Santander internal policy post credit check

ypapandr

Hello

One online mortgage broker had told me Santander would approve x amount of mortgage. After credit check (being said my credit score is 981 on experian), they resolved to approve 20 k less. Anoter local mortgage broker got Santander to run a credit check and he says everything is fine and he doesn't understand what the online mortgage broker could be mentioning. Does anyone has any clue? I know Clydesdale would meet my requirements at very similar costs.

amnblog

You have had two Brokers run a check with the same Lender?

Thrugelmir

Your experian score has no bearing on the amount that a lender is prepared to offer. Your financial circumstances along with Santander's internal policy at the time determine that.

ypapandr

amnblog wrote: »

You have had two Brokers run a check with the same Lender?

Yes as what the first has said doesn’t seem to match what the second is saying. What is the possible risk given I might not use this lender in the end?

Bermonia

How many brokers are you speaking with?

csgohan4

too many credit searches in a short space of time can have an adverse impact on your credit history, was not a smart thing to do to go to 2 different brokers and get searches done.


I hope it doesn't come back to bite you, but generally stick to one broker at a time

MortgageMamma

When you say check, do you mean agreement in principle or a manual (anon) affordability check on the lenders website?

The two are completely different things. One involves a credit score, the other is just pumping your figures into their affordability calculator and seeing what comes out.

To resolve this ask for a copy of the affordability calculations and/or agreement in principle from each broker. You should be able to find the discrepancy if there is one.

Sometimes small details can be keyed wrong and give a different result.

If affordability is an issue, there are lenders that are more generous than Santander.

kingstreet

Data has to be entered very carefully into the Santander calculator and account has to be taken of tax code and YTD earnings, especially where there is overtime, bonus or commission.

Difficult to say who might be right or wrong here.