Evidence - Santander Abbey

gloscherrybomb

Hi everyone,

I am going through a broker for a mortgage from Abbey/Santander (FTB).

I had an agreement in principle and then was 'accepted' for the mortgage (i.e. all credit checks done etc). Part of my salary is bonus based, and Abbey came back and said they would not be able to lend the full amount requested without the bonus figure evidenced. Therefore they asked for evidence:

2 years payslips showing bonus (provided)

Part of the bonus is also directly related to my new salary after a recent promotion - this is confirmed in a signed letter from my company (provided).

I understated the amount to remain conservative and guarantee it goes through - but they are still are not offering the full amount asked for and agreed in the AIP.

The broker is not giving me much info other than that Santander/Abbey are not currently saying they can lend enough.

Is there anything else I can do?

Dave_Ham

Go to another lender. Santander/Abbey will unfortunately not change their criteria and will not bend at all.

Imagine you have not paid any booking/valuation fee, so free to look at other lenders who have different criteria.

Good luck

Thrugelmir

gloscherrybomb wrote: »

but they are still are not offering the full amount asked for and agreed in the AIP.

The AIP is not a formal mortgage offer.

amnblog

Dave Ham is bang on (as usual) Santander are painful when they dig their heels in.

gloscherrybomb

To update,

I have provided Santander with the evidence they have requested. The trouble is as I am going through a broker I cannot chase it up directly. The most my broker seems to be able to get out of them is the status displayed on MATS "Awaiting evidence for bonus".

I have since arranged another mortgage with Natwest who are ready to go should I pull out of the Abbey deal (they do not need my bonus info as they will lend the full amount based on my base salary).

My broker phoned Santander directly and was told it is still with the underwriters and that I would get a yes/no decision within 24 hours. That was 2 days ago. There has been no update to MATS still displaying the same status.

I know the Natwest one will breeze through but it is an extra £500 (pay for valuation and no cashback).

I just wish Santander would pull their fingers out - even with a basic status update. They could be making a lot of money out of me, and instead that will be going straight to Natwest.

Dave_Ham

Do not take it personally, they will not be taking a decision based upon whether they think they will be making money out of you.

Even if Santander approve, they may well audit further down the chain and re-evaluate your bonus position.

Both these lenders have their quirks and just because the advisor in Natwest, states the Natwest application will fly through; it does not mean that it will.

Neither of your options are impartial, as both have invested interests which may cloud their opinion/advice.

See what Santander say and they are usually fairly prompt at coming back to us brokers..

Good luck

amnblog

Dave Ham

'Go to another lender. Santander/Abbey will unfortunately not change their criteria and will not bend at all.'

Me

'Santander are painful when they dig their heels in'

Wh05apk

I find it surprising Nat west will lend more than Abbey, Abbey will normally lend as much as anyone, the only exception being if you have a credit which you have stated will be repaid, Abbey don't trust you, and assume it will remain outstanding and so deduct the repayments from your salaries.

As Dave says, I suspect the Nat west sales persons comments about flying through are their own comments as opposed to officially from Nat west, personally I find very little "flies through" with Nat west.

gloscherrybomb

Thanks for the advice -

the 'fly through' comment was my own prediction. They will lend full amount based on base salary, and only require a single payslip as evidence. I think this is because I am a Natwest current account customer so they can see my salary going in each month.

It is only the bonus element that is holding Santander up, and as Natwest are not taking this in to account it shouldn't be a problem.

I am wondering how much chasing my broker is really doing

Also note if misunderstood: Both Santander and Natwest have approved the application. it is at the evidence prior to offer stage.

gloscherrybomb

Update:

No update from Santander at all, even after they said they would have a definitive yes/no by the next day - nothing for over a week after that. My broker couldn't get any information even from his BCM.

In the end I went with Natwest. Application sent on the Saturday, all agreed and valuation instructed last Wednesday, Valuation today and expecting offer tomorrow (if valuation is OK!).

May have been more expensive (difference of £500 due to valuation fee and cashback) but infinitely better service.

Ryantymon

As mentioned they wont bend the rules.

Better to move on and forget. You would of thought a P60 or statement of earnings would have sufficed though!