Santander Mortgage APPROVED THEN WITHDRAWN AT "AUDITING"

[Deleted User]

.... if applications keep failing the data within your credit report is having an impact.
Scrutinise it, there are several pages inside a report so trawl through it with a critical eye.

Edi81

Get yourself a broker. 

Why did you reapply with Santander? You realise that they will be able to see the last application and unless there is new information I can see them declining straightaway. 

AlexanderFM1993

I have called them and they said because it was "head office" they cannot tell me why. What a load of nonsense. So I am going to go to another bank + reapply with Santander - this time adding my partner to the application and with an increased deposit. 

[Deleted User]

Did you declare any declined applications during the application process?  If not then expect a decline as no one likes non-disclosure.  

I think Santander's wording  is something like 'Have you applied for a mortgage on this property before?'

[Deleted User]

Otherwise if you are still doing the undermarket valuation then the lenders policy is 

We accept transactions where the reduced purchase price is:

• 80% or more of the current market value; and
• no more than £100,000 below the current market value.

In another post you say that you are buying a £1.1m property for £875k so this might be another reason for it

AlexanderFM1993

Deleted_User said:

Did you declare any declined applications during the application process?  If not then expect a decline as no one likes non-disclosure.  

I think Santander's wording  is something like 'Have you applied for a mortgage on this property before?'

I don't think they asked me?

AlexanderFM1993

I actually got the valuation back today - along with the now expired offer letter - and they have valued it at the purchase price. Deleted_User said:

Otherwise if you are still doing the undermarket valuation then the lenders policy is 

We accept transactions where the reduced purchase price is:

• 80% or more of the current market value; and
• no more than £100,000 below the current market value.

In another post you say that you are buying a £1.1m property for £875k so this might be another reason for it

Crashy_Time

So a 225k price drop, what general area was that?

Thrugelmir

Who owns the property you are are buying? 

AlexanderFM1993

Crashy_Time said:

So a 225k price drop, what general area was that?

I believe that the valuer just valued it at market price for ease.