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Mortgage application
Tiberius2016
Posts: 4 Newbie
Hi there, long time reader, first time poster.
My broker has submitted our full mortgage application to Santander last week.
I've been following the progress on their MATS system, and am now worried.
The affordability was fine with plenty of wiggle room on their affordability calculator and we had a DIP, but I can see they've
now came back with a lower figure of what they will lend, and it seems to be based on my wife's unsocialable hours pay (she's a nurse for NHS).
She's a basic of 11k and another 5-6k of enchancements for weekends and nightshifts, these obviously vary month to month, but they're always around the approx the same level.
These were entered as overtime, is that right as it's not really overtime?
From what I read Santander say they will accept 100% of the lowest amount from last 3 payslips X12 - is this right? Payslips were submitted but they've put back a comment that doesn't seem to make sense:
"Willing to consider the use of a higher overtime figure for applicant two. Please confirm their overtime earnings based on the lowest of the latest three months’ payslip. I required a revised, higher figure in order to consider the use of a higher figure."
Any ideas why they'd ask this if they already have the payslips and so can clearly see the figures? Does it sound like something has been submitted wrongly by my broker?
Perhaps all this is just part of the process and I'm being impatient or panicking unessissarily, but it's annoying when every question ends up going to the back of the underwriting queue to be picked up again in 3 days.
My broker has submitted our full mortgage application to Santander last week.
I've been following the progress on their MATS system, and am now worried.
The affordability was fine with plenty of wiggle room on their affordability calculator and we had a DIP, but I can see they've
now came back with a lower figure of what they will lend, and it seems to be based on my wife's unsocialable hours pay (she's a nurse for NHS).
She's a basic of 11k and another 5-6k of enchancements for weekends and nightshifts, these obviously vary month to month, but they're always around the approx the same level.
These were entered as overtime, is that right as it's not really overtime?
From what I read Santander say they will accept 100% of the lowest amount from last 3 payslips X12 - is this right? Payslips were submitted but they've put back a comment that doesn't seem to make sense:
"Willing to consider the use of a higher overtime figure for applicant two. Please confirm their overtime earnings based on the lowest of the latest three months’ payslip. I required a revised, higher figure in order to consider the use of a higher figure."
Any ideas why they'd ask this if they already have the payslips and so can clearly see the figures? Does it sound like something has been submitted wrongly by my broker?
Perhaps all this is just part of the process and I'm being impatient or panicking unessissarily, but it's annoying when every question ends up going to the back of the underwriting queue to be picked up again in 3 days.
0
Comments
-
Hi,
I work unsociable hours - I get 30% enhancement on my wage which I have to apply for monthly. I still get this if I'm on annual leave but not for sickness so it does have the potential to be slightly different.
However, Nationwide told me they would include this as basic salary and obviously I had to show my last 3 wage slips but they were happy with that!
Vicki0 -
Stop trying to do your brokers job.
You cannot assume that the figure provided by Santander is correct and your broker may already be on top of this matter.
Ask your broker today.
[do not call Santander direct]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.0 -
Thanks for the replies.
I'll stop worrying and let me broker deal with it. It's difficult though just the waiting and not knowing!0
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