bad news santander declined me

smacky

Wh05apk wrote: »

They should be able to speak to Abbey to get an idea for decline, this sounds wrong, it could just be a mistake typing incorrect income figures meaning it fails on affordability.

At the moment we are all guessing, your broker needs to take responsibility and speak to someone to find the reason.

hi

i discussed here 2 days back that i had my own broker but due to situation at EA i had to use their inhouse brok or else i would have missed the property..long story

Crashandburn

smacky wrote: »

Credit history - any adverse? 2/3 missed payments 28-48 months ago (went overdrawn but never missed)

I would say this would be the factor that did it but can't understand why it went through AIP to start with. Abbey hate any missed payments.

Wh05apk

smacky wrote: »

Purchase price £ 230000
Deposit £ Source? savings 15%
Mortgage amount requested £ Term Years 25

Shared ownership or shared equity? nope freehold

Your age Years 31
Income - 3 years net profit figures £ £ £ 31000 38+ 39000

Credit commitments - monthly payments for each commitment and outstanding term(s) 160 but i cud pay that right away

Maintenance/dependents/other costs? no dependents

Credit history - any adverse? 2/3 missed payments 28-48 months ago (went overdrawn but never missed)


When? What? How much? Who? current account

Anything odd about the property? Purchase type



nothing i can think off tbh and if its the property i wud have thought they wud have said right ?

Based on that income (last 2 years average £38,500, less commitments £1,920 gves you £36,580 allowable income, using 5x income gives you £182,900, looks like you were applying for 85% of £230k = £195,500 so it would never have passed anyway, hence the straight decline on affordability.

kingstreet

Yep.

I agree. It's out on income/affordability.

Looks like Abbey was the wrong lender if you needed final year's income taken, not a three year average.

On final year, it needs 5x to get to £195,000, so still £500 short, then there's the credit commitment to take into account.

Did this really get an AIP for that amount, £195,500?

akamustang

I was similarly near the edge on the income-loan ratio and found that opting for a 26 year term would open a completely different set of floodgates.

smacky

hi king street

apologies i dint give right figures , minds baffled

yes AIP was for 195000 exact and rest i was putting in deposit £35k

it cant be affordability i guess cox broker said if they say no bcoz of affordability they would say take 35 yrs for eg n it wud bring down payment to less then what i have been paying as rent for last 4 years

JimmyTheWig

That's a self-employed income, presumably.
Would the AIP have contained all the past years income figures, or just the current year?

Am I right in thinking that increasing the term will help with affordability in terms of commitments and dependents, but won't help in terms of income multiples?

smacky

JimmyTheWig wrote: »

That's a self-employed income, presumably.
Would the AIP have contained all the past years income figures, or just the current year?

Am I right in thinking that increasing the term will help with affordability in terms of commitments and dependents, but won't help in terms of income multiples?

hi

i gave copies of last 3 years sa302 but not sure what they used, they din tell me what they filled in full app , :-(

Wh05apk

smacky wrote: »

hi king street

apologies i dint give right figures , minds baffled

yes AIP was for 195000 exact and rest i was putting in deposit £35k

it cant be affordability i guess cox broker said if they say no bcoz of affordability they would say take 35 yrs for eg n it wud bring down payment to less then what i have been paying as rent for last 4 years

You need to find a new broker, Abbey will normally do 5x maximum (may do slightly more for very high score), regardless of term, previously mentioned credit issues will not help either.

smacky

Wh05apk wrote: »

You need to find a new broker, Abbey will normally do 5x maximum (may do slightly more for very high score), regardless of term, previously mentioned credit issues will not help either.

you think halifax/nationwide wud help ?