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Problem
KillTheKeyboard
Posts: 28 Forumite
Looking for some advice.
I have had a mortgage offer approved by Santander based on my income and a monthly honorarium of approx 150 a month. I have just been told this honorarium will no longer be received. I have informed broker of this who is going to look into it but hasn't contacted lender yet. I've redone the affordability calculator and my current offer from them is still 10k below the maximum santander would be willing to lend without the monthly extra and broker agrees.
I am just concerned with the likely outcome of this? Are they going to withdraw the offer? What's likely to happen as a result?
I have had a mortgage offer approved by Santander based on my income and a monthly honorarium of approx 150 a month. I have just been told this honorarium will no longer be received. I have informed broker of this who is going to look into it but hasn't contacted lender yet. I've redone the affordability calculator and my current offer from them is still 10k below the maximum santander would be willing to lend without the monthly extra and broker agrees.
I am just concerned with the likely outcome of this? Are they going to withdraw the offer? What's likely to happen as a result?
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Comments
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Just to add - I also bank and have my salary paid into a Santander account - so I feel compelled regardless to inform them. I'd just like to know the likely outcome.0
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You will be offered the lower and affordable amount.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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I'm not sure what you mean. What I'm saying is that even without the honourarium my current offer is well below the maximum they'd be willing to lend. Why would they offer me a lower amount?0
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I've edited my original question to make it clearer.0
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Your affordability will be re-run and if that still permits you to borrow what you need, that will be OK.0
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Right.
So what you are saying is affordability is not affected by the removal of this income?
If that's the case, you should be fine.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
So, in summary, Santanders affordability calculator says you are OK, your broker says you are OK, but you want guidance from people who dont know any of the numbers including salary (ies), mortgage, LTV, house valuation, outgoings?
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