Mortgage Application

[Deleted User]

The broker has to do a much fuller fact find than the lender as the broker takes the liability for the advice forever.  Even if the lender doesn't see an undeclared child maintenance on a bank statement because they dont ask for bank statements it doesn't mean it goes through.  The broker has a responsibility to the lender to check the applications meet criteria and stop cases being submitted if need be as the lender does less checks when they are coming from brokers (probably because they don't have to deal with financial penalties coming from complaints, they fall back on the broker) 

Hayley20013

I got my mortgage with Santander a year ago, they were very quick and didn’t actually ask for that much! We went direct, and if this puts your mind at ease my husband is self employed, I work part time on rubbish money and have two dependents. The mortgage we got was the very maximum they would lend us and we also had no savings after the deposit and every penny was spent each month! Oh and the mortgage payments were more than our rent. 5 year fix at 1.8% in my opinion Santander are not interested in the little things and you will be fine and you should get a quick decision 

homeless9

What do Santander typically want to see if you have a self employed side hustle, in my case my self employed side hustle brings in 30% of my income. Do they just want to see 3 years SA302s ? or do they also like to see business bank statements?

kingstreet

Accountant's Certificate is preferred. Failing that latest two years tax calculations/SA302s plus tax year overviews for the same period.

iampetesmith

We had a Santander mortgage application rejected, not because of affordability but because a bit of my wife's paperwork still had her parents address on it so I think they were a bit picky about that. We went straight to them though, so the next time I used a broker and they got me a mortgage with Skipton with no problems. As a broker has found a Santander mortgage for you, I'd say they're pretty sure that you'll be accepted so I wouldn't worry.

Just one thing to remember is check any conditions of the offer when you get it. Ours had a condition that all store cards, loans and debt be cleared before the mortgage started. I cleared this easily as it was only a small amount, but one thing I nearly missed was my wife's phone contract. Some phone contracts are split, so that you have your monthly plan price separated from your monthly handset price (even though you only make one monthly payment). The handset price is actually down as a loan which they wanted to be cleared. She had to call Tesco Mobile and ask to pay off the remainder of the handset loan, so they took the payment and then the monthly cost halved as well because the phone handset was paid off.

Hayley20013

homeless9 said:

What do Santander typically want to see if you have a self employed side hustle, in my case my self employed side hustle brings in 30% of my income. Do they just want to see 3 years SA302s ? or do they also like to see business bank statements?

 No my husband just needed the last three years sa302,s  and tax overview that can be printed from the hmrc account you use to file your tax return. He also does his own tax returns and didn’t use an accountant and they don’t mind about that either. 

homeless9

How long does it take to create a Reservation Form for a property ?

I got off the phone to the estate agent 2 hours ago where they said they'd be sending a Reservation Form through.....I was expecting this form to come through within 10 minutes of the phone call ending (this timescale was just my assumption)...

Is there actually a lot more to a reservation form than what I was expecting and therefore it takes a bit of time to prepare?

kingstreet

homeless9 said:

How long does it take to create a Reservation Form for a property ?

I got off the phone to the estate agent 2 hours ago where they said they'd be sending a Reservation Form through.....I was expecting this form to come through within 10 minutes of the phone call ending (this timescale was just my assumption)...

Is there actually a lot more to a reservation form than what I was expecting and therefore it takes a bit of time to prepare?

An EA would normally issue a Memorandum Of Sale. If it's taking a reservation on a newbuild, this will be prepared by the developer and not by the EA itself.

homeless9

kingstreet said:

homeless9 said:

How long does it take to create a Reservation Form for a property ?

I got off the phone to the estate agent 2 hours ago where they said they'd be sending a Reservation Form through.....I was expecting this form to come through within 10 minutes of the phone call ending (this timescale was just my assumption)...

Is there actually a lot more to a reservation form than what I was expecting and therefore it takes a bit of time to prepare?

An EA would normally issue a Memorandum Of Sale. If it's taking a reservation on a newbuild, this will be prepared by the developer and not by the EA itself.

I think this developer is fairly small. Seems the reservation was done by the estate agent on behalf of the developer.

Just got the reservation form through, signed it and paid the fee.

Just reserved it!

Broker will be sending my mortgage application to Santander tomorrow.

The estate agent was congratulating me already, he's in contact with my broker. So I guess the broker was pretty positive when talking to the estate agent.

steampowered

Personally have always found lenders were only interested in verifying salary/income and whether that meets their pre-existing criteria, not anything else.

Getting your mortgage offer in is not the longest part of the house buying process, by a long stretch, so I wouldn't be too worried about it.