Santander Mortgage (Self Employed)

surfer9

Anyone with experience of getting a mortgage with Santander?.....more specifically a Self-Employed Mortgage........

My Situation:

1. Single applicant 2. Credit Rating: Perfect 3. Debt: None (Never been in debt) 4. Deposit: £60,000 5. Will keep back £10,000 for all the fees (Solicitor etc) + Furniture. Though I hope to keep £3k - £4k of this in the bank. 6. I'm Employed (£10k per year) and Self Employed (£20k per year).


What do I need to show Santander?:

1. Employed income: Does Santander want to see your last P60? Do they just want the last 6 months payslips, or last 3 months payslips?

My Employed work is flexible - so my monthly income varies.


2. Self Employed income: I am a month away from having 2 years worth of accounts. Will SA302 forms from the past 2 years be sufficient enough for Santander?


3. Spending: How fussy are they on your spending. I don't usually spend much, but have spent £600 (spread over 3 weeks) on clothes. I never really spend out like this (Maybe once every 2 years on luxury items). The fact that I have saved a large amount of money and I've never been in debt should help show that I live within my means. I'd like to think that me spending out £600 on clothes from £60,000 worth of savings would not be seen as an issue. If I was in a situation where that £60,000 was put down as a deposit and I then only had £3k left in my bank to fall back on - I'd never go spending £600 on clothes and I'd like to think Santander would trust me on that. Are they understanding, reasonable, logical when it comes to things like this?


Thanks.

Funkymunky488

Hi surfer, can I ask how you got on with your mortgage with Santander?
We're in a similar situation with Santander but not sure how it will go
Thanks

Onwards_and_upwards

We have recently been offered a mortgage from Santander. We had to provide last 3 payslips and I had to give my last P60 while my husband had to provide his last 3 P60s to demonstrate his regular annual bonus.

We provided last 3 months bank statements but not sure how much they were scrutinised. We used a broker, so he went through them item by item with us so that he was prepared to answer questions (more about who our standing orders were, frequently occurring payments to one company etc). I'm not sure whether Santander ever asked him m, or whether he provided that info to Santa dear upfront.

Neither of us are self-employed so can't help you there, but they were pretty strict about evidence for my husband's bonus as we needed that to be taken into account.