Santander Mortgage

Daveswindon

Hi,

Im applying to Santander for a mortgage and was wondering what my chances are.

Im a FTB with £20000 deposit, earn £23000 a year and looking for a mortgage of appox £100000. I have a reward current account with Santander, but they wont give me an overdraft or credit card.

I have checked my credit score and have no defaults or outstanding debts showing. Credit Score is 766 with Experian. I have 2 credit cards and a mobile phone contract but for some reason these are not showing on my credit scores?

Any help would be much appreciated.

Dave

Dave_Ham

Hi Dave,

Firstly you need to sort out your address history and ensure your credit file reflects your credit position.

Check with Equifax and see the position there.

I would expect Santander to be a struggle, specifically as they are currently hard work and you do not have a credit card or overdraft.

There are many variables here and unable to give huge clarity on just information provided, although Santander have become very strict, very quickly over the last few months..

I wish you well...

Daveswindon

Hi,

Thanks for the quick response.

My addresses are all correct on my credit file. I have spoken to experian and they say there is nothing they can do if my credit cards etc dont report to them. I have tried getting a equifax report but can never get it to work.

I had an inital meeting with Santander and they said the mortgage should be fine, but thats probably just them trying to sell it.

Any advice on other companies to try?

Dave

Dave_Ham

Hi,

Appreciate I am biased, but would probably just go to a local broker. Let them do the leg work, as they are more qualified to find the most suitable and therefore cost effective product.

Santander are nowhere near best buy at 80 or 85% mortgages and selective..

Daveswindon

Thank you, will have a look for a local broker.

Is it worth trying Santander or not?

The_J

Possibly, credit 'score' that you have is irrelevant. You're under 85% LTV which puts you in a lower risk bracket but they are still picky and a pain on affordability. At slightly over 4x income if you have any regular commitments it will probably knock you out.

Dave_Ham

Really roughly would expect you to have more chance being declined, than accepted..

Just my personal opinion and I do not have full disclosure on the complete picture, so would see a broker and let them make the call as they can give you advice...

If you do take a punt, the agreement in principle is not definitive. Also, found out recently that if you have unsecured debt they will put it into affordability calc whether you are paying it off or not - crazy

Daveswindon

Thanks, Only regular commitments are bills etc, my 2 credit cards are only used for small amounts (approx £50 per month) and paid off in full every month.

If i go for £90000 mortgage would that help?

Daveswindon

Hi,

I have a meeting booked for tomorrow morning, so fingers crossed!!!!
Although i fully expect to be declined.

Would there be any companies that would do a mortgage for me or am i doomed?

Dave

Dave_Ham

Thats not the vibe I hope we were giving.

I was down on Santander specifically as they have painfully tightened up criteria.

To be honest you look entirely like you would get a mortgage on the open market, subject to the information provided..

Daveswindon

No thats not the vibe you were giving, its just me being a pessimist. Been turned down for years, mainly due to a lack of credit history.