Bad credit, got Santander AIP?

jacobswell

So, I've got some pretty bad items on my credit file going back to 2015 (4 defaults and a temporary DMP all registered/settled in 2015). I've had an offer accepted on a house, so I got in touch with a mortgage broker applied for an AIP with Santander and to my complete shock and amazement, I passed their credit score and we got it!!! My full application has gone in and goes to underwriting on Monday, but should I expect the worst i.e. a decline? My broker has taken the attitude of "we've got nothing to lose", but surely Santander can't possibly approve it with my history? Or might they? I'm excited, but don't want to get my hopes up too much.

Just wanted to see if anyone else out there has had a similar experience?

muhandis

If you're using a broker who has recommended an AIP with Santander and then gone ahead with a full application, assuming he/she is competent, I'd go with their judgement.

Given that a broker's main income is from the processing fee after completion, he/she wouldn't waste time getting this far without a reasonable chance of success.

Good luck, hope it all works out!

jacobswell wrote: »

My broker has taken the attitude of "we've got nothing to lose"

amnblog

jacobswell wrote: »

My broker has taken the attitude of "we've got nothing to lose"

Not a phrase that instills confidence but it looks like you may have got a result.

redman1989

Wouldn't be too happy if someone regardless of credit rating put an offer in on my property without an AIP but suppose that is the Estates agents issue not yours.

I have defaults over 4 years old (5) not totaling to a great amount and our joint application was advised by a few Brokers that the odds wouldn't be in our favour even with our high earnings and wifes great credit & big deposit going with a prime lender so we went with sub-prime.

I personally didn't want to risk it as didn't want multiple hard searches and time wasting going through but fingers crossed & good luck!