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Declined from Santander
Sophielucia22
Posts: 24 Forumite
Hi, we have been declined by Santander for our mortgage (to port and add an additional 160k to move home), we already have a mortgage with Santander and had a mortgage in principle for them so thought we would be okay.
feeling really deflated from it as it now means we have to try elsewhere and also have to pay the early repayment fee. Has anyone else been declined from Santander but had better luck elsewhere?
they declined due to ‘affordability’ and even our broker is confused. He is trying to contact them to see if they will budge but not feeling hopeful.
feeling really deflated from it as it now means we have to try elsewhere and also have to pay the early repayment fee. Has anyone else been declined from Santander but had better luck elsewhere?
they declined due to ‘affordability’ and even our broker is confused. He is trying to contact them to see if they will budge but not feeling hopeful.
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Comments
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Have they said an amount they would be prepared to lend?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.1
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No, they just said no. They haven’t really disclosed much which is annoyingsilvercar said:Have they said an amount they would be prepared to lend?0 -
Maybe check your credit records just in case something is on there?Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.phpFor free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.0
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We have, all clear!kimwp said:Maybe check your credit records just in case something is on there?0 -
You say affordability, you want to borrow an additional £160k, what would be your total borrowing and what would be your total /combine income, do you have any other debts?0
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Total borrowing is 378kMattMattMattUK said:You say affordability, you want to borrow an additional £160k, what would be your total borrowing and what would be your total /combine income, do you have any other debts?
Combined income 89k
other debts - £450 car & £500 childcare0 -
Were you relying on repaying any credit on/before completion in meeting affordability?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Is £89k total income without other deductions such as Council tax & utilities etc?Sophielucia22 said:
Total borrowing is 378kMattMattMattUK said:You say affordability, you want to borrow an additional £160k, what would be your total borrowing and what would be your total /combine income, do you have any other debts?
Combined income 89k
other debts - £450 car & £500 childcare
Is the £450 & £500 monthly & after total income.
Which would being income down to £78K
Which would mean a 4.8 times income.
If that is the case, you can see why affordability is a issue.
Life in the slow lane1 -
I absolutely agree with born_again, I can totally see why you failed on affordability, even without the car and childcare (and potentially pension contributions) you would be on 4.25 which whilst possible is over the 4.0 that most lenders are comfortable with. I would be very surprised if a half decent broker is confused by that, are they really a broker, or just one of the commission vultures base in/recommended by an estate agent?0
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I’m guessing you have savings?If not they could be wondering how you’re going to afford the payment on another £160k.If you have savings, can you use some of that and borrow less?0
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