Santander Mortgage - aaarrrgggh!!

Sloanster

My wife and I put in an offer for a repossession property which had a 6 week completion stipulation by 13th Jan 14. Once we found out the offer was accepted we immediately contacted Santander who put the agreement in principle and agreed they could complete the mortgage process within 6 weeks (even though it's the Christmas period). Anyway, I have been hounding them since to complete the application process started and I was eventually called yesterday and the guy from Santander started the conversation to say that it is now "unlikely" that they can do the mortgage within our timescale. Now if they told me that at the outset I would have went with someone else but the first employee assured me it could be done, in fact two different people I spoke to said it would happen. Now I feel let down and terrified that we will lose our dream home.

I am stuck now as I know another lender wouldn't be able to help and I wonder if there is more I can do to speed the process along with Santander. Also should I ask my solicitor to ask for more time from the seller (Asset Management Group)?

I'm a bit stuck and this could ruin our Christmas, any constructive advice would be most appreciated.

Kynthia

I think the quickest way is to have a good broker who will deal with the mortgage lender direct and then a pro-active solicitor who agrees to work to your timescale. Then only get the mortgage lender to do a valuation survey and hire your own surveyor if you want the property looked at, as often when you get the mortgage lender's own surveyors to do a homebuyers they take longer to get round to it.

ACG

Definitely get a good broker on this to find a quick lender.

I did a mortgage in september where from meeting them to them picking up the keys it took 22 days. Obviously this is cutting it very fine with xmas/new year in the way but it could still be possible.

Also dont worry too much about that date, so long as they can see it is close to completion there should be some slack with it.

Dave_Ham

Ok, few things and hindsight is a wonderful thing but would never have trusted Santander with this one.

Firstly, they underwrite upfront and therefore the last thing to be done is the valuation. Typically, there valuation's can be done quite quickly.

If you have a experienced solicitor aware of your deadline, then this can be resolved but I would assess sunk costs already and then take a view to jump to another lender.

Unless there is anything complicated in your case, a decent broker could virtually guarantee a mortgage offer within timelines required although the rate may be slightly higher.

You do not want to approach the company selling, as they will just market more aggressively.

Good luck

Dave_the_Ginger_Cat

The lender/solicitor parts have been well covered by previous posters.

My advice would be to keep the seller informed via the agent. They may be willing to be flexible on dates, as after all if they don't proceed with you, they'll need to start again

Road_Hog

Dave_Ham wrote: »

Ok, few things and hindsight is a wonderful thing but would never have trusted Santander with this one.

Yep, but if you put this down to experience and learn from it, then it will be a valuable lesson. Abbey National used to be a great mortgage company/bank - until Santander bought it out.


A word to the wise, avoid, avoid, avoid...

Wh05apk

Disagree, Abbey are one of the quickest lenders out there, one of the few I can almost guarantee getting offers out in 7-10 days.


Like all lenders you need to know their systems, and don't try to be clever, rules are rules, if they ask for something, give it to them don't try to argue out of it, or it could take weeks.

Dave_Ham

Wh05apk wrote: »

Disagree, Abbey are one of the quickest lenders out there, one of the few I can almost guarantee getting offers out in 7-10 days.


Like all lenders you need to know their systems, and don't try to be clever, rules are rules, if they ask for something, give it to them don't try to argue out of it, or it could take weeks.

I think you misinterpret my point, if disagreement aimed at my post.

Santander can be very quick if they like a case, although it is not unusual that they request multiple documents/information and then you sit in a queue.

Last week with a case we had (offered in about 12 working days), it was taking 1 day in the data processing and 2 days to get back from underwriter.

Only a couple of requests and kicks out the 10 working days and not unusual for a case to be audited post offer and then more information/documents requested and hence my initial scepticism.

They can be quick, although would not want to rely upon it.

Wh05apk

Dave_Ham wrote: »

I think you misinterpret my point, if disagreement aimed at my post.

Santander can be very quick if they like a case, although it is not unusual that they request multiple documents/information and then you sit in a queue.

Last week with a case we had (offered in about 12 working days), it was taking 1 day in the data processing and 2 days to get back from underwriter.

Only a couple of requests and kicks out the 10 working days and not unusual for a case to be audited post offer and then more information/documents requested and hence my initial scepticism.

They can be quick, although would not want to rely upon it.

More aimed at Road hog,


I have no issues with Abbey, and find them one of the most reliable and quickest lenders to deal with, rarely get them asking for more info, as I try to pre-empt and supply everything up front.


Also never had an issue with a case being audited, but then I try to cover everything off on submission.

Dave_Ham

We supply it all at inception too, although invariably they want something and then something else.

That said, it may be indicative of how infrequently we use them and I imagine the moral of the tale to OP is use a broker and trust the broker.

A decent broker will place where an offer will be achieved promptly and that lender may be different with different brokers, but so long as the timescale is achieved then right end result.

Wh05apk

Dave_Ham wrote: »

We supply it all at inception too, although invariably they want something and then something else.

That said, it may be indicative of how infrequently we use them and I imagine the moral of the tale to OP is use a broker and trust the broker.

A decent broker will place where an offer will be achieved promptly and that lender may be different with different brokers, but so long as the timescale is achieved then right end result.

I think you may have hit the nail on the head there, I know their systems inside out, and use them a lot, and have no issues, other lenders I use less often, I can almost guarantee I will have issues with.