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Santander Mortgage Problems

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My partner is English, moved back to the UK from Denmark 12 months ago and is now buying a house in the UK. It has taken him 12 months to rebuild his credit history because even though he had an excellent credit history in Denmark, it's not recognised in the UK.

He is still employed by his Danish company so is paid in Danish kroner. All his salary documentation is in Danish.

This is causing huge problems in getting a mortgage. He has been approved in principle by Santander but because he cannot provide a P60 the amount they have offered is £23k less than he needs. He has submitted the Danish equivalent of the P60 but that will not suffice.

Where does he go from here? He is in danger of losing the house as the vendors are threatening to put it back on the market as it is taking so long to secure a mortgage.

Comments

  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    Try a broker who specialises in mortgages like this?
    However, are you sure it's the the lack of a P60 ? I'd have thought that would be more likely to be a straight refusal.
    There's usually (from what I read, IANAB) a decrementing of a salary paid in aforeign currency to take account of exchange rate fluctuations so going on the maximum possible amount you can borrow on a straightforward conversion of salary is unlikely to be possible in any case.
  • Yes we had an Agreement in Principle and then we were told that Santander said Mark could get the full amount if he could supply an English P60! Clearly he cannot so what now?
  • amnblog
    amnblog Posts: 12,728 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 19 September 2016 at 3:17PM
    Payments in Foreign Currencies, though never easy is a lot harder today due to new EU rules from March of this year.

    Santander only allow Foreign Income from four currencies in addition to GBP and DKK is not one of them.

    How did you come to apply to Santander?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • We are using an independent mortgage broker. Mark has been paid in GB£ for the last 5 months via a Payroll company who organise his tax etc but clearly we cannot get a P60 for 12 months' income.

    Do you know of a lender that allows DKK income?

    Thanks
  • amnblog
    amnblog Posts: 12,728 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Why is your broker not managing this?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • He is but I think he may be struggling. Do you know which lenders deal in DKK?
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