Abbey/Santander application - Delay

HOMESWEETHOME

Its been audited and then handed back to underwriters last wednesday but have just been informed they require more information even tho the auditors gave it the green light.

What does this mean..... 'Please confirm background to transaction'

FluffyClouds

Well, Santander have confirmed today that the valuation was fine and mortgage offer for full amount is in the post!! Yippee!! That was 18 calendar days (11 working days) from application to offer so my experience has been very good. I hope those of you who are still waiting get yours very soon too.

flowerfanlight

hello all, I am also waiting for a mortgage application. Sad thing is I was conned into getting a "portable" mortgage. Absolutely useless. So already have a mortgage with Santander but the only thing about it thats portable is the rate. So if we want to move (we do) We have to go through the application process again. If they reject us which they certainly can we are stuck where we are with the exact same amount of mortgage. Also we have a repayment charge of 10k. So rubbish rate can't move unless we pay 10k . Portable mortgage a complete con. And I've no one to blame but myself sadly. Already paid so many fees now feel as though thousands will be wasted and now we are stuck when all we want is to move. Also were told we had to pay a second mortgage valuation because we paid off some of our original mortgage of 217k screwed at every corner. I've stopped calling my mortgeg advisor now as there's still 5 more weeks to wait for the 8 weeks I was quoted as a time frame.


Sorry! Just moaning.

Application in on 13th
Apparently with underwriters. But close now to loosing the property we wanted.

HOMESWEETHOME

HOMESWEETHOME wrote: »

Its been audited and then handed back to underwriters last wednesday but have just been informed they require more information even tho the auditors gave it the green light.

What does this mean..... 'Please confirm background to transaction'

Now found out what this meant - regarding my work being in london and me buying a property 160 miles away with the gf.

I've told them ill be travelling on monday and coming back on the friday which the broker said was a reasonable response.

broker sent the response in today and not on the MAPS system yet - hopefully yea rmore news on friday....

HumphreyDumpty

flowerfanlight wrote: »

hello all, I am also waiting for a mortgage application. Sad thing is I was conned into getting a "portable" mortgage. Absolutely useless. So already have a mortgage with Santander but the only thing about it thats portable is the rate. So if we want to move (we do) We have to go through the application process again. If they reject us which they certainly can we are stuck where we are with the exact same amount of mortgage. Also we have a repayment charge of 10k. So rubbish rate can't move unless we pay 10k . Portable mortgage a complete con. And I've no one to blame but myself sadly. Already paid so many fees now feel as though thousands will be wasted and now we are stuck when all we want is to move. Also were told we had to pay a second mortgage valuation because we paid off some of our original mortgage of 217k screwed at every corner. I've stopped calling my mortgeg advisor now as there's still 5 more weeks to wait for the 8 weeks I was quoted as a time frame.


Sorry! Just moaning.

Application in on 13th
Apparently with underwriters. But close now to loosing the property we wanted.

Hi there. I've just ported my Santander mortgage and whilst it took 6 weeks that was only because my application went in one day after MMR. I had 7k ERCs and I had to walk away from my first choice of property and mortgage valuation came on low. Any other time I'd have tried a different lender but the ERCs prevented me from doing so.

Santander have really speeded up so unless you have a complicated case you should be well within the 8 weeks you were quoted

Lilly_RW

Well my case is still ongoing From March! Not really Santanders fault but I'll explain a little and see if anyone can offer any advice from a similar situation.

We have a 'village green'/right of way issue with the house we're buying. After ours and the sellers solicitors fannying about for 3 weeks, we've finally got some documents from the village parish that confirm that we have and always will have right of way to our house. We gave these documents to the solicitor last week who said they would pass them onto the Lender and should take 3 working days.

They came back to us yesterday and now said it'll take 7, which puts us in a proper rubbish situation (Seller going on hol, stuff being delivered for the new house, the people we're living with are getting married next week etc) and it could delay us moving in even further.

My question is, do these sort of documents need to go back to the Underwriters (Our mortgage is approved and we've signed, our solicitor is just saying she has a 'duty of care' to provide these additional docs to the lender) or are they just sent through to a different department?

