Porting a mortgage

tedglen

Hello. i have a mortgage with Santander. i owe 49000 and just sold my house for 78000 so i will have approx. 27 Equity after fees.

I done a quick 'how much can i lend calculator' with santader..

it came back with approx. 67000.

I have just phoned them now and asked how much extra could i lend if i port my existing mortgage and they said i could lend a total of 90000 approx....

How come there is this much difference from speaking to an advisor and their online calc. which one is more accurate ?

also if i go to abby and use their calculator it brings back totally different figures than santander

MarkyMarkD

You can borrow money if Santander agree to lend it, not the other way around!

Online affordability/income multiple calculations are not going to be as accurate as information on the phone from an advisor, assuming that they asked a sensible set of questions, in particular covering off any financial commitments (debts) as well as your full income details.

tedglen

any ideas how why the abbey and Santander have different 'how much can i lend' calculators? one says 52000, the other 72000

moatmeister

Surely they are the same thing? Abbey now owned by Santander??

Jonathan1985

this is what i thought????

kingstreet

Santander is the name of the institution and is used in customer facing material.

Intermediaries still deal with "Abbey for Intermediaries" and the material is branded Abbey, including mortgage offers.

http://www.abbeyforintermediaries.com/

Jonathan1985

so which is the more accurate figure on which he can lend ? satander or abbey affordability calculator?

moatmeister

No wonder Santander are in a mess. Sounds like a case of the left hand doesnt know what the right hand is doing!