Mortgages/decision in principle

[Deleted User]

even if income is casual as long as you have a track record of earning then lots and lots of lenders will take this income in to account.

It might be that its best to leave you off the mortgage and he can do it in his own name, without credit files its impossible to know but its certainly worth exploring.

Hopefully a new broker will be more imaginative with placing the case

1984RMC

Yes thank you so much!!
It's a bit of a situation isn't it, and hard to know what to do for the best.
I could say sod it and put in joint application- receive the decision in principle, and then take it to the estate agents and go from there, however- then when the full application begins, it's going to be a lot more stress as high chance of it being declined! So, tomorrow-its going to see broker, hopefully find lender willing to lend the amount, take certificate in as planned then go from there! Can only hope for a miracle. He has a good credit history, never defaulted on payments in the past too. Huge thanks for your help everyone. I will keep posting to let you all know(pray for me haha) x

[Deleted User]

A decision in pri ciple being later declined on application is rare if an experienced broker has done it. Especially if its a high street lender in use

They won't go to a lender that won't accept the case

We do get declined applications, of course we do, but it would tend to be for clients that try to hide stuff. Be upfront and if you get a dip all should be fine

1984RMC

Thank you! We decided on a whim to pop into Santander this morning, the lady didn't do a decision in principle as she said it needed to be the mortgage advisor who wasn't present at the time. She did a quick calculation which came up as £114,000. This was based on income of 22,000 but she also took into account child tax and child benefit. Now I didn't think they do this(although the mortgage advisor I seen few months back said some will accept it) anyway the mortgage advisor is ringing us shortly to go through decision in principle. We are going to see what she says. Obviously there is a chance of it coming in as a low amount again and if it does, it will be a broker job then. I will keep you all updated. Do they actually take into account child tax etc?

comedyseeker123

Stop using banks. Go to an advisor.

[Deleted User]

1984RMC wrote: »

Thank you! We decided on a whim to pop into Santander this morning, the lady didn't do a decision in principle as she said it needed to be the mortgage advisor who wasn't present at the time. She did a quick calculation which came up as £114,000. This was based on income of 22,000 but she also took into account child tax and child benefit. Now I didn't think they do this(although the mortgage advisor I seen few months back said some will accept it) anyway the mortgage advisor is ringing us shortly to go through decision in principle. We are going to see what she says. Obviously there is a chance of it coming in as a low amount again and if it does, it will be a broker job then. I will keep you all updated. Do they actually take into account child tax etc?

The Decision in Principle may pass but please be aware that if any of the deposit is coming from a joint account or an account with your name on it Santander will decline the application if it is done in his sole name
They dont allow people not to be named on the mortgage if they have contributed to the deposit in any way

1984RMC

Thanks for reply, yeah we should be okay deposit wise etc. He had consultation over the phone, sounds positive so far. We were hoping for decision in principle there and then but mortgage advisors computer crashed��Visiting her Monday to get the ball rolling (I hope!) Will keep you all updated.

1984RMC

Just want to let you all know that Santander have given us a DIP thank god. All documents sent to estate agents including name of solicitors who we will be using. Another app at bank in a week to look at full mortgage application. Mortgage advisor has said everything should go through fine. Anyone who has bought a house- can you tell me how long it roughly takes from here now(that's if things go smooth!)
Many thanks xx

Mutton_Geoff

1984RMC wrote: »

Just want to let you all know that Santander have given us a DIP thank god. All documents sent to estate agents including name of solicitors who we will be using. Another app at bank in a week to look at full mortgage application. Mortgage advisor has said everything should go through fine. Anyone who has bought a house- can you tell me how long it roughly takes from here now(that's if things go smooth!)
Many thanks xx

What rate did they give you? Did you ever speak to a whole of market broker? I am an experienced borrower (borrowing up to £1m) and have not approached a lender direct for at least a decade.


It's very tempting when a mortgage seems unattainable to jump at the first bank that will lend. Having said that, I am just remortgaging back to Santander at 1.28%.

1984RMC

To be honest I am going to have to speak to the other half as he was the one who went (I'm hopeless!!We did have details of mortgage broker who we were going to use, as to be honest id have found it best to just look at whole of the market to get best deal etc. I will get back to you on that one but in regards to mortgage payments, it looks like it could be about 100 less than what we are paying now on renting each month. Thing is with the other half, he prefers it coming from a well known bank, however I know of others /building societies that do good deals too! Wow!! I bet that house is amazing!!