Abbey/Santander application - Delay

Let_Us_See

Tashybud wrote: »

We have an AIP in place and Mortgage Broker submitted the application over the weekend and said we'd get a response within 48 hours.

A little naive if broker expected a response within 48 hours. However, you don't mention what kind of a response you were expecting, but certainly not an offer of mortgage.

Wh05apk

Abbey like most lenders now are starting to gear up to MMR ~(Mortgage Market review) which comes in from April, and will place far more emphasis on the lender with regards affordability and plausibility, as a result underwriting is starting to take far longer, this combined with increasing volumes of applications is starting to cause delays, having said that Abbey are currently working at 4-5 days from application to underwriting, so comments above about 2 weeks + would imply a problem with the application submission, so you should raise this with the broker.


Unfortunately over the next few months delays will only get worse, and underwriting more difficult, don't blame the brokers/lenders, this is an FCA thing in a bid to help the "consumer" - however short term it will cause massive delays, we are starting to see lenders increase rates to slow applications down, and I suspect brokers will start to increase fees to cover the additional paperwork involved.

Okydoky25

My application went in on the 13th so I am on 7th working day without news. I am not using H2B. Losing the will to live with another looong weekend to get through!

sdl1503

Okydoky25 wrote: »

My application went in on the 13th so I am on 7th working day without news. I am not using H2B. Losing the will to live with another looong weekend to get through!

Ours went in on the 11th and I naively thought we would've heard by last Friday. Here we are a week later and still nothing. I've given up now, going to look at other lenders.

PheoUK

I'm starting to wonder if I should look elsewhere!!

Wh05apk

sdl1503 wrote: »

Ours went in on the 11th and I naively thought we would've heard by last Friday. Here we are a week later and still nothing. I've given up now, going to look at other lenders.

Abbey are no worse than most lenders, my last submission with them took 5 days to get to the underwriters, and was then valued and offered within another 7 days.


Going to another lender now will mean you are starting again, most other lenders are no better, as I previously said, lenders are now gearing up for MMR, and there is also a bit of a property boom going on, so all lenders with decent rates are snowed under with applications, anything which is not correctly packaged (all payslips/p60's bank statements or anything else requested) will take a low priority so your broker needs to ensure they are on the ball.

PheoUK

Still Nothing from Santander - won't deal with me on the phone either as I'm am in branch customer. Their phone system was broadcasting that they have delays in answering calls due to high demand for their products.

Peter__2

Seems like mine's going smoother than some so far then. I applied through L&C to Abbey last week. Application submitted on Thur 13th, approved subject to valuation on Wed 19th. I was also originally told first response would be in 48 hours but then I did get a call from case manager to say there were delays. There was also an request for extra documentation in that time. I'm now waiting on survey (been told by estate agent a request for access was received on Wed, at that time still be arranged with vendor, but I don't yet know if survey has actually been done yet.)

It is pretty nerve racking though waiting for each stage, so I do feel sorry for those that haven't heard anything yet.

sdl1503

sdl1503 wrote: »

Ours went in on the 11th and I naively thought we would've heard by last Friday. Here we are a week later and still nothing. I've given up now, going to look at other lenders.

We heard back tonight that we've been approved. So it was 9 full working days to process for us. Hope you're all not too far behind us.

JennGa

Fingers crossed for some progress for us next week