Santander timescale?

lexilex

I'm sorry if I am asking about a subject that is already covered. I have tried searching but to no avail.

We're FTB's. We're dealing with a broker, who got us an agreement in principle yesterday from Santander. We've today had an offer accepted on a property.

I am just wondering what the process is and how long things usually take with Santander. I've seen other people on here sharing their mortgage timeline, but I can't see any of these sort of topics for Santander. I am still a little panicky about whether our mortgage is going to go through, and with xmas coming up wondering if that's going to drag things out even more. It would just be good to get some sort of idea how long we can expect to be waiting.

Thank you

CatchFazed

Haha, snap - just posted a very similar question about Leeds.

Thrugelmir

The mortgage offer is only one part of the process. I assume that your seller isn't expecting to complete before the Xmas holidays. With the almost complete shutdown of the UK at the end of December very little will happen at this time.

The date you'll be able to move in. Very much depends on the chain if there is one. What are your sellers plans?

rizwan567

Hi

See this post, it will help

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I myself made application direct with santander and I am waiting for a decision from underwriters, I will hopefully get the decision tomorrow and then main hurdle left will be valuation. Fingers crossed, feeling anxiety and stressed

I first made application by phone on 15 Nov 2013. You are going through broker so your timeline and procedures may be little different.

Another forum member (Pinkteapot) in below thread waiting for decision from Santander and went by broker

https://forums.moneysavingexpert.com/discussion/4711931

Hope this is helpful.

Rizwan

FTB_Doll

We applied for our mortgage Oct 14th we had our valuation done on Oct 31st and Offer on 2nd November. We are expecting to exchange today :j

Oh we went through a broker

x

kingstreet

TBH every case is different.

One person's experience can be vastly different to another's.

As the process pretty much always involves;-

credit search
evidence/documentation
valuation
offer

those are the only stages you can rely on with any certainty.

pinkteapot

We're in the process of applying to Santander, also via a broker.

Your broker will send in your application and documents. An initial team will collate your file and may request more documents if they need them. Once the file is assembled, it goes to the underwriters. They decide whether to lend to you or not, assuming the house is OK. If the underwriters say yes to you personally, then Santander check the house out by doing their valuation survey.

Our timescales have been:


19/11 - application submitted by broker
22/11 - more docs requested
25/11 - file complete and passed to underwriting
26/11 - underwriters approved us, passed on for valuation to be booked

Not heard yet about a date for the valuation - I'll ask the broker to chase them next week.

From what I've heard, after they get access to the house to do the valuation survey, an offer/decline normally then comes through in a few days.

Our broker told us that Santander service standard is 48-72 hours for the underwriting stage, so don't panic if you don't hear next day. He said a lot seem to be turned around in a day at the moment, but that could change if they get a flurry.

lexilex

Thanks for the replies everyone, really helpful. We're not in a rush at all to move in (if anything the longer the better, chance to save a bit more cash!) but I just want an idea of when we will know the mortgage is all sorted as that's the part that panicking me the most.

pinkteapot

Just had a call to say that Santander did their valuation yesterday and they're happy with it, so we've had verbal approval! Formal mortgage offer will follow by post in the next couple of days.

So 10 days from application to verbal confirmation for us! That seems very fast!!

Good luck with your application - I'm sure it'll be fine if you've got no financial skeletons in the closet.

lexilex

pinkteapot wrote: »

Just had a call to say that Santander did their valuation yesterday and they're happy with it, so we've had verbal approval! Formal mortgage offer will follow by post in the next couple of days.

So 10 days from application to verbal confirmation for us! That seems very fast!!

Good luck with your application - I'm sure it'll be fine if you've got no financial skeletons in the closet.

That's great news, congratulations. Hope everything happens that quick for us, I'm not the most patient of people!