Two mortgage applications

indigo9

Hi All

Nationwide have just approved a tracker mortgage for myself and my husband at +3.49% (subject to survey). My husband had a house repossessed 7 years ago with no mortgage shortfall which nationwide are fine about.

Currently our house is in my name only with a mortgage with Santander on a lifetime tracker of +0.99%. Is there any risk to seeing whether Santander would agree for my husband to be put on mortgage and port to new property instead of accepting nationwide's offer straight away?

Any advice greatfully received.

Thrugelmir

Santander are unlikely to agree to your application to port the mortgage and add your husband. Do you need to add your husband in order to borrow the amount you require for the new property?

indigo9

Unfortunately yes - although we don't want to borrow anymore money, I took the original amount out with A&L 5 years ago when they'd lend more. Despite overpaying for years now, apparently now I can't afford that amount so they won't do a straight port!

Are Santander really strict about past repossessions even though there was no money owing and it doesn't show on credit report anymore? Also, husbands credit rating is excellent now, as is mine.

Thrugelmir

Your husbands income is't the issue. Santander will use any excuse to decline the portability application. As they are currently losing money on your mortgage.

How far down the moving process are you? As continuing to pay down the existing mortgage may be your advantage.

indigo9

We've sold and had offer accepted on new property - solicitors have been instructed. It sounds like we may just have to accept defeat and go with Nationwide although it does really annoy me that we will lose such a fab rate due to Santander deciding I now can't afford the mortgage that I clearly have been able to over the past 5 years!

How could it affect my Nationwide application if i try with Santander? Could Nationwide find out and decide to withdraw offer?