I made a mistake on my Santander application form

woodworm001

And I've only just noticed

My wife is self employed and somehow I have put the wrong gross / net profits for the business down. I'm not sure how I've done this as we have been waiting for her year end to get certified accounts for 2 months, in fact I have no idea where I got the incorrect figures from, they just don't seem to relate to anything.

The incorrect figures on the form we're higher than what they should have been though the correct figures are still very healthy and much higher than year 1, also her wage / dividend was correct so it's not our income that was wrong.

Santander also have a copy of the certified accounts so they would have noticed the discrepency at some point.

We had our telephone interview yesterday and have already had a credit check done and they went ok.

I have contacted Santander to tell them but haven't heard back yet but now I'm worried that my !!!! up is going to throw a spanner in the works

Does anyone have any experience of making changes at this point?

Thanks for reading.

amnblog

A broker would have checked the figures before entering them.

In the event of human error we would simply update the intermediary team.

How the direct team operates I would not know.

woodworm001

Thanks for the reply. I have spoken to Santander but the person who's dealing with my case isn't in at the weekends so I have to wait until Monday.

Do you think it will make a difference to our application if our income hasn't changed and business is still showing growth?

amnblog

We recently had a Santander case where one member of staff told my colleague the case was declined without review.

Another member of staff got it passed - therefore I do not like to second guess Santander.

woodworm001

Ok, thanks for you time

Loopy28

Santander sound like a bit of a nighmare! We need to port our mortgage to a new property with them and borrow more on a new rate.

I was going to do this on the phone directly but am now wondering if I should fork out the extra and use a mortgage broker to port for me?!

woodworm001

My preference was to use a broker as we are porting from A&L to Santander and wanted to keep our existing rate. Our issue has always been that Sarah is self employed and didn't have 2 years accounts until the end of October.

We had contacted an independant mortgage broker who told us that we would have to do our own application for this and if we get rejected then he would help us find another product with a different lender. In hindsight I'm not sure if this is correct but at the time I took it at face value.

Thrugelmir

woodworm001 wrote: »

In hindsight I'm not sure if this is correct but at the time I took it at face value.

I doubt you would wish to pay a fee just to port your existing mortgage.

Senior_Paper_Monitor

I seem to recall that Santander now (last few weeks) permit brokers to do product changes (and therefore presumably porting/extra borrowing) BUT they don't pay any commission in the process - so a broker will need to charge the client appropriate fees.


Reminder to self !!! Must go and check what we can/cannot do on this !






..... so having checked ....


Porting (with/without extra borrowing) does pay the adviser a commission


Changing to new product doesn't


..... but both can be processed by an adviser

woodworm001

Thrugelmir wrote: »

I doubt you would wish to pay a fee just to port your existing mortgage.

You are correct but if it would have helped reduce the stress it may have been worth it.

Thanks to everyone that replied.

amnblog

pass the stress on to the Broker