Abbey/Santander Mortgage help please?

Chocoholicmum

My daughter and partner have applied for an Abbey Mortgage for a repo house, they are first time buyers and need a 90% mortgage. They applied 14 days ago, valuation was last Friday and they were just waiting for the offer to arrive so they can exchange this friday, (every day counts as there have been other offers on the house). Today they were told the valuation went fine but they now need copies of ID faxing through! The broker has faxed these today. After reading the many pretty awful stories about Abbey/Santander I am really worried that they are now just waiting for an excuse to turn them down? Should I be worried? They need to exchange asap and definitely in the next 14 days as it is a repo, so not much time if they are turned down now!:(

Crashandburn

Interesting that they need ID now. It could be something keyed wrong as in the spelling of a name and they just need to confirm.

Their process tends to be fully underwritten before instructing valuation so I wouldn't overly worry, but hope they can meet the deadline for you.

Dave_Ham

This means that it is now being reviewed by their service centre.

Santander are a disaster

Simon_gloster

As Dave says, the case has been pulled and I likely to have full status review by the processing unit.

Should be ok as long as everthing has been declared.......buy xmas cards just in case.

Chocoholicmum

Thank you for the replies, I now fear the worst!

Why would it be reviewed at this late stage?

When I heard they had got to the survey stage I presumed they were safe, as I have read that Santander/Abbey fully underwrite before survey.

All documents, including ID were sent at application stage 2 weeks ago, so I am puzzled as to why they would want them again?

Also please could you tell me what does having a full status review by the service centre/processing unit mean? (sorry early in the morning, my brain is still sleeping)

Dave_Ham

It is essentially a head office audit.

I hate Santander for this reason alone (if not many others) as they agree and ask the world and then request more.

Typically, this is all documents the broker would have already it is just a pain to prolong the process.

So long as everything is above board with what was declared, they will be fine.

This bit is almost to check the broker and their own underwriters rather than the client..

Chocoholicmum

Thank you, I feel slightly less worried now, I think! I just hope they don't take too long!

My daughter's partner spoke to Santander yesterday to confirm that they had received the fax of ID, he was told it doesn't update on the system for 24-48 hrs so she couldn't tell him!! She also informed him that it would take another 48 hrs after that for the offer to be sent out! She didn't say the whole thing was being reviewed again...

My daughter has a 997 rating on exp credit score, she has had a default on a mobile contract almost 6 years ago, (age 18 at the time) since paid in full and due to be removed from her credit record in July of this year. This was declared to the mortgage broker so I assume the information was passed on to Santander, which would have been looked at by the underwriters? She is now worried that the broker didn't pass this on and they will now find it! I don't know what to think?

She has learned from her mistake and is excellent with managing her money now, and has worked hard at improving her credit record and saveing for a deposit for their house. I just hope this goes in her favour.

In hindsight I wish I would have found this fab forum earlier, would have avoided Santander like the plague...