Mortgage denied

maninthestreet

James_N wrote: »

What, precisely, is wrong with that?

Where did I state in my post it was wrong????

jjlandlord

Rant, rant, rant...
Of course they can do whatever they want. Do you think that they should be made to lend you money?

Please: 'principle' v. 'principal'.

demontfort

downwithsantander wrote: »

Hi.


Now, after all this ranting, I wanted to ask if anybody knows that they can basically do whatever they want and that is it even though no true(we think) reasons are given and can we take it further as not only we feel it is unfair but they insult us in the process.

OK mate so you think it's unfair that they don't want to lend you money and applying this warped logic you want to take further action against them on this basis. If they don't want to lend you money that's their prerogative.

Let me turn your argument around. I come round your house tomorrow and ask to borrow £10k, I've got a well paid job and lots of cash in the bank already. When you say no, I then threaten you with court action to force you to lend. Does that sound reasonable to you?

Just remember CREDIT IS A PRIVILEGE NOT A RIGHT

myhouse_2

Sounds like sensible risk awareness by Santander. If only the banks had had sensible policies in place a few years ago, we wouldn't have got into a position where BTL took the place of home ownership.

cwcw

Two alternative ideas:

1) Sell your house and buy one nearer to the job.

2) Get a job nearer to your current home (can the current job really be paying sufficiently more than a local job to justify forcing your family to live out of 2 homes and paying a second mortgage for the 'privilege' of getting to work?)

Here's another way to think about things. You're laying on your death bed:
1) I wish I'd have spent more time working, commuting, climbing the greasy pole to be able to pay 2 mortgages.
2) I wish I'd have spent more time seeing my kids grow up, spending time with my wife, and enjoying the relatively short time I got to spend on this planet.

Fire_Fox

So Santander are risk averse in the current financial climate and you think that is bad?? Why would you want to own three properties? What will you do if you get made redundant, fall ill or get injured and cannot work, tenants burn house down or you otherwise cannot let it? The government won't pay your three mortgages.

Sell one or both of the properties and use the money in your ISAs OR rent a property nearer work OR relocate so you aren't commuting two hours. It's not rocket science.

unhappy_shopper

@ OP, did you pass the affordability tests with your current lender?

You mention that you have about 50% equity in your current PPR. Did you try for dual mortgage approach? Wasn't S@ntander prepared to remortgage your current home for a higher LTV?

I am asking you these questions because we were also in the same situation more than a year back, when my OH got a new job which was not within daily commutable distance from our current home. We approached S@antander for a mortgage for the second home and were turned down not because of affordability reasons but because the mortgage advisor (a young person) couldn't get his head around that we wanted to buy a second home without moving In the end, we found that W00lwich was agreeable to remortgage our current home in which we had lots of equity and also offer a second mortgage at competitive rates (we moved from H$BC). Just relating our experiences and HTH.

Graham_Devon

downwithsantander wrote: »

WE WOULD LOVE FOR MARTIN LEWIS TO ALSO SEE THIS ( I KNOW IS HARD TO SEE ALL MAILS) AS WE KNOW FROM LISTENING TO HIM IN BBC 5 LIVE, THAT HE IS QUITE AN ADVOCATE OF THE CONSUMER AND GETS VERY ANNOYED WITH BIG INSTITUTIONS DOING BASICALLY WHAT THEY WANT, ESPECIALLY AS THE WHOLE THING STARTED WITH THE BANKS.

Errr....they don't have to lend to you. You don't appear to realise this?

Fire_Fox

I get the impression Martin Lewis is risk averse and against unnecessary borrowing and unnecessary payment of interest.

downwithsantander

I can't as my wife has her permanent post close to home and also family closeby to help,etc...