Help with Santander
Discussion
This is not a rant about Santander. I have not had previous dealings with them but many of my customers have nothing but good things to say about them.
I have applied for a mortgage with Santander through a broker. He appears to have cocked up with the application and it has been declined suddenly and at he last minute. The problem appears to have been caused by the brokers inability to understand a balance sheet and instead of asking me for clarification he launched an appeal with Santander. I am very concerned that the appeal cannot be a success because the broker did not appreciate some vital details at the time he launched it. He tells me that the appeal will presented to a senior underwriter in the next 48 hours. We should get an answer by Tuesday.
His plan of action as of four pm on Friday was to go out with his mates and see if they could recommend another lender!
Is there anyone out in PH land who works on the mortgage side at Santander?
I have applied for a mortgage with Santander through a broker. He appears to have cocked up with the application and it has been declined suddenly and at he last minute. The problem appears to have been caused by the brokers inability to understand a balance sheet and instead of asking me for clarification he launched an appeal with Santander. I am very concerned that the appeal cannot be a success because the broker did not appreciate some vital details at the time he launched it. He tells me that the appeal will presented to a senior underwriter in the next 48 hours. We should get an answer by Tuesday.
His plan of action as of four pm on Friday was to go out with his mates and see if they could recommend another lender!
Is there anyone out in PH land who works on the mortgage side at Santander?
Edited by D Stanley on Saturday 28th June 23:11
Santander declined it because they think the company owes money. The only "debt" is due to my investment into the business through the directors loan account.
I don't know the basis of the appeal but when he phoned me up to tell me that the mortgage had been declined because of the debts I had to tell him to look at the director's loan account.
The broker did not read the full financial report and so did not see that the balance of "Accounts falling due within one year" was fully broken down as corporation tax due and Directors loan account.
I don't know the basis of the appeal but when he phoned me up to tell me that the mortgage had been declined because of the debts I had to tell him to look at the director's loan account.
The broker did not read the full financial report and so did not see that the balance of "Accounts falling due within one year" was fully broken down as corporation tax due and Directors loan account.
D Stanley said:
Santander declined it because they think the company owes money. The only "debt" is due to my investment into the business through the directors loan account.
I don't know the basis of the appeal but when he phoned me up to tell me that the mortgage had been declined because of the debts I had to tell him to look at the director's loan account.
The broker did not read the full financial report and so did not see that the balance of "Accounts falling due within one year" was fully broken down as corporation tax due and Directors loan account.
I'be interested to know how the appeal has been submitted if he wasn't aware of the directors loan account.I don't know the basis of the appeal but when he phoned me up to tell me that the mortgage had been declined because of the debts I had to tell him to look at the director's loan account.
The broker did not read the full financial report and so did not see that the balance of "Accounts falling due within one year" was fully broken down as corporation tax due and Directors loan account.
Santander are quite pedantic about these things, we had a similar case declined by them where the applicant had injected £125k into the business and was repaying him over a ten year period. They didn't like the debt sitting on the accounts and declined it. Trying to explain it to them was like pulling teeth......
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