Mortgage appeal

Debs757

Hi

We have just been told our mortgage application with Santander has been declined, 6 weeks into our house sale!
Our broker has lodged an appeal and hoping to hear back by next week

Just wondered if anyone had an success from appeals or getting another application with another lender agreed after a declined one so soon before.

Thanks 

beckstas-money

What was the given reason for decline?

[Deleted User]

On what grounds does the broker feel they can appeal?
Has the underwriter made a mistake? 

dunstonh

Appeals do not normally work unless there is a misunderstanding of the situation or additional information is available that could change the outcome.

Debs757

beckstas-money said:

What was the given reason for decline?

My husbands year to date take home salary was different to what broker stated on application as yearly salary. He was off work for a few months last year sick and although got paid his basic salary didn't get his additional shift allowance. However we have 5 months pay slips since showing full salary. 

Debs757

dunstonh said:

Appeals do not normally work unless there is a misunderstanding of the situation or additional information is available that could change the outcome.

Broker looking at it as a misunderstanding 

differentview

Hi All,

Sorry jumping on this post as we are about to go through an appeal with Santander ourselves!

Did you have any luck with your appeal?

To try and cut a long story short, we are remortgaging our own property in order to raise funds to purchase a property which will be run as a holiday let. Santander aware of this at all stages due to an issue we had with NatWest who our current residential mortgage is with. I have a business that manages marketing & bookings for UK holiday lets. It is worth noting however that my income isn't from this business, I also don't draw down dividends so take £0 in earnings from this business, don't have to do a self assessment etc - I have payslips and am an "employee of a family business" of another company which is where my income is derived from, again something that Santander were aware of from the get go and wasn't an issue to them. We have passed all other checks to this point, the valuation for the remortgage on our home was carried out this morning (after my broker had got the decline from Santander but at least it still went ahead!)

Santander have declined on the basis they are concerned we are raising the funds to purchase the holiday let through my business, i.e. in order to raise business finance, purely because my email address references holiday lets (this is what they actually told my broker!). We are purchasing this in mine and my husband's names as an investment property, nothing to do with the business at all! It just so happens as I have worked in this sector for a number of years we feel the return is better running it as a holiday let than a BTL, but I also work in residential lettings and our mortgage for the purchase would allow us to do either. Santander have now been sent memorandum of sale showing this is in our personal names, solicitors forms which also show this and our broker advised a letter from ourselves stating that we are definitely not purchasing through the business which has also been sent to Santander.

I have no clue if this will work, our broker seems to think its definitely worth trying to appeal as Santander are concerned about something which is just completely untrue! Just feels like its our word against the decision of an underwriter, our broker seems to think this will be enough evidence to start with but how on earth do you further prove something that hasn't happened yet!?

Any words of wisdom on the appeals procedure welcome as I have never had to do one before and feel like banging my head against a brick wall at this point after the last 10 days of stress from banks!