Agreement in Principle Differs between Bank and Mortgage Brokers?

RJM90

ukri said:

How old are your four kids. The older they are, the less likely it is that CB will be counted.

They are 1, 4 and 6. All just had their birthdays recently.

RJM90

kingstreet said:

Is this a sole application with your wife as a dependent, or a joint application with three child dependents? This would make a difference. If the former, what is the source of the deposit?

It is currently sole application with my wife as a dependent. She is at home with our youngest until he’s a few years older and can start working again.

kingstreet

On that basis, Santander will not accept an application if your wife makes any contribution to the deposit ie from joint equity or joint savings.

lonibra

kingstreet said:

On that basis, Santander will not accept an application if your wife makes any contribution to the deposit ie from joint equity or joint savings.

Couldn't the OP simply have his wife as joint applicant with zero income to overcome that hurdle?

kingstreet

Yes. That was the reason for the question. Affordability may be better on a sole app with four dependents instead of three; compared to a joint app with only one income though.

lonibra

kingstreet said:

Yes. That was the reason for the question. Affordability may be better on a sole app with four dependents instead of three; compared to a joint app with only one income though.

Ah, very interesting, thank you. Explains why the OP got it wrong.

RJM90

Do you suggest I try a joint mortgage and put my wife’s income as our state benefits (they are shared). Would this change the amount offered?

Truffle just emailed their best loan too and it was £161,000 as well. So confusing.