turned down and confused

noggin1980

Thrugelmir wrote: »

A 100% of the mortgage is your liability if the other party defaults.

There is a separate bank account for the 2 flats, the rent payments from both go into it, the mortgages come out of it and then a standing order pays us each £450 a month. 1 rent is enough to pay both mortgages. it's only if both were to be empty that either of us would actually have to start contributing money. We could cover both ourselves with no major issue (though it would stop us going on holiday) but we couldn't do this if you ignore my benefit and the investment income.

There is also a large amount of equity in both flats.

noggin1980

They just rang again, my heart sank through the floor when I saw Santander were calling and it sank again when I realised it was the affordability guy who denied me. He had looked through my bank statements (looks like they do do that without asking for them) thankfully he knew what matched betting was and so didn't think I was a degenerate gambler:D It's frustrating we are currently £1700 overdrawn, had I known they would look through our bank statements I'd not have applied at the one time our bank account is negative, especially we will be back in the black tomorrow.

He just wanted bank statements from the flat account for 3 months providing proof of rental income, sent him that straight away and he said all is fine now for the appointment tomorrow.

Fingers crossed :j

Thrugelmir

noggin1980 wrote: »

There is a separate bank account for the 2 flats, the rent payments from both go into it, the mortgages come out of it and then a standing order pays us each £450 a month. 1 rent is enough to pay both mortgages. it's only if both were to be empty that either of us would actually have to start contributing money. We could cover both ourselves with no major issue (though it would stop us going on holiday) but we couldn't do this if you ignore my benefit and the investment income.

There is also a large amount of equity in both flats.

Totally irrelevant to a lender. What matters to them is that you have a contractual liability. Nor do they want the hassle of forcing a sale of the property. Lenders run mortgage books as a whole. They've no interest in the micro detail.

bruciebounus

Santander don't allow remortgaging for consolidation. I am with them myself and have just remortgaged to natwest as part of the funds were for consolidation.
I also didn't pass santander affordability, but fine with natwest.