Santander Mortgage Rejected by head office

Thrugelmir

Being third party. Suggests internal audit, i.e. Financial Compliance Officer. 

Rosemary1982

Thrugelmir said:

Being third party. Suggests internal audit, i.e. Financial Compliance Officer. 

I would have thought third party meant outside the organisation? He referred to a regulation body that regulates all banks? The only thing I can think of doing is checking national Hunter to see if they hold anything on us? It’s so frustrating not knowing what it relates to !! 

Rosemary1982

cpknight said:

Rosemary1982 said:

Bit of an update. I called Santander this morning and they said it was declined because of a third party review ‘Failed FCO’ so does anyone know what FCO means?! It must have something to do with my husband whatever it is as I’ve never had any mortgage rejections of anything and this is the first time we’ve applied for finance together so now I’m worried if this knock back will prevent me from porting and adding a bit more to my existing mortgage! He has no entries on cifas which we checked this week so really cannot work out why! Help!!! 

Could they have meant FICO not FCO? That’s a credit scoring tool used.

I’d never heard of FICO! I’ve just looked them up and don’t think Santander use them. Surely if it was a credit score issue it would have been flagged before having a formal offer, even before it got to underwriting stage!! 

finalfantasist

Rosemary1982 said:

cpknight said:

Rosemary1982 said:

Bit of an update. I called Santander this morning and they said it was declined because of a third party review ‘Failed FCO’ so does anyone know what FCO means?! It must have something to do with my husband whatever it is as I’ve never had any mortgage rejections of anything and this is the first time we’ve applied for finance together so now I’m worried if this knock back will prevent me from porting and adding a bit more to my existing mortgage! He has no entries on cifas which we checked this week so really cannot work out why! Help!!! 

Could they have meant FICO not FCO? That’s a credit scoring tool used.

I’d never heard of FICO! I’ve just looked them up and don’t think Santander use them. Surely if it was a credit score issue it would have been flagged before having a formal offer, even before it got to underwriting stage!! 

Santander doesn't use them because it's an American system that isn't used at all in the UK.

Thrugelmir

Drawn any Coronavirus financial support via the Limited Company? 

Rosemary1982

Thrugelmir said:

Drawn any Coronavirus financial support via the Limited Company? 

Yes, he’s had a bounce back loan to keep it running and it’s why he’s taken a second PAYE job part time as business is slow with the lockdown.  Would that make a difference then do you think?...also do you think that will have an effect on my current mortgage that I am trying to port (and borrow a bit more). It’s all in my name and I have nothing to do with his limited company. Thanks for any help/advice. 

nyermen

I'm going to assume that FCO means Final Commercial Offer?  Where they make the final offer on rate etc, based on LTV, credit records, and so on,
Ps.As someone who's software has competition in FICO, it definitely is used outside the US, (at least I've come up against them a couple of times) albeit its US centric.

RelievedSheff

Rosemary1982 said:

Thrugelmir said:

Drawn any Coronavirus financial support via the Limited Company? 

Yes, he’s had a bounce back loan to keep it running and it’s why he’s taken a second PAYE job part time as business is slow with the lockdown.  Would that make a difference then do you think?...also do you think that will have an effect on my current mortgage that I am trying to port (and borrow a bit more). It’s all in my name and I have nothing to do with his limited company. Thanks for any help/advice. 

And did you declare that in your application?

Thrugelmir

Rosemary1982 said:

Thrugelmir said:

Drawn any Coronavirus financial support via the Limited Company? 

Yes, he’s had a bounce back loan to keep it running and it’s why he’s taken a second PAYE job part time as business is slow with the lockdown.  Would that make a difference then do you think?.

Potentially yes. You declared having no debt on the mortgage application form. 

Is the limited company banking with Santander? 

The BB loan suggests that the Limited Company isn't in the best of financial health. 

Rosemary1982

The limited company has nothing to do with Santander. My partner and myself has had no relationship with Santander or abbey national back in the day. We do not have debt as individuals and declared ourselves as debt free.  The BB loan was issued to the Limited company where although my husband is a director he is note a sole trader.  We have never tried to hide anything at all during the process and trusted the broker with the submission.