Abbey/Santander application - Delay

HumphreyDumpty

Mortgage app went in on April 9th and offer has just been received!!! Now the fun begins....

essex.cyclist

Can anyone provide reasons why some of the applications on here have been rejected by the underwriter?


Presumably you've undergone a credit check and affordability check before reaching that point?

Wozza85

essex.cyclist wrote: »

Can anyone provide reasons why some of the applications on here have been rejected by the underwriter?


Presumably you've undergone a credit check and affordability check before reaching that point?

Various reasons, they may see a trend in bank statements that they dont like and will then reject the case. Or they could spot something that wasn't declared earlier on.

lindiloo1980

Hello everyone, I am a FTB on the Help to Buy Mortgage Guarantee Scheme. I'm also currently nailbiting waiting for a decision from the underwriters at Santander and I'm so nervous its untrue. I have become rather obsessed with the online progress report!! We have moved in with my inlaws as the house we were renting sold. I am so nervous about this, they really have your lives in their hands. Good luck everyone!

essex.cyclist

Wozza85 wrote: »

Various reasons, they may see a trend in bank statements that they dont like and will then reject the case. Or they could spot something that wasn't declared earlier on.

Okay, thanks - sorry to be a pain, but what do you mean by a trend in bank statements?


Thanks!

Wozza85

essex.cyclist wrote: »

Okay, thanks - sorry to be a pain, but what do you mean by a trend in bank statements?


Thanks!

Maybe some bank charges? (i had 1 of these but they accepted), a brief moment of going over your overdraft, gambling, wages not going into that account etc, standing orders and where they're going.

essex.cyclist

Wozza85 wrote: »

Maybe some bank charges? (i had 1 of these but they accepted), a brief moment of going over your overdraft, gambling, wages not going into that account etc, standing orders and where they're going.

Okay, thanks.


I have some gambling deposits on mine. I never even knew that they would be something that could be so serious in an application.


Am desperately worried that I've blown it. Broker doesn't seem to concerned, but that doesn't really help.


Nearly two months of statements without gambling now, but they only have statements with gambling deposits on.


I would say I'm learning a harsh lesson, but I don't think what I was doing was particularly bad!


Worrying times.

Wozza85

essex.cyclist wrote: »

Okay, thanks.


I have some gambling deposits on mine. I never even knew that they would be something that could be so serious in an application.


Am desperately worried that I've blown it. Broker doesn't seem to concerned, but that doesn't really help.


Nearly two months of statements without gambling now, but they only have statements with gambling deposits on.


I would say I'm learning a harsh lesson, but I don't think what I was doing was particularly bad!


Worrying times.

It could be fine, as long as you weren't at the limits of your finance on top of the gambling transactions?

Maybe they wont mind so much if you're still handling your money well elsewhere.

essex.cyclist

Wozza85 wrote: »

It could be fine, as long as you weren't at the limits of your finance on top of the gambling transactions?

Maybe they wont mind so much if you're still handling your money well elsewhere.

Not at the limit of finances, but was using an overdraft.


Stupid, because I had no need for the overdraft. I was just focusing on the savings more than the current account.


I guess I'm doomed to fail with this. Don't see any other scenario - though my broker doesn't see it like that, oddly.


If only I knew then what I know now. Gutted.

essex.cyclist

Should say that my credit rating is excellent and have managed a mortgage for 6 years without issue. Putting down a 16% deposit and have declared far higher outgoings than I actually have as part of the affordability check.


It's just the current account statements that are the problem. But it seems like it's a problem that I won't get past.


No one has queried it yet but sounds inevitable.