Santander wont accept me!

My_brain_hurts

Myself and my wife have applied to remortgage with Santander, after spending a couple of hours going through the telephone interview, and providing all required documents, and also receiving the "approval" from the mortgage advisor, we have today been informed that our mortgage has been declined.
My wife earns £45k and I earn £35k a year. We are looking to borrow £163k. We have been informed that I cannot be accepted as I am in the Armed Forces, and I will leave the Forces in 20 years, (and our requested term was 25 years). So this left just my wifes salary to achieve the mortgage.
Our "monthly budget" does not add up leaving enough disposable income to repay the mortgage. This is because they will not take into account my salary of £35k !!!! Grrrr !!!
We have appealed this decision and it has been referred to the Senior Underwriter, but I am not optimistic.
To add insult to injury, they say they will accept my salary if I can provide a letter of employment for when I leave the service in 2033, so if anyone thinks they may or may not have a job for my in 20 years time, and may or may not pay me a salary to pay my mortgage bills please comment below!!!

Grrr!!!

£140 quid for the mortgage application down the drain.

Dave_Ham

What was the £140 for?

There are lenders that will accept you and potentially on better rates than Santander.

Do some research online or engage a broker, should be achievable..

NPowerUser

Sorry to hear about your plight, better off trying other main stream lenders.

Santander are frequently in the top echelon of most complained banks.

I had a mortgage with them and got rid of it (paid off) as quickly as possible. The staff were like a fish out of water whenever I went into branch to make over payments. They had to ask each other how to process.

Even when the cheeky bar stewards gave me an early repayment charge, they had no facility for making the rip off payment over the phone by debit card.

In this day and age, how the heck when you are demanding something like an early redemption charge can debit cards not be acceptable?

I would never bank with them or obtain a loan or mortgage product ever again. They have too many bad Spanish loans and the UK end user is paying for their incompetence!

Look elsewhere, you look like a pretty decent bet to me if I was a lender.

StuC75

What about reducing the term for now and going for 20years?

I would ask them to explain how anyone would have that level of job security anyway? Most people are only ever a couple of months away from redundancy if the SHTF...

My_brain_hurts

The 140 quid was the "non refundable" mortgage application fee, this was paid after the mortgage advisor told us we qualified for the mortgage!
Grrr!!!

My_brain_hurts

We are awaiting the review, but yes, maybe we will ask to reduce the term to 20 years. The only thoughts for the 25 year term was to have 200 - 300 spare to invest each month as a "emergency nest egg" should the need arise, if it is not needed then it would pay off a lump sum at the end of the 5 year fixed term.

Just annoying more than anything else.

Thanks for the replies!