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Santander Mortgage APPROVED THEN WITHDRAWN AT "AUDITING"
AlexanderFM1993
Posts: 29 Forumite
I had a mortgage approved by Santander. They told me that they were sending out my offer letter to my lawyer and myself. Then, a few days later, they tell me that they have withdrawn my offer because it has been randomly audited.
I am not sure why but my main question is can I just re-apply to Santander? I have already done so, got another decision in principle and uploaded the same docs. Perhaps this time it won't be picked up by this obscene audit?
I also have a Plan B but my good lord this is a pain in the behind.
I am not sure why but my main question is can I just re-apply to Santander? I have already done so, got another decision in principle and uploaded the same docs. Perhaps this time it won't be picked up by this obscene audit?
I also have a Plan B but my good lord this is a pain in the behind.
0
Comments
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Audits aren't 'obscene'. They're a legal requirement.
You should be grateful that Santander have realised that you want to borrow more money than you can actually afford.5 -
What's the reason behind the sizable discount in purchase price to the property's market value.
I'd say the size of the mortgage applied for is good reason for an audit flag to be raised.0 -
I can afford the repayments x 4 each month.0
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Anything odd on any of your credit reports? Any historical issues with Santander?0
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Credit score is high, all good etc.MaryNB said:Anything odd on any of your credit reports? Any historical issues with Santander?
No prior issues with them.
Are audits required on all mortgages? OR is it just random ones that get it after acceptance?0 -
AlexanderFM1993 said:
Are audits required on all mortgages? OR is it just random ones that get it after acceptance?
Lenders legally have to randomly audit a certain percentage of all applications.2 -
Not score, reports.AlexanderFM1993 said:
Credit score is high, all good etc.MaryNB said:Anything odd on any of your credit reports? Any historical issues with Santander?
No prior issues with them.
Are audits required on all mortgages? OR is it just random ones that get it after acceptance?
Score is irrelevant, santander won't look at it. They'll look at the data on one or more of your credit reports and do their own internal scoring. You need to read through all three.
My friend applied to Santander for a loan he could well afford last year. He has a 900+ score with Experian but was rejected because he didn't meet santanders criteria.0 -
The report is fine too but I have already been accepted after a hard search so I don;'t see why an audit would change this?MaryNB said:
Not score, reports.AlexanderFM1993 said:
Credit score is high, all good etc.MaryNB said:Anything odd on any of your credit reports? Any historical issues with Santander?
No prior issues with them.
Are audits required on all mortgages? OR is it just random ones that get it after acceptance?
Score is irrelevant, santander won't look at it. They'll look at the data on one or more of your credit reports and do their own internal scoring. You need to read through all three.
My friend applied to Santander for a loan he could well afford last year. He has a 900+ score with Experian but was rejected because he didn't meet santanders criteria.0 -
could you not ask santander why the audit refused the mortgage and would there be a problem if you apply again?AlexanderFM1993 said:
The report is fine too but I have already been accepted after a hard search so I don;'t see why an audit would change this?MaryNB said:
Not score, reports.AlexanderFM1993 said:
Credit score is high, all good etc.MaryNB said:Anything odd on any of your credit reports? Any historical issues with Santander?
No prior issues with them.
Are audits required on all mortgages? OR is it just random ones that get it after acceptance?
Score is irrelevant, santander won't look at it. They'll look at the data on one or more of your credit reports and do their own internal scoring. You need to read through all three.
My friend applied to Santander for a loan he could well afford last year. He has a 900+ score with Experian but was rejected because he didn't meet santanders criteria.0 -
Looking at your history, why didn't you go with nationwide if it was approved? May this rejection have something to do with your old application?0
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