Santander withrawed mortgage offer completion is today

tomfrog

Hi all,

thank you so much for your support and advice.
We finally got the money through and completed today, with one day delay.
The seller and the rest of the chain completed yesterday after the seller got a bridge loan.
We are now waiting to see how much this is going to cost us.
We have already put through a complaint with santander, and are going to follow that up. We are surely going to ask for compensation, if not happy with their reply, we will take this to the Financial Ombudsman or whoever is is charge of this.
We really feel Santander badly handled all this and are not going to give up!

Thank you all again, we're moving in this weekend!

wessexw

Yay that brilliant news - what a relief!!

Richard_Webster

Glad to hear that and hopefully Santander will pay up the extra costs etc.

seven-day-weekend

Glad it's all worked out with your house purchase and hope Santander cough up!

wessexw

As a follow up to this, I’m looking to buy my first property at the moment and threads like this scare the pants off me. Is there any way to draw money from the mortgage lender prior to exchange or is exchange a prerequisite for being allowed to have the money? It seems to me that the time between exchange and completion is a very scary no mans land which you have to enter in order to buy a property, but it seems very cruel that stuff like that is allowed to happen during that time and you have no way of protecting yourself?

Richard_Webster

It is actually quite common to draw down money before exchange and this usually because everyone appears to be dead keen for a particular completion date but some issue is holding up exchange. If then exchange doesn't happen when expected there is the extra hassle of sending the money back or the buyer bearing interest on his mortgage for a period when he doesn't own the property.

Lenders only normally withdraw offers when there is evidence of dishonesty on the part of the borrower - e.g. deliberate attempts to falsify income or conceal the true nature of a transaction. If they withdraw in a case like this where perhaps they shouldn't have issued the offer in the first place, then it really is their fault and they wouldn't want the adverse publicity that would result if they didn't do the right thing.

rach29

tomfrog wrote: »

Hi all,

thank you so much for your support and advice.
We finally got the money through and completed today, with one day delay.
The seller and the rest of the chain completed yesterday after the seller got a bridge loan.
We are now waiting to see how much this is going to cost us.
We have already put through a complaint with santander, and are going to follow that up. We are surely going to ask for compensation, if not happy with their reply, we will take this to the Financial Ombudsman or whoever is is charge of this.
We really feel Santander badly handled all this and are not going to give up!

Thank you all again, we're moving in this weekend!

Excellent news!!

What this comes down to is Santander not doing their job properly. They should have checked the paperwork they needed was all in place before issuing the offer. What happens is the offer is issued & they do a last minute check before releasing funds (at which point, in your case & mine) they realise they've missed something. They then cause a problem with completion because they forgot to do a proper job before the offer letter was sent.

They need to get their act together because ( As Richard will surely agree) failure to complete can be very costly!

I hope your move goes smoothly and you get properly compensated by Santander for any costs you may have had.

Keep us posted

azkaban420

Am so glad it's finally gotten sorted for you tomfrog, was really worried for you. I hope Santander foot the bill for the extra costs you incur.

All the best

Az

barrybarryr

We complete on Thursday and we are getting our mortgage from Santander. Threads like this really worry me!

Kimmy2309

barrybarryr wrote: »

We complete on Thursday and we are getting our mortgage from Santander. Threads like this really worry me!

On the other side of the coin we got our mortgage through Santander and there was no problems what so ever. In fact it will all pushed along very quickly (21 days from offer to completion).