STILL waiting...

newbie_emma

Still waiting for decision from Santander whether or not they will accept our mortgage application. They've told us we should know by Tuesday/Wednesday at the latest. But me being a stress head I'm thinking of sorting out some back ups just in case they fall through (self employed situation).
Been looking at Aldermore and Kensington as reviews are showing they're more flexible with regards to self employed applicants.
Has anyone got any experience of these lenders or can recommend which they think we would be more successful with?

betmunch

What reason are you expecting to be declined on?


You cant properly organise a back up unless you know what you have been turned down now.


Also, surely, its your brokers responsibility to organise the back up. Or are you ditching them if this one goes wrong?

TBeckett100

look on the bright side, they haven't thrown it out yet.

newbie_emma

I know we might still have a chance with Santander, but I've read about how strict they are etc and not really geared towards self-employed. Our 13 to 14 earnings are much lower than our 14 to 15 earnings, so our average income isn't very large even though this last year we're now clearing approx £4 to £5k per month with an accountants certificate to back it up.
I think if we get rejected I will be ditching the broker, it is an in house estate agency broker who I feel doesn't have our best interests at heart and I'll be grilling him why he advised us Santander if anything goes wrong!!

amnblog

If you do not make affordability with Santander, you are unlikely to resolve the problem with Aldermore or Kensington.


Unless, you have a lot of existing unsecured debt.

newbie_emma

we've got £8k car finance and £10k van finance, £3k credit card. We make payments all together of £500 a month (for all 3), and other general expenses about £300 so even if we rounded up we spend approx £1000 per month. We've got between £4 and £5k coming in each month so we can take the mortgage on, but I know that the debt looks bad. We've got £45k savings and approx £27k sits in the current account all the time. Will this make any difference or should we pay some stuff off??

Senior_Paper_Monitor

Have you done this direct or via broker ?

newbie_emma

via an in-house broker (estate agent) as we're needing to exchange in 28 days they persuaded us that they can smooth things out as they're working for the vendor also!!

Malmo

newbie_emma wrote: »

via an in-house broker (estate agent) as we're needing to exchange in 28 days they persuaded us that they can smooth things out as they're working for the vendor also!!

The thread linked below about estate agent mortgage advisors was posted too late for you unfortunately.

https://forums.moneysavingexpert.com/discussion/5262420

Senior_Paper_Monitor

Paying off with Abbey/Santander doesn't help as they stick with the figure showing on your credit report at time of application (unless you are an established current account customer in which case some adjustments can be possible).


All of this should have been explained to you and detailed comparison of affordability options considered before advising you to go to a particular lender

newbie_emma

I can't believe none of this was explained to me! I'll admit I went in naive and thought a credit check and AIP was all done and dusted guaranteed mortgage, but my broker just sort of said we have a limited number of options, took down all our debt etc and income and plumped us with Abbey. It's only after doing some research on here that I've begun to panic and suspect that he didn't send us in the right direction!