Want to cry - Santander want MORE information

juleszoemay_2

Just brilliant!!

I have just emailed the next 'raft' of documents to my Mortgage advisor, and I have received an Out of Office, saying shes out till 12th Sep! Seriously no mention of that on the phone when she was asking for further information..... so I guess I shouldnt have stressed, I should have waited a week to send it......

Words fail me!

Simon_gloster

Sole trading using an accountant or not, SA302's are the be all and end all for mortgage lenders as it confirms the tax declared and is equivilant to a PAYE's gross basic annual income.

2 sugars and not too much milk will suffice.

holly_hobby

juleszoemay wrote: »

Why do they need proof of my dads money paying for the house? Its paid for, completed etc..... what relevance is it? Or am I being simplistic?

Sorry thought you said they wanted proof of deposit transfer from your Dad to you .. or I have I mis-understood your post ?

If thats not the case ... scrub what I've said.

Re the proof of paying income tax - obv your hubby should be paying it, so HMRC confirmation should be easily obtained.

H

juleszoemay_2

holly_hobby wrote: »

Sorry thought you said they wanted proof of deposit transfer from your Dad to you .. or I have I mis-understood your post ?

If thats not the case ... scrub what I've said.

Re the proof of paying income tax - obv your hubby should be paying it, so HMRC confirmation should be easily obtained.

H

Hi Holly

Basically what happened was we borrowed the money from my father to buy the house in its entirety as the developer accepted out offer of £40k less than the asking price providing we completed within 2 weeks, so dad gave us the money to be able to do this on the basis we would pay him back when our other house completed (due to in 2 weeks now) so we now need to move the mortgage to the new house, when the old house completes (something at the time Santander said would not be a problem:) ). Obviously the solicitor completed all the money laundering regulations etc at the time of purchase, and the house is in my and my husbands name, and my father has signed to say he has no interest in the property, so I have no idea why Santander need any proof of him paying for it?!

I managed to get the chartered accountants to provide me with 'signed' accounts so that part is ok now, although the MA is now on holiday for a week and I have no idea who I should talk to in her absence.....

LOL
Jx

juleszoemay_2

Simon_gloster wrote: »

Sole trading using an accountant or not, SA302's are the be all and end all for mortgage lenders as it confirms the tax declared and is equivilant to a PAYE's gross basic annual income.

2 sugars and not too much milk will suffice.

They havent even asked for SA302's from when hubby was a sole trader..... go figure ;-)

harvey115

juleszoemay wrote: »

Hi Holly

Basically what happened was we borrowed the money from my father to buy the house in its entirety as the developer accepted out offer of £40k less than the asking price providing we completed within 2 weeks, so dad gave us the money to be able to do this on the basis we would pay him back when our other house completed (due to in 2 weeks now) so we now need to move the mortgage to the new house, when the old house completes (something at the time Santander said would not be a problem:) ). Obviously the solicitor completed all the money laundering regulations etc at the time of purchase, and the house is in my and my husbands name, and my father has signed to say he has no interest in the property, so I have no idea why Santander need any proof of him paying for it?!

I managed to get the chartered accountants to provide me with 'signed' accounts so that part is ok now, although the MA is now on holiday for a week and I have no idea who I should talk to in her absence.....

LOL
Jx

There could be a 6 month no mortgage available issue here.

The fact that you have not completed 6 months of owning the house or having your first mortgage on the house. Lenders may not be able to process your application. I am not sure what Santander has in their criteria about this point.

juleszoemay_2

harvey115 wrote: »

There could be a 6 month no mortgage available issue here.

The fact that you have not completed 6 months of owning the house or having your first mortgage on the house. Lenders may not be able to process your application. I am not sure what Santander has in their criteria about this point.

Santander are ok with that bit, apparently only they and Northern Rock are. TBH I hadnt even been told about the 6 month rule until I thought I might have to pay my ERC and move to another lender. And believe me I didnt take the decision to do it like this lightly, I thought I had all angles covered.... seems that would be impossible.

juleszoemay_2

I thought on my drive home last night....... all this proof of accounts being signed etc, is basically for £6k a year. as that is all they will use of my husbands salary, yet he'd get £4k on the dole!!

Has a degree of irony dont you think

harvey115

Another option for you:

Since Santander has been acting a bit wierd, not only with your application but all other applications going though them. I would suggest if you can get the parents to agree to wait for 6 moths to get the money back. You might be able to get better deal from other lenders and possibly much less of a stress in the application on the same time.

Lenders other then HSBC, FirstDirect, Santander and NatWest are very less picky at the moment if not have the best deals. Once you pass your 6 months time doors of further lenders will open straight away and even then I would suggest that you go through a broker instead because your situation is not a simple one in terms of usage of the mortgage money (you are planning to pay back your parents).

All the best

holly_hobby

juleszoemay wrote: »

Hi Holly

Basically what happened was we borrowed the money from my father to buy the house in its entirety as the developer accepted out offer of £40k less than the asking price providing we completed within 2 weeks, so dad gave us the money to be able to do this on the basis we would pay him back when our other house completed (due to in 2 weeks now) so we now need to move the mortgage to the new house, when the old house completes (something at the time Santander said would not be a problem:) ).

So this is essentially a remortgage to repay your Father (as you now already own the house which is currently unencumbered i.e mge free due to Dad's assistance in its purchase) - although Santander as part of the remortgage have agreed to port your existing mge on your now previous residence to the new one as part of the remortgage .... this is unusual (as porting only relates to purchase's), but is this correct ?

Now I can see where they are coming from re ML issues and proving that Dad essentially provided the funds re initial pch of the property .... although as its already owned by you one would expect them to accept that the Sol performed ML checks when initially purchased ..... but regarding underwriting they can ask for what they like to be honest .. .you either go with it (ie provide the proof they want) or you don't (if you can't or have no proof of Dad's prior assistance in the purchase).

Sorry I know this may not help your situ .....


H