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  • FIRST POST
    • 1234zoe1234
    • By 1234zoe1234 10th Apr 18, 4:41 PM
    • 3Posts
    • 0Thanks
    1234zoe1234
    Santander decision in principle help!
    • #1
    • 10th Apr 18, 4:41 PM
    Santander decision in principle help! 10th Apr 18 at 4:41 PM
    Hi,

    Me and my husband are going going to be having a meeting with a Santander mortgage adviser tomorrow. I am a wondering if anyone knows what questions they will ask and what details we will need to provide.
    I had a phone chat today to gain some initial details and he wasn't very clear on the exact out goings we need to provide for the decision in principle. We are currently renting a flat, so we have quite a lot of outgoings (rent, council tax, water, gas/electric, internet, car insurance, car tex etc), but I'm not sure which we need to include.
    Any advice or guidance would be greatly received
    Thank you
    Last edited by 1234zoe1234; 10-04-2018 at 11:29 PM.
Page 1
    • Slithery
    • By Slithery 10th Apr 18, 4:46 PM
    • 828 Posts
    • 1,306 Thanks
    Slithery
    • #2
    • 10th Apr 18, 4:46 PM
    • #2
    • 10th Apr 18, 4:46 PM
    Why Santander?

    Have you considered speaking to a mortgage broker instead?
  • Andalya
    • #3
    • 10th Apr 18, 4:53 PM
    • #3
    • 10th Apr 18, 4:53 PM
    We are currently renting a flat, so we have quite a lot of outgoings (rent, council tax, water, gas/electric, internet, car insurance, car tex etc), but I'm not sure which we need to include. I am now panicking that they won't lend us as much as we thought because of our outgoings, but these can't be changed really.
    We don't have any debt or credit cards.
    Any advice or guidance would be greatly received
    Thank you
    Originally posted by 1234zoe1234
    When we applied for our mortgage (didn't get MiP, advised not to bother by broker) they needed bank statements that showed our income and outgoings - remember you'll still have these costs when you buy, except that rent will be a mortgage repayment. AFAIK they take into account salary + fixed outgoings (some include student loan, some don't) + any remaining balances on hire purchases, holidays etc and stress test an arbitrary interest rate increase to see what your financial tolerance is.
    • s_glover
    • By s_glover 10th Apr 18, 4:55 PM
    • 392 Posts
    • 1,276 Thanks
    s_glover
    • #4
    • 10th Apr 18, 4:55 PM
    • #4
    • 10th Apr 18, 4:55 PM
    Any lender will need to fully consider your income and outgoings in order to advise you on the potential amount they will lend to you.


    You will need to consider all essential outgoings including:
    Gas/electricity, home phone/TV/broadband, council tax, water, mobile phones, food/toiletries, fuel, clothing/shoes,
    Home insurance, travel insurance, car insurance, life insurance,
    Car servicing, tax, maintenance etc
    Childcare / dependants
    Loans, HP, credit cards
    Professional subscriptions
    Holidays
    Pets
    Any other regular direct debits e.g. hobbies, gym membership
    • kingstreet
    • By kingstreet 10th Apr 18, 5:14 PM
    • 34,138 Posts
    • 18,522 Thanks
    kingstreet
    • #5
    • 10th Apr 18, 5:14 PM
    • #5
    • 10th Apr 18, 5:14 PM
    They are interested in your FUTURE costs, not current costs.

    You will be expected to do a budget planner based on once you have moved.

    There is little point worrying about costs which will end when you move...
    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.
    • AdrianC
    • By AdrianC 10th Apr 18, 6:16 PM
    • 18,438 Posts
    • 16,640 Thanks
    AdrianC
    • #6
    • 10th Apr 18, 6:16 PM
    • #6
    • 10th Apr 18, 6:16 PM
    We are currently renting a flat, so we have quite a lot of outgoings (rent, council tax, water, gas/electric, internet, car insurance, car tex etc), but I'm not sure which we need to include. I am now panicking that they won't lend us as much as we thought because of our outgoings, but these can't be changed really.
    Originally posted by 1234zoe1234
    I've got news for you... Only one of those is going away, and it's being replaced with mortgage repayments - and a whole lot of maintenance costs.


    One day, not so far away, you'll realise rent wasn't bad value as you remember you can't ring your landlord and make the boiler magically better for free or sort the collapsed fence out or sort the leak from the roof out or...
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