Mortgage refusal

Kayalana99

It may of been the amount of loan you already had but they can reject you for many stupid reasons.

Every mortage company does thier search differnert and what is seen as a postive in some companies is a negative in others (only example I can think of but not probally rightly true) is if you paid off all your debts early a mortage company may see this as a negative as your more likey to pay the mortage company early i.e less interest whilst another may find it a postive that you are likey to keep up with the payments.

The fee's this broker wants.... is thier anymore? Or because you have paid upfront thats it for the brokers side?

If you have to pay more I could recommed the broker I have just used? He is charging us £300 as I said above but were signing contracts on thursday so unsure if that is inclusive of VAT. I don't see any reason why he has to be in your area to do it and because he gets paid at the end he will work with you all the way through. He has been a godsent to us my partner's credit score...well is bad but it doesnt make sense to change if all fee's are paid.

At least you will know where you stand anyway. I think you will have trouble getting contact details to 'talk' to them but could be worth a shot.

pdls

The broker is paid, I had to pay an upfront fee and a balance when we were to complete, obviously now I dont have to pay that. Just really looking for ways to move forward, as ive said this is all new to me :-) I think at least now I have a couple of ideas. The thing is ive foind somewhere I really really love which makes it hard to be objective!! But im not the first to be refused and I wont be the last.

Kayalana99

If you have no luck with Santander would def recommed suggesting to him Natwest, you will find 99% of the time that lenders are 'nicer' to brokers then you walking in and asking for a mortage not sure why...but def get feedback and fight if possible as sometimes the only way to get approved is to fight everything they come back with we actally got accepted then declined and our broker fought through and got it us in the end. Love him to bits have to admit! lol :-)

Good luck!!

kingstreet

When did you pay off the credit?

In the last month, or further back?

If within the last month, did you enter the credit on the application and mark it "to be repaid on or before completion?"

Did you leave the credit off the application, "as it had been repaid?"

I suspect you have not left long enough between credit repayment and mortgage application. The items would still show as outstanding on the credit search, giving Abbey/Santander the impression of undisclosed credit.

This may be enough to trigger a decline, or the appearance of the items in the affordability check may have also resulted in a decline, although a reduction in the mortgage amount may have been more likely.

It may be worth you having a play with the affordability calculator here;-

http://www.abbeyforintermediaries.com/calculators/affordability.aspx

to see what the output would be, with and without the commitments.

When you get to the "Non-Regular Monthly Expenditure" section, make an addition under "Other Expenditure" for the total monthly payment for the shared ownership rent and service charges, so the output is accurate.

pdls

Ive only recently paid it off, the loan was 310 that was paid a few weeks ago and barclaycard was 750 and that was about a week.ago, so when the application was made they were declared and santander could see them, I didnt hide anything, I made sure of that :-) so they have no idea that ive paid it off. That was what I was goig to call and tell them amd see if there was anything they could do to reassess the situation given that the debt has now gone amd there is another £50 ish thats now not coming out of my bank account every month. I guess the worst thing they could say is no!!

gaz141

Do Santander offer shared ownership mortgages?

shonzyd

yes they do but think they may require 85% ltv at minimum for all their shared ownership products

kingstreet

They do shared ownership, AFAIK maximum loan to value is 90% of share. They don't do shared equity.

kingstreet

pdls wrote: »

Ive only recently paid it off, the loan was 310 that was paid a few weeks ago and barclaycard was 750 and that was about a week.ago, so when the application was made they were declared and santander could see them, I didnt hide anything, I made sure of that :-) so they have no idea that ive paid it off. That was what I was goig to call and tell them amd see if there was anything they could do to reassess the situation given that the debt has now gone amd there is another £50 ish thats now not coming out of my bank account every month. I guess the worst thing they could say is no!!

It may have been sensible to wait to apply until the credit commitments showed as repaid. Although Abbey's affordability is based on you having the same amount of credit as you've paid off. They assume any repayment will only be temporary.

For this reason, they may not have been the correct lender for you in the first place.

gaz141

kingstreet wrote: »

They do shared ownership, AFAIK maximum loan to value is 90% of share. They don't do shared equity.

Oh OK, thanks for that. When I was looking last year only the Halifax and Leeds BS were offering these mortgages