Santander Experian update

Em0208

Hi hoping someone can help us. We are trying to apply for a mortgage with Santander. We were told by our broker that we needed to clear all our debts as we are wanting to borrow close to the maximum. We have done this and our credit report is now showing these updates so we were ready to press the button. We are now being told that because Santander only update their Experian data once a month we now have to wait 31 days from now to be 100% sure that they will see what we see on the credit report!!! This is going to be a major blow as we are now going to delay the process which is likely to put our sale in jepody. I cannot believe that our broker does not know what date they update the information,:mad: so I am appealing to you lovely lot to hopefully give us an answer to this. It might well be that they update at the end it beginning of the month in which case we would only be a few days away!!! Any help would be greatly appreciated.

[Deleted User]

Provide copies of your online statements. Job done.

Thrugelmir

Em0208 wrote: »

I cannot believe that our broker does not know what date they update the information,:mad:

Why should your broker know. Not as if Santander are going to inform people outside of their own organisation.

Em0208

If only it was that easy our broker has told us that they don't accept thoses and as they don't use an online portal with Experian we have to leave it 31 days to be sure that their version won't show the old debt which had now been cleared and showing as cleared on our Experian accounts

Em0208

But isn't that the whole point of having a broker with a contact there, for having insider information? Just don't see why it should be top secret.

amnblog

Santander are peculiar in factoring existing debt into affordability even if it is to be repaid before completion.

Their computers do the thinking and are not to be reasoned with.

An alternate lender may be the answer.

kingstreet

Em0208 wrote: »

we needed to clear all our debts as we are wanting to borrow close to the maximum. We have done this and our credit report is now showing these updates

When exactly did you make these repayments?

Em0208

We cleared everything last month but then had to wait for Experian to show the updates which I can understand, now when we log in we can see the balances of cc showing as zero and the loan cleared, but we are being told that even though it shows as cleared when we look because Santander only update their data from Experian once a month we need to wait 31 days from the point our report was showing as clear to be sure it's what Santander will see.
If I'm being honest I can't help but feel that our broker is trying to stall us you see he is also dealing with our buyers mortgage application and they have suddenly gone a bit quiet, probably stupidly we went with the recommendation of the estate agent as we thought it was the sensible thing to do. According to the broker the EA and himself have tried to contact the buyers but they are not responding. The EA themselves have not responded at all to any of our requests to get in touch and update us on the buyers progress.
Call me synicle but it does seem like they have put this block in our way to stall us for some reason. I would have thought lenders update at the beginning or end of month as that would be logical.

glosoli

When I have this situation with one of my customers, I request a copy of their credit card statement evidencing the balance has been fully repaid, add it to the file and job done.