No mortgage EVER from Santander

emjaycee

I will have been discharged from bankruptcy for 6 years next month.

I have really worked hard to save and get myself back into a great financial position these 6 years and my wife and I are close to applying for our first mortgage.

Really took a hit to my confidence to learn that Santander (my current bank) won't ever give me a mortgage.

I know there are other providers out there and I will continue to look but it just made me feel very upset and worried that most lenders will take the same view.

neas

It's diffficult but they can set their own lending rules, after all they are in businesss to make money. Your last bankruptcy meant that whoever had previously lent money to you lost money. Its a shame it will stick with you forever, but there must be other mortgage providers who will lend?

alltaken

It works both ways, yes you want something from them for now but it could easily be the other way around. You don't ever have to accept them as your bank in the future if you left them.

Plenty of other lenders will offer funds, probably at better rates too!

Cobalt77

emjaycee wrote: »

I know there are other providers out there and I will continue to look but it just made me feel very upset and worried that most lenders will take the same view.

Go and find yourself a GOOD Independent Mortgage Broker who can search "Whole of Market".

Unless, of course, you enjoy stressing yourself out?

[Deleted User]

This is why I left Santander - they agreed to keep my account open during Bankruptcy, but I was told by them I'd *NEVER* have any form of lending with them because of the bankruptcy marker - regardless of whether they lost money or not (they lost about £200). Whether that's true or not I don't know, but given their mortgage stance, it may well be.

As neas said they can and will set their own rules, but just vote with your feet and switch your banking somewhere else - e.g. Nationwide who are known to take ex. Bankrupts for mortgage lending.

It's a bit late now, but that's why I'd always strongly recommend searching mortgage criteria before selecting banks if you have plans for a mortgage. Look for "[Bank name] intermediaries" on google, then click through to lending criteria etc. Looking at Mortgage lending criteria is one of the few publicly available (and verifiable) pieces of information regarding lending - you'd struggle to find it for a credit card for instance (although MSE Tool does display 'not within 6 years', 'accepted after 18 months' etc)

For mortgages - Santander clearly show:

Bankruptcy
Any customer who has ever been bankrupt will be declined.

https://www.santanderforintermediaries.co.uk/products-and-criteria/mortgage-lending-criteria/


Whereas Nationwide show:
For your client to be accepted:

The applicant must not be an undischarged bankrupt.

Applicants who have been discharged for at least 3 years can be considered.

Normally there should be no history of a repossession, either voluntary or enforced

http://www.nationwide-intermediary.co.uk/lendingcriteria/general/general#credit_ref

Therefore if you were repossessed, you would look for someone more sympathetic to repossession etc.


TSB, for example, will not allow you for SIX years post bankruptcy (and so 5 past usual discharge), plus no BRO/BRU in place, but you'd struggle anywhere with BRO/BRU still in place -

Bankruptcy/IVA/repossession/debt management arrangement

If the applicant has ever entered into one of the above arrangements within the last 6 years then the application will be declined.

Bankruptcy orders which are still in place regardless of when the event was registered will also be declined.

Other than bankruptcy orders still in place, all other events that were registered over 6 years ago are acceptable subject to credit score.

http://intermediary.tsb.co.uk/criteria/residential/default.aspx


Intermediary stuff isn't meant for the 'public' and is for IFAs etc, but it gives a very good guide - obviously bearing in mind it can change at any time.

You will 100% find someone if you have a reasonable deposit, income & no adverse since bankruptcy - so don't worry there It must have come as a shock regarding Santander though