Have we or Have we not got a Mortgage

Rocket1971

Hi All,
Some of you have kindly answered to my previous postings regarding obtaining new mortgage with 2 defaults from 2009 on file.

Basically, went through one broker who tried to get us a mortgage through kensington which was a no go (they would only lend a certain amount and at the time we want to obtain more he recommended them due to my defaults)
We then found a cheaper property to purchase (our house is sold with £75000.00 coming out of it to go towards new purchase) and also tried a new broker who has said Santander are willing to lend to us, we have agreement in principle (they know about the 2 defaults) and he has told us he is just waiting for them to come back with a survey date.
Does this sound correct as we have gone from being told by one broker only Kensington suitable for us to an other who has said AIP from Santander all ok and that our case was fast tracked through their system whatever that means?
Could they still turn around and say declined or would they have done so by now and we would not have got this far?
Any advice would be much appreciated.

morgan78_2

I have just asked the same question agreed in principle with Santander
but dont want to build my hopes up if they can pull out

mp80

The AIP is worthless until they do the real checks on your financial situation, which usually comes just before you exchange contracts - they can and do pull out at this point.

Senior_Paper_Monitor

I would have thought it most unlikley that Santander (Abbey if through a broker) would fastrack an application with two defaults of less than 3 years on the record - however as they do a full credit search at the time of AIP they should have found anything not declared. Admittedly Abbey do sling fastrack options around once the 75% LTV is reached, but they also audit a number of them subsequently.

Abbey's process is scored on a wide range of criteria and can overrule some published 'out of criteria' factors (I spent a very interesting 30 minutes at a recent seminar with an underwriter explaining their system) but I would not have expected this to include multiple defaults within three years unless they were very small - and everything else was very shiny, income excellent, under product max LTV etc.

Fastrack means they request minimal supporting paperwork.

Abbey have a reputation for changing their paperwork demands at various points of an application - but I've never known them do so on a fastrack case other than the after completion when they jump on the broker (5 working days to provide complete supporting income documentation) as a fastrack audit.

Not a clear answer I'm afraid - just some musing. The application/AIP may be 100% valid but if I was you I would want to see the detail that was put forward.

Senior_Paper_Monitor

A further though ! If he is "just waiting for them to come back with a survey date" then he must have submitted a full application and provided a direct debit mandate (Abbey don't progress to valuation unles they have both + any supporting documentation - none in your case).

You should therefore have (or have access to) the application detail to check that it is properly completed.

Something doesn't quite add up to me (but it could be an evening on the Stella that is doing that !).

Thrugelmir

Senior_Paper_Monitor wrote: »

I would have thought it most unlikley that Santander (Abbey if through a broker) would fastrack an application with two defaults of less than 3 years on the record - however as they do a full credit search at the time of AIP they should have found anything not declared. Admittedly Abbey do sling fastrack options around once the 75% LTV is reached, but they also audit a number of them subsequently.

This is what OP previously posted.

https://forums.moneysavingexpert.com/discussion/3549629