Santander mortgage audit after offer

Lawrence40

Hi,

Has anyone ever heard of a mortgage audit after the offer has been issued? I am confused as to what’s happening now we are about to exchange but now I don’t know where we stand

They have now asked for 3 months bank statements, payslips and P60’s!

Mortgage adviser and solicitor can’t understand why this has happened other than it’s a random audit?

Has anyone else had this happen?

Thanks in advance

[Deleted User]

Yes, it can happen up to completion.

Make sure you supply what they need to keep things on track.

TripleH

Hi, don't worry, this is probably a check on the bank as much as a check on you. I would however get the information to them asap but hand deliver to the branch if possible.

Ask them to confirm whether this will cause a delay or not so you can update all parties (this will just help provide reassurance to them).

Lawrence40

Update: offer withdrawn and Santander will not advise why!! We are appealing the decision has anyone had this happen and what was your outcome?

hazyjo

Sorry to hear that. Is there (obvious question) anything you've failed to disclose? Any loans, credit card applications, interest free deals or anything you've taken out since the offer?


Speak to a good broker who may be able to work out why.

[Deleted User]

Lawrence40 wrote: »

Update: offer withdrawn and Santander will not advise why!! We are appealing the decision has anyone had this happen and what was your outcome?

have you used a broker? If so then he/she should be able to contact the business development manager to get more info. Depending on the relationship they have with the bdm it might be the only way to get things back on track.

If you did it direct then I reckon its decision made, go find a new lender asap. You wont have any clout to be able to speak to someone who can change the decision or give more information

Lawrence40

No we haven’t taken out any new credit and no material changes, they requested bank statements and payslips again all the same information so we can’t understand what’s going on.

Our MA also can’t get a clear answer from them they are just saying to appeal with HMRC proof of earnings basically. Do you think this is about affordability? Should this not have been reviewed before the offer was made ? We are well within the affordability guidelines and LTV is about 74% so it’s a mystery

[Deleted User]

Santander link in the certain hmrc data in order to verify income. I assume some data they can see does not match the information showing on the payslips? Maybe. Impossible to know really.

I suppose you might get lucky with. DSAR and it might tell you more info but that will take months.

Best move to a different lender, doesn't sound like they are going to chnage their mind.

MA should be able to advise based on offer speed. I had similar happen recently and moved to hsbc. Managed to get to offer in 3 days. Auto val, 1 payslip for verification, solicitor downloads offer from portal, emails out to client for signing. We were back to being ready for exchange within the week.

Not all is lost

Lawrence40

Under the mcd should this not have been done prior to providing the offer and if they have not completed the affordability checks properly this should not be at a detriment to me? This is just what I have read on the gov website. I have nothing to hide all legitimate but I’m just furious as we were almost there with it all I really don’t want to have to go through it all over again and effect my credit rating due to their mistakes.

[Deleted User]

Lawrence40 wrote: »

Under the mcd should this not have been done prior to providing the offer and if they have not completed the affordability checks properly this should not be at a detriment to me? This is just what I have read on the gov website. I have nothing to hide all legitimate but I’m just furious as we were almost there with it all I really don’t want to have to go through it all over again and effect my credit rating due to their mistakes.

4

If they are sending you to hmrc to resolve it sounds like its nothing to do with affordability, more to do with concerns about what is on your payslips against what hmrc hold against your tax information They are stopping short of saying your payslips are fraudulent (which allows them to withdraw a previous binding offer)

You can appeal but it will do no good to be honest.