Santander Formal Offer Withdrawn 2 weeks after issued

Braindeadagain

Hi all


I am looking for a bit of advice if passable. I was contacted by my Solicitor and Mortgage Broker that Santander has withdrawn their Formal Mortgage offer to us on the Grounds of a Head Office Audit finding debt at another addresses.


Our Mortgage Broker has asked for more detail and is looking to appeal this. We have been at the same property for 7 years now and can’t see anything on our Credit files to the affect.


My Partner had debt to Abbey National back in 2001. This has since way been written off in the past.


If that was the case, I assume this would have been picked up during the application stage or am I missing something?


On their terms of the Formal offer it states. They have the Right to with draw if There has been a material change to the facts and circumstances relating to your loan application.


We have been 100 % truthful with them and can’t see how they can do this. We have made payments to Mortgage Broker. Also, we will incur Solicitors fees now.


Do we have any leg to stand on here ?

BoGoF

It's never a good idea to apply to a lender you previously screwed over. 'Written off' means a lot of things but doesn't mean they will lend to you again.

They can do it because they don't want to lend to someone who didn't pay themback previously. It won't show on the credit report but internal records will show the debt.

Braindeadagain

I assume if it was an issue would have been picked up by the time of the formal offer

BoGoF

Why do you assume?

Did your partner declare the written off debt?

Braindeadagain

Should that not be part of any checks their Underwriter should check ?

Braindeadagain

No as it's over 6 years old. We are not sure of that is even the issue

BoGoF

Well maybe it was only picked up at underwriting stage.

Why did you apply to Santander anyway......unless you are unaware that Abbey National became Santander.

Did you tell the broker about the written off debt?

Braindeadagain

Unaware . And we got the formal offer so it went past the Underwriter stage.

csgohan4

BoGoF wrote: »

Why do you assume?

Did your partner declare the written off debt?

So OP was the above declared??

whether you think it is not an issue is irrelevant, the lender who is lender you alot of money thinks it is it seems.

This may have been picked up on compliant checks or underwriting checks.

Offers can be withdrawn at anytime, due to past or present circumstances.

Perhaps try a different lender

Braindeadagain

No we did not declare it.

BoGoF

You are going to have to find a different lender.