This applies to both new business and product transfer applications. They will oversee the sales agreement to ensure it is in your best interest, they will manage the transfer of mortgage funds, exchange contracts with the seller or their conveyancer and set a completion date with the seller or their conveyancer. Where the source of deposit is a loan, you should provide the following details in the notes section on Introducer Internet: Not required unless requested specifically. Any reference to our services or Plan/s above is limited to mortgages, loans, consumer credit and non-investment insurance contracts. If paid weekly, four weeks' consecutive payslips required, along with one payslip from each of the previous two months identifying the bonus/commission/overtime payment. Our Financial Services Register number is 106054. Santander for Intermediaries is a brand of Santander UK plc and is not a regulated company. We do not accept applications from customers with a criminal record (or where they are living with someone who has), unless the conviction is for a minor traffic offence, or is spent under the Rehabilitation of Offenders Act 1974. For part interest only sale of property with part capital and interest, the £150,000 is calculated on the equity at the end of the mortgage term. Use the median/middle figure for mortgage-related endowments or mortgage-related ISA at the term end, as detailed on the latest statement. Santander has further tightened underwriting for self-employed mortgage applicants in response to the introduction of more government restrictions relating to the Covid-19 pandemic. This will be subject to the local authority's/housing association’s unconditional postponement of their charge. pensions, sale of other properties (including BTLs), bonuses, overpayments, cash savings (including cash ISA) or inheritance. For an application to be considered on an Execution Only basis the applicants must meet the following criteria: Evidence of eligibility to proceed with Execution Only must be obtained from the customer. BFPO, offshore worker) and returning to live in the property at an end date; or. A fee of £35 will be deducted from the loan on completion. Mortgage brokers also tend to have established relationships with some of the mortgage underwriters at lenders such as Santander and this can mean than during manual underwriting there may be more flexibility in order to get your mortgage application approved. If the applicant's dividends are exceeding net profit, the figure used for affordability must not exceed the net profit figure. If this was from sale of property, please provide full details with evidence of ownership and sale, Copy bank statement(s) from the person providing the gift showing the money being transferred into the applicants’ account, Copy bank statement(s) from the applicant(s) showing the full deposit amount and evidence of the gifted funds being credited into the account. We do not accept an employer's reference as proof of income. Is the customer remortgaging an Alliance & Leicester mortgage to Santander? Where contiguous land is owned or controlled by the applicant we will consider lending providing either: We've updated our policy to remove the EEA/Swiss nationals section as the policy is now aligned for all foreign nationals. Conveyancing is a key part of the Santander mortgage underwriting process. Mortgage Underwriting Policy Manual Table of Contents [Sample Client] © 2009–2019 AllRegs by Ellie Mae. If the benefit package end date is before the product charge end date, an ERC will still be applicable until the product charge end date. Common questions about Santander mortgages. Manual mortgage underwriting usually helps those who have complex mortgage cases. We undertake regular checks to assess the plausibility of your client’s repayment strategy and we may request further information or evidence. They are for our sole use and no fee is charged. These must be final accounts and signed by a suitably qualified accountant. The maximum amount allowed for a loan part(s) where the purpose is debt consolidation is £50,000. Where the customer owns less then 100% of the property, with the remaining share being owned by a third party, our LTV restrictions apply to the value of the share owned by the customer. We’ll consider applications where a repayment vehicle is held in a foreign currency on a case by case basis for existing Santander mortgage customers moving home borrowing the same or less only. We do not allow self certification of income. The surplus rental income can be used as secondary income where every owner of the retained property is also a borrower on the residential mortgage application. An incentive is anything the builder gives or provides to the buyer in cash or goods. Additional voluntary pension contributions (must show as a separate entry on the applicant’s payslip). In cases where no additional borrowing is required, a valuation fee may be payable. The mortgage underwriter will liaison with your conveyancer and the assigned Santander conveyancer to ensure the title on your property does not have any restrictive covenants. For all LTVs we may request three months’ business bank statements where necessary. In this case, you can expect to have further follow-up questions and requests for more supporting documents. Minimum loan sizes apply to our products. If your mortgage application is rejected then you may need to find another mortgage lender to apply for a mortgage with or resubmit your mortgage application to Santander. A customer who has never owned a property, whether in the UK or abroad. A mortgage broker will look to understand your financial circumstances and then provide recommendations on which mortgage products may be suitable for you based on your mortgage affordability. Copyright © Santander UK plc. Not fully occupying but the property would be: Latest monthly payslip (no older than two months from application date) or if paid more frequently than monthly, last four weeks' payslips required (no older than five weeks from application date). We do not accept applications where the property is being purchased by, from or connected to a Property Investment Club. In this brief guide, we discussed the Santander mortgage underwriting process. There is a re-inspection fee of £70 if one of our valuers has to make an additional visit to a property before we release any money we’ve retained. Except for change of borrower applications when purchasing equity interest in the property, in which case 90% LTV applies. We won't allow a remortgage of the current residential property onto letting terms with Santander UK plc when combined with a residential purchase with Santander UK plc. Be a UK resident (please refer to our residency section). In some circumstances we may request evidence of the deposit that you hold. For applications where the LTV is over 75% and the applicant’s income is required for affordability purposes, they must have the permanent right to reside in the UK. Please be aware that all applications will be subject to additional policy including loan to income multiples. No monies need to be collected from the customer. Where a fee is being added to the loan this must be documented in Introducer Internet 'Notes' in the following format: 'The broker fee is included within the mortgage advance'. Santander mortgage reviews can help you to find out what other Smart Money People have to say about what could be your biggest ever financial purchase. Please use our. Will an occupier who is not an applicant on the new mortgage application be paying a lump sum towards the purchase of the property? Where an applicant intends to return to work on the same terms as before the start of parental leave, we will need confirmation of this in the ‘General Notes’ section on Introducer Internet. A visa stamp in a passport (for this purpose only, the passport may be expired); or, An Identity Card issued by the UK Border Agency/UK Visas and Immigration for non-EEA/Swiss citizens; or, The share code so we can check the settled or pre-settled status of EEA/Swiss citizens. 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