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Mortgage - What am I doing wrong?
Liamo3
Posts: 36 Forumite
Hi everyone
I've been reading quite a bit on here trying to prepare myself for getting mortgage and I finally put in an application to Santander and got knocked back today.
I'm trying to figure out where its going wrong. Below is a glimpse at my footprint -
Credit history - good to excellent across the 3 main provider experian, equaifax & transunion
Affordability mortgage calculator - pass
No missed credit payments
2 year accounts with SA302
Positive projections from accountant for 2021
LTV 75% - Help To Buy
Disposable income - excellent
Current debt balance - 47.00
Proof of building up savings over a period of time
Clean statements no gambling or luxury spending
Potential negatives -
Self employed - but in an industry that is not impacted by covid 19 (all online) software developer
2 years accounts - but have excellent forecast and referrence from accountant
In the country - 2.5 years but financial advisor said that should not be a deciding factor and I have full residency status even after Brexit is done
Credit history - footprint is only 2 years old
Single application
The Financial Advisor said the banks score HTB mortgages differently, is that the case? I tried researching this but couldn't find any evidence of it online.
Any feedback would be brilliant. I've a second application going into Natwest which is the bank I use will this improve my chances because they can see my full account history and it's clearly evident that I have plenty of disposable income. I'm struggling to understand what Santander knocked it back for.
Thanks in advance
I've been reading quite a bit on here trying to prepare myself for getting mortgage and I finally put in an application to Santander and got knocked back today.
I'm trying to figure out where its going wrong. Below is a glimpse at my footprint -
Credit history - good to excellent across the 3 main provider experian, equaifax & transunion
Affordability mortgage calculator - pass
No missed credit payments
2 year accounts with SA302
Positive projections from accountant for 2021
LTV 75% - Help To Buy
Disposable income - excellent
Current debt balance - 47.00
Proof of building up savings over a period of time
Clean statements no gambling or luxury spending
Potential negatives -
Self employed - but in an industry that is not impacted by covid 19 (all online) software developer
2 years accounts - but have excellent forecast and referrence from accountant
In the country - 2.5 years but financial advisor said that should not be a deciding factor and I have full residency status even after Brexit is done
Credit history - footprint is only 2 years old
Single application
The Financial Advisor said the banks score HTB mortgages differently, is that the case? I tried researching this but couldn't find any evidence of it online.
Any feedback would be brilliant. I've a second application going into Natwest which is the bank I use will this improve my chances because they can see my full account history and it's clearly evident that I have plenty of disposable income. I'm struggling to understand what Santander knocked it back for.
Thanks in advance
0
Comments
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Sounds like you chose the wrong lender.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1
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Don’t get discouraged one mans meat is another mans poison type problem I think. Some lenders will like you some won’t. Just that they use different criteria. Good lickInitial mortgage bal £487.5k, current £258k, target £243,750(halfway!)
Mortgage start date first week of July 2019,
Mortgage term 23yrs(end of June 2042🙇🏽♀️),Target is to pay it off in 10years(by 2030🥳).MFW#10 (2022/23 mfw#34)(2021 mfw#47)(2020 mfw#136)
£12K in 2021 #54 (in 2020 #148)
MFiT-T6#27
To save £100K in 48months start 01/07/2020 Achieved 30/05/2023 👯♀️
Am a single mom of 4.Do not wait to buy a property, Buy a property and wait. 🤓0 -
Why not speak to a broker.1
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Sizable deposit?
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25% which includes the Help to buyThrugelmir said:Sizable deposit?0 -
When you say application, is this an agreement in principle you are attempting or a full application?
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No I already had the AIP this was full application. Based on what I'm reading on here I can only put it down to scoring low on Self employed and immature history but my experian is up at 914.TWIGLET1234 said:When you say application, is this an agreement in principle you are attempting or a full application?
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I’ve got an application in with Santander at the moment and it’s with underwriting. One of us is self employed (for 2 and a half years) the other is employed. We are not HTB and are asking for 85% LTV. You don’t seem to be any greater risk than we do. We’ve not been approved yet though, just multiple questions for the last 2 weeks.What stage did you get knocked back? Before or after underwriting?0
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