Absolutly deflated! Broker woes & mortgage decline

jarshay

Totally deflated as we found out today that our application with Santander has been declined because I don't have 3 years company accounts for my Ltd company!!!

We applied through a broker and he knew the situation and can't believe this has happened - he is now on holiday for 2 weeks!:mad::mad::mad:

What advice can anyone give us as we have put in an offer on a house which has been accepted!

LKRDN_Morgan

Could you increase your deposit? I know Santander need 3 years of accounts if you're borrowing more than 90% but they only need 2 years if borrowing less.

Saying that 'd be fuming with the broker. Surely they would have known this before advising you to go down the route of Satander?

ACG

Completely agree, you go to a broker to avoid rookie mistakes like that.
That being said, one lender saying no does not mean they all will so dont worry too much. Apart from the inconvenience and delays, I suspect if that is the only issue it can be overcome.

jarshay

Thanks for your reply - we could increase our deposit, but it would take us until October to save up the extra 5% we need.

LKRDN_Morgan wrote: »

Could you increase your deposit? I know Santander need 3 years of accounts if you're borrowing more than 90% but they only need 2 years if borrowing less.

Saying that 'd be fuming with the broker. Surely they would have known this before advising you to go down the route of Satander?

jarshay

Hi ACG - thank you for your reply.

Yes, that was my thinking - I honestly thought that we would have needed a specialist lender, however, trusted the broker and am in a pickle as I know the estate agent is going to start pressurising me this week!:mad:

I have contacted the brokers assistant to confirm that there was no other issue to the decline. To be honest, if it was another reason, such as affordability, or credit history/score I would be able to accept the decline (that's ironic) as that's something I can not technically control; however, down to something outlined in the requirements, I feel it is an unforgiveable mistake.

Oh well - I'll be speaking to someone else tomorrow after 4:30pm - so fingers crossed

ACG wrote: »

Completely agree, you go to a broker to avoid rookie mistakes like that.
That being said, one lender saying no does not mean they all will so dont worry too much. Apart from the inconvenience and delays, I suspect if that is the only issue it can be overcome.

amnblog

Does the Broker not have someone covering for holidays?

jarshay

Yes, that person is on annual leave for 3 days, and their assistant only worked half day today. :T

amnblog wrote: »

Does the Broker not have someone covering for holidays?

amnblog

So you can get a new option moving on Friday?

jarshay

Don't know if I can put my confidence in this broker again. I've politely acknowledged the email, so I'll see what response I get back, however, I think I need to explore another avenue with a new specialist proven broker.

amnblog wrote: »

So you can get a new option moving on a Friday?

hunt85

Get another broker. I can think of 4 lenders off the top of my head that only need 2 years accounts even at 95% LTV

marliepanda

This is a bit worrying! Broker suggested Santander for us as well (my partner owns Joan own ltd company so they said he's self employed as far as their concerned)

He has about 9 years accounts but only the last one shows any decent profit as he invested and had staff before then. Broker said santander would only base it on one years acccounts. Worried now! (We do have a 22% or so deposit though...)