Santander Interview

jonno1982

Morning, new to all this but looking for some advice/info...so....

I recently moved back to my parents, following seperated marriage, and have been on the mortgage there for some time as I wanted to help them buy the house.

From my marriage the debt ran up to £30k, so now I'm back home I want to get straight and take equity out of the house. Currently worth £247k and mortgage is £138k so a fair bit there to take out.

Parents have a credit score of 999, mine is 666. Although reading through these forums they seem to be irrelevant and its all based on affordability?

Have applied to Santander for the extra funds, credit checked and now have a telephone interview with the adviser to run through everything. Does anyone know what to expect from that? Have done a full budget plan and even with the increase in payment the surplus we'd have is £1k plus a month. Is there anything anyone suggest I should prepare?

Any experiences welcome, thanks all!!

amnblog

Are you saying you have passed a credit score with Santander with a patchy credit file?

jonno1982

To be honest, I don't know...but why would they want to talk to me about affordability etc if they couldn't do anything?

amnblog

Because they are more interested in their process than your time.

Be smart and engage a good mortgage broker.

jonno1982

Thanks, will do...
Although I did try that but as it's additional borrowing I was told that I need to deal with Santander directly....
Can only see what they say and take things from there...

amnblog

jonno1982 wrote: »

Thanks, will do...
Although I did try that but as it's additional borrowing I was told that I need to deal with Santander directly....
Can only see what they say and take things from there...

Then whomever you spoke to had not woken up that day.

jonno1982

This is the link I was sent, so had no reason to doubt and trust what I was being told - maybe I'm too trusting.....?

You are in Home Products and criteria Additional borrowing
Additional borrowing

We offer additional loans up to a maximum LTV of 85% on a capital and interest basis. All additional loan applications will be subject to a full affordability assessment and proof of income will be needed. Additional loans are only offered on an advised basis.

Please note we don’t offer additional loans if the customer has a Buy to Let or Consent to Let mortgage.

If your client wishes to take out an additional loan, please advise them to visit their local Santander branch or call:

Santander      0800 092 3881

Alliance & Leicester  0800 085 1330

These are customer only telephone numbers.

Lungboy

There's nothing in there that says you have to go direct, or am I missing something?

jonno1982

If your client wishes to take out an additional loan, please advise them to visit their local Santander branch or call:

Thats what I've gone on, anyways I'm speaking to them later this afternoon and if all doesn't go to plan I will go back to the guy (maybe) who said to go direct...

jonno1982

All thankfully went to plan and passed the affordability tests and have the approval for the funds I need. Just needs to be run past the underwriting team at Santander, which is a formality - so I'm told?

It makes a nice change where someone says you can sort it out yourself and not takes a fee for seemingly doing something I could pick up the phone and do....