Santander declined

FlumpyHall

I've had a mortgage with Santander for 10 years, made 4 late payments in 2013 after separating from husband, have sold house now and hoped to port mortgage so myself and new partner can buy a new build. AIP all fine, valuation on new house all fine then application went to underwriter who declined it on our joint credit scores (which they knew about initially!).

I have 2 defaults from 2013 for total £612, all settled now and my partner hasn't had any credit apart from £1000 credit card, which he took out last year.

We've were initially told we could have £210k but only need £140k as we have a deposit of £90k.

We are both in our mid 40s, work full time with no debts apart from £1000 And £2000 on credit cards, no late payments so why did they turn us down? The whole process took 6 weeks and now the broker has applied to Halifax.. will they decline too?

Getting so worried as Bovis won't keep the house for us forever!

ACG

You have no late payments - except the ones in the first paragraph and the defaults in the second.

You have bad credit, it is not shockingly bad but it is bad credit none the less. I am not sure Santander would be my first port of call personally. There are other lenders who I think will be fine and Halifax (based on hat you have said), could be an option.

Even if they do decline, there are other lenders.

FlumpyHall

Who do you suggest? My broker was recommended by Bovis and is shockingly bad.

ACG

Brokers can not recommend lenders on here. We only have a limited amount of information to go off and if we get it wrong because of something we do not know then we are no more help then your current broker.

Try another broker if you do not think your current broker will get it through?

FlumpyHall

Think it might be too late to find another broker.

Thrugelmir

FlumpyHall wrote: »

Think it might be too late to find another broker.

Onus is on you if you wish to purchase the property.

DCFC79

OP 1 thing I do know is you werent declined to your credit scores, your credit history is what is used.

srisport

ACG wrote: »

You have no late payments - except the ones in the first paragraph and the defaults in the second.

You have bad credit, it is not shockingly bad but it is bad credit none the less. I am not sure Santander would be my first port of call personally. There are other lenders who I think will be fine and Halifax (based on hat you have said), could be an option.

Even if they do decline, there are other lenders.

Interesting, Are you allowed to elaborate further why Santander would not be your first port of call personally?

I only ask because I am currently looking for a mortgage as a FTB and Santander is a bank I'm looking to apply with (only because my HTB is with them and my partner has her current account with them too)

Regards.

YHM

Likewise. Santander would NOT be my first port of call for anyone with defaults.

Use a broker and allow them to earn their corn reviewing the market for the best rates available

fewcloudy

srisport wrote: »

Interesting, Are you allowed to elaborate further why Santander would not be your first port of call personally?

I only ask because I am currently looking for a mortgage as a FTB and Santander is a bank I'm looking to apply with (only because my HTB is with them and my partner has her current account with them too)

Regards.

Experienced brokers know which lenders are more suitable for their clients, depending upon their client's personal situation. So in this case, I imagine ACG in his/her experience has found Santander to be possibly not-the-best lender to go with, when clients have similar issues to the OP.
Which helps you very little, as Santander may be an excellent choice for you based on your personal circumstances.
This for me would be one of the main reasons why I would always use my mortgage broker, even though these days I expect I am quite an easy case for him. I'm surprised to see on here how many people don't use one.

fc