Beware Santander

boatman

kingstreet wrote: »

Ground rent & service charges impact affordability for all lenders and would see the amount offered reduced accordingly.

Did the applicants simply forget about them?

I just did the estimate on the Santander website but it does not ask about any service charges there, perhaps lenders should have a section for that on an estimate.
Theirs was a full application, at 60%ltv.

AnotherJoe

boatman wrote: »

I just did the estimate on the Santander website but it does not ask about any service charges there, perhaps lenders should have a section for that on an estimate.
Theirs was a full application, at 60%ltv.

Does it not ask what other commitments you have? How much are their service charges?

ACG

boatman wrote: »

I just did the estimate on the Santander website but it does not ask about any service charges there, perhaps lenders should have a section for that on an estimate.
Theirs was a full application, at 60%ltv.

This is why I said affordability calculators are as accurate as the information entered and Santander are probably not in the wrong.

On the affordability calculator brokers use here, one of the questions is:

Other monthly committed expenditure
Use this section to enter any other monthly committed expenditure items such as nursery, school, college or university fees, ground rent, service charge etc.

If it is on here, I am 99% sure it will be on the application form in some form or another.

I have no allegiances to Santander BTW. I just find it unfair that you make a thread slating a company when you only know half the story.

boatman

AnotherJoe wrote: »

Does it not ask what other commitments you have? How much are their service charges?

It asks about loans, student loans, child care, things like school fees, other properties, but no mention of possible house maintenance. I can only go on what is shown in the calculator.
https://www.santander.co.uk/info/mortgages/how-much-can-i-borrow

pmartin86

Just had very quick run through the calculator out of curiosty, and surely this is all thats needed at the end...

"This amount is an indication of how much you could borrow based on a repayment mortgage. It does not constitute a mortgage offer. The actual amount you can borrow will be confirmed following a full mortgage application, property valuation and credit check."