Santander LTV 85% refused for joint applicant not having permanent rights to remain

willmanz

Hello,
just received an email from my bank Santander saying they cannot proceed with the application because my wife hasn't permanent rights to remain. For our situation they offer only 75% LTV
I'm from EU with settled status and she has pre-settled status as non-EU. She will be eligible for settled status by the 4th of October 2020.
We are FTB, we have an offer accepted and solicitors already engaged. It was already difficult to get to a 15% deposit (we are buying in London).
We have immaculate credit scores (both 999).
I'm not sure if it's worthy looking for other lenders or to wait to get settled status. Saying that I'm not sure the seller would be ok with that.
The reason I went to my bank was also to avoid situations like this, as I've been customer for over 10 years.
Do every lender apply the same rule?

haras_n0sirrah

There are other lenders who will do this at 15% deposit. Speak to a broker. If you dont have one some of us who post here are independent brokers and we are identifiable by our signatures. We are not allowed to approach posters but most of us are happy to respond to pm's asking for help.

LRmortgage

You need a broker for this. It’s very doable as haras says but not with Santander. 

Thrugelmir

Lenders will assess the application and base their decision on the facts at the time. Unfortunately junior staff have to follow the criteria that's set from above. There's no discretion to be flexible. Rules are rules. 

willmanz

Thanks all for your comments. The one thing I do not understand and would have saved time is why that didn’t come up during the AIP where I specified all these info.

[Deleted User]

A lot of banks use non qualifed staff to do thr AIP and only pass to proper advisers on full application.
A broker wouldn't /shouldn't have made this mistake 

kingstreet

AFAIK nationality/visa status isn't asked on the intermediary AIP.

willmanz

kingstreet said:

AFAIK nationality/visa status isn't asked on the intermediary AIP.

On the Santander AIP it was requested and asked to specify VISA expiration date which I did.

haras_n0sirrah

Santander wont do it without a 25% deposit. You need to change lender to one who will. Best bet is to contact a broker either from here or elsewhere to help you as there are not many lenders at 15% deposit without permanent right to remain but there are a couple 

pjread

Presumably or slow things down a couple of weeks, if they'll have permanent right to remain by 4th Oct....