santander decline

Muscle750

I recently applied to Santandar to borrow another £13k onto my £120k mortgage the money would have been used to pay off a Nat west bank loan which they were fully aware of, friday gone i got a phone call missed it so i phoned them back to be told no problems we can see and cant see why we phoned you anyway phone again monday ..............so i just did and it seems ive been declined this im nothing short of fuming as i was intially told that they may well send a independent valuer which they havent, the house is worth £200k nothing is in arrears and all payslips etc where as i had intially told them i really am at a loss as to why ive been blown out the water my nat west loan is costing me £378 a month and the extra 13k was gonna cost me £100 a month ok i know it was gonna cost me more in the long run but in the short term i can now see some ugly problems arising Im told someone will phone .me within 24 hours to and i quote "see if there are any options" Im only tied in to them for another 7 months or so. I would also add that this process started some 2 months ago and i didnt drag my heels in any shape or form. Im sat here feeling i must admit pretty tearfull

Thrugelmir

The underwriter assessing your application has decided that they don't want your business. Nothing personal in the decision.

poppy10_2

Your valuation of your house seems to have gone up £10k over the last two months, at a time when prices nationally are static or falling.

Muscle750 wrote: »

I think the house is worth £190k on a good day

Anyway, the advice remains the same as the last time you were rejected for a mortgage advance by your previous lender back in 2009.
Consolidation does not "pay off" anything - it merely transfers unsecured loans to secured loans, increasing the risk for your mortgage lender. There's no obligation for them to lend you the additional money.
You've got significant outstanding lending with your credit cards and loan, and although you haven't defaulted yet, you acknowledge that it is a struggle to manage each month. Plus part of your mortgage is interest only, with no repayment vehicle in place since you sold your endowment and used up the money on other things.

Santander are just being sensible and looking out for their own interests, and indirectly yours too. Address the underlying spending and debt problems will be a better approach for you thatn hoping for a 'quick fix' of a mortgage advance.

Muscle750

The area where we live house prices have infact held there own if not gone up due to the large expansion of GCHQ, i know lenders are jittery but what im more annoyed about is the fact that they havent even bothered to send out a independent valuer what i am slightly suspicious of thou is they ask for a £65 payment upfront in the event of an appeal against the independents valuation. This house is by far the biggest in the road in living area etc one up the road with slightly less living area is presently on the market for in excess of £230k. althou they have space on drive for 4 cars whilst i only got space for 2.