I know it's neverending but - grr Santander!

milliebear00001

I know my saga seems everlasting - it does to me too, but I have to vent somewhere!

Offered on my third property after initially applying for Abbey mortgage in July. Went through superquick, no probs with underwriting.

Changed property and then changed again, with offer accepted on new property last Monday. Sent through new paperwork straightaway, only for Abbey to begin the underwriting process all over again.

I am now questioning whether this is usual or fair. They state their 'conditions' have changed since July and have re-credit checked me, and continually ask for new (pointless) bits of paperwork in dribs and drabs. I am utterly frustrated, as is my vendor who needs to move quickly and accepted our offer on the basis that we already had an underwritten mortgage offer.

Can anybody advise what's going on here. Are they about to withdraw their offer? It just seems unfair as I have an offer until Christmas and the only thing that's changed is the property, so why are they underwriting me personally all over again - presumably, if I'd stayed with the other purchase, my offer would still be fine!?

betmunch

The answer is its Abbey, they have been terrible for ages.

unfortunately, if you want their rates you have to do as they ask, and they will regularly change their minds about what they want.

best thing to do is stay calm and send them EXACTLY what they want, when they want it

milliebear00001

betmunch wrote: »

The answer is its Abbey, they have been terrible for ages.

unfortunately, if you want their rates you have to do as they ask, and they will regularly change their minds about what they want.

best thing to do is stay calm and send them EXACTLY what they want, when they want it

So, would they still have wanted to do all the rechecking if I had a firm offer and hadn't changed the property? Are they likely to want to do this even after they issue me with an offer this time (assuming they ever do!)? If so, :eek:.

betmunch

Who knows how Abbey works these days!

After the offer is issued they wont re-under write it unless there is a material change that they are aware of.

It seems in your case it was a policy change on their part between your first offer and when you settled on a property. If you do not fit their new criteria they will withdraw their offer, all these questions and requests are to make sure you fit their current criteria.

I think there is a good chance you will get your new offer, but it is no means certain.

milliebear00001

By a 'material change', do you mean a change in my personal, financial circumstances? I am concerned about what would happen if they changed their lending criteria after they offer me a mortgage.

Would they then withdraw the offer on the grounds that I 'don't meet their new lending criteria'?

betmunch

a material change is anything they consider that would affect their decision to give you the mortgage. In your case it seems to be their change in criteria.

The change of property gave them cause to look at your offer again and they decided to re-underwrite the whole thing.

If you had stuck with the original property then they wouldnt have bothered looking at your application again even with the change in their criteria. To be fair I am surprised they looked at it again at all, but their you go, thats Abbey for you. I would have expected you to have paid your valuation fee and that would be that

milliebear00001

Thanks for your insight. Abbey haven't said their lending criteria has changed - merely that they are now being much tighter about supporting docs, which we didn't have to provide in July (other than bank statemets). I do wonder though, whether all this is actually because they have stopped taking certain types of income into account or have reduced their lending multiples.

I think they've been next to useless to be honest, but as we have slightly out of the ordinary finances, we have been very limited in the lenders we could apply to - Abbey, lend larger multiples with a wider range of income taken into account.

Fingers crossed for a positive outcome tomorrow, since they now seem to have all the paperwork they need.

betmunch

Sorry, you said that the conditions had changed in your first post. I took that to mean that was their lending criteria.

They wont be tighter with supporting docs, they either want it or they dont. As you found out when someone got corrected for saying you could get away with bank statements rather than DWP letters.

Let us know what they come back with tomorrow. Hopefully an offer of mortgage!

milliebear00001

Just thought I would update to say Santander eventually came back with an approved offer on Tuesday, valuation carried out today(!) and I'm now waiting for confirmation of their final offer - fingers crossed it's for the full amount!