service both loans as they have no guarantee that you will pay off the Lloyds TSB loan. Do you think your affordability would indicate that you could cover both?

MWAUGH1983

michael1983l wrote: »

That is good Martin, but the banks have to take in consideration that you can afford to service both loans as they have no guarantee that you will pay off the Lloyds TSB loan. Do you think your affordability would indicate that you could cover both?

My salary is around 15K and tsb will give me a 25% settlement discount. In terms of outgoings I would probs afford 200 quid per month but wouldnt look at that option - the best option is to have all my finances under one umbrella sort of speak and get rid of the tsb loan; 90 off quid a month is cheaper than what im paying now. Though you are right they have to make a decision.

The upside is getting the loan with santander and then build a relationship with them over time. Looking at the future sort of speak.

Out of curiosity have you had much dealings with santander?

Martin

michael1983l

MWAUGH1983 wrote: »

My salary is around 15K and tsb will give me a 25% settlement discount. In terms of outgoings I would probs afford 200 quid per month but wouldnt look at that option - the best option is to have all my finances under one umbrella sort of speak and get rid of the tsb loan; 90 off quid a month is cheaper than what im paying now. Though you are right they have to make a decision.

The upside is getting the loan with santander and then build a relationship with them over time. Looking at the future sort of speak.

Out of curiosity have you had much dealings with santander?

Martin

Yes I hold an account with Santander, my honest opinion of them is that they have good rates, but their customer service is terrible and if you ever run into troubles they are quick to get on your back and are not very accomadating when coming to a compromise.

If your salary is 15k then most lenders would not consider an overall borrowing of 7.5k outstanding in total. So as long as your total borrowings including both loans is below this, you should be ok. Anything higher then you will probably be declined.

xdm941

Hi Martin,

Keep us updated as I too recently was declined a loan with Santander and appealed. I have a 40K yearly salary, perfect credit history with no missed payments, defaults or anything like that. I' only using about 5% of my available credit too. Not a home owner but a seven year tenant.

I was actually really annoyed at being declined but it does seem common these days.

I sent in my appeal letter on Sept 9th and i'm still waiting to hear so hopefully it won't be that much longer.

I was tempted to apply elsewhere but didn't want another hard search slammed on my credit record as we're shortly about to apply for a mortgage.

Anyway, hopefully both our appeals will be successful!! If I hear anything i'll let you know.

Fingers crossed.

Kind regards

michael1983l

In which case if what you say is accurate, it sounds like the Santander unsecured consumer lending pot is dry.

MWAUGH1983

michael1983l wrote: »

Yes I hold an account with Santander, my honest opinion of them is that they have good rates, but their customer service is terrible and if you ever run into troubles they are quick to get on your back and are not very accomadating when coming to a compromise.

If your salary is 15k then most lenders would not consider an overall borrowing of 7.5k outstanding in total. So as long as your total borrowings including both loans is below this, you should be ok. Anything higher then you will probably be declined.

The only reason that I went with them last october was that there account opening process seemed laid back. Over the internet and no need to confirm ID or provide bank statements! If statements had to be provided then I would probs be with hsbc still! In my experiences with santander thus far they seem fine and friendly in all my dealings but obviously I have only been with them a yr so time will tell.

The loan with tsb is around 3,018 and they offered me around 2,260 so they looked at a loan of around 2,300 - including the interest I am still saving money as they saving is around 700 quid and interest 400.

I shall keep you posted.

MWAUGH1983

xdm941 wrote: »

Hi Martin,

Keep us updated as I too recently was declined a loan with Santander and appealed. I have a 40K yearly salary, perfect credit history with no missed payments, defaults or anything like that. I' only using about 5% of my available credit too. Not a home owner but a seven year tenant.

I was actually really annoyed at being declined but it does seem common these days.

I sent in my appeal letter on Sept 9th and i'm still waiting to hear so hopefully it won't be that much longer.

I was tempted to apply elsewhere but didn't want another hard search slammed on my credit record as we're shortly about to apply for a mortgage.

Anyway, hopefully both our appeals will be successful!! If I hear anything i'll let you know.

Fingers crossed.

Kind regards

That is strange what with your salary and perfect credit score! Though it is done on computer as previously said and they are non-negotiable! I think on appeal you should get it. Did you have to send a letter in yourself or did the bank do it as the guy said he would do it all and it would take around 48 hrs and he would get back to me.

Yeah thanks; I hope you get lucky! FINGERS CROSSED for both of us!

xdm941

I sent a letter in to them at the appeals address specified on their website. Only problem is I have no idea how long they normally take to respond when appealing through this channel or how to chase it up.

Personally I don't think they would have massive loads of appeals to get through but I guess I could be wrong.

I really hope it will be any day now!!!!

If you can get a decision on your appeal in 48 hours then that's great!