Santander DIP declined when I want to port mortgage but Natwest agreed a DIP?

amandacat

Hi all. I am hoping for some advice please. I currently have a mortgage with Santander and want to port my mortgage to a new property but the online DIP came back as a straight decline. I already have a mortgage with them and have for the last 10 years, no late payment, no credit defaults, no outstanding loans or credit card balances. 
This worried my so I then did an online DIP with Natwest, who accepted by DIP and suggested that I could borrow much more than I had requested.
I can't understand why Santander have declined me. The only things I can think of is I paid off a 10K Natwest loan recently to clear my remaining debt and that might not have shown up as cleared on my credit report yet. Or it could be that I declared I am using 60k from the equity of my property but based on my outstanding Santander mortgage this is currently 59k equity (but will be 60k by the time I move). I can't understand what else it could be? 
I ideally wanted to use Santander to avoid an ERC. 
Can anyone offer any advice? Would it be worth using a mortgage broker?

haras_n0sirrah

Santander is a funny one at aip stage. It can sometimes decline, it won't say why. We phone up and they tell us it is something minor and then with a little tweak it is an accept. It may be worth going via a broker as we can sometimes shed some light on why it declined but more importantly may be able to get an accept. If not we can find the next best lender for you. If you dont have a broker some of us who post here are independent brokers. 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.

kingstreet

If the loan is still showing as current on your credit file, Santander will not exclude it from affordability. You would need to appeal with evidence it had been repaid from a credible source, ie not from more borrowing.