I don't think the Lender is gonna dispute the documents as there is no other legal way for us to get access to our house. My worry is how long its gonna take Is it worth us speaking to Santander direct? I don't think our solicitor's assistant is very direct and tends to shirk in the face of confrontation. Well its not even confrontation, its just trying to gee up a situation that has over-ran due to their complacency Everyone's getting sick (Understandably, its taken 13 weeks to do a one way sale) and I'm starting to lose clumps of hair!

Any advice or information would be awesome!

BumbleBee3

Hi,

I have used this forum from time to time for advice and guidance but only joined yesterday. May I say what a wonderful job Martin Lewis & MoneySavingExpert.com are doing!

I am in a similar situation to a lot of you on this thread, my wife and I applied for a mortgage from Santander/Abbey last week and the suspense is unbearable!

FTB
HTB 95% LTV
Property value 145k
My salary 22k, wife's salary 20k
No debts whatsoever
Savings used for deposit

Went with Santander as I bank with them and rates and fees were good.

Full application completed with Santander MA in branch 27th May and told we'd have a decision in 48HRS. Received call on 30th May from MA saying UW requesting more info:- Payment going out of wife's bank account for a personal loan paid off in March and payments to credit cards also all paid off and all but 1 each closed before application (we had specifically asked about these during application and MA said not to worry about them as they were paid off). Sent all info requested within a couple of hours along with a copy of wife's credit report confirming all accounts settled and was told it would now have to go back to UW queue to be re-assessed and would have a decision in 48HRS if no more info is required.

Been ringing MA twice a day since yesterday but has not heard anything and says they don't usually take this long, which is scaring me half to death!

This will be our first home since we got married as we've been living with parents. They really do have our lives in their hands! Also we had news on Monday (2nd June) that the vendor has found a property with no onward chain and offer has been accepted so really need to get things moving if we don't want to lose this house!

We also have the solicitors chasing us for their paperwork, which we don't want to sign until we have a mortgage offer as then if it gets declined we will have to pay them.

Question:
Should we sign and return solicitor paperwork once mortgage is approved to speed things up or wait until we have a full post valuation mortgage offer??? I ask as we don't want to be responsible for holding up the process, but are we right in thinking solicitors only start doing their job once they have received the full mortgage offer???

Sorry if it's a silly question but we're new to this whole process and there are so many things to think about.

Any advice or guidance would be very much appreciated.

kingstreet

HOMESWEETHOME wrote: »

I've told them ill be travelling on monday and coming back on the friday

If it wasn't submitted at the time, start working on the cost of your weekday accommodation, as that question will surely be prompted by the explanation given above.

lindiloo1980

Hi Bumblebee, you are in the same position as us, the wait is awful. I've already resigned myself to it not being successful because its my way of dealing with it in case that happens. We are FTB, with a 95% mortgage, property value £350k and a joint income of c. £78k. We do have a car loan outstanding for £10k but payments are always on time and our credit file is good, I just have this feeling the car is going to be our sticking point. Our case was submitted to the underwriters on the 29th May, no questions so far, but I think they are taking around 6-7 days according to their statistics webpage!

We did send the paperwork off straight away to the solicitors because it takes a while for searches and contracts to be drawn up etc. Also, with Santander, they do not instruct the survey until they have appoved the mortgage, so as soon as you have that in place you are ready to go ahead with the exchange. It is a risk (and my husband and i have lost money on a previous house which we paid for the searches and survey) but unless you want a huge delay then I would do it.

Good luck!!!

BumbleBee3 wrote: »

Hi,

I have used this forum from time to time for advice and guidance but only joined yesterday. May I say what a wonderful job Martin Lewis & MoneySavingExpert.com are doing!

I am in a similar situation to a lot of you on this thread, my wife and I applied for a mortgage from Santander/Abbey last week and the suspense is unbearable!

FTB
HTB 95% LTV
Property value 145k
My salary 22k, wife's salary 20k
No debts whatsoever
Savings used for deposit

Went with Santander as I bank with them and rates and fees were good.

Full application completed with Santander MA in branch 27th May and told we'd have a decision in 48HRS. Received call on 30th May from MA saying UW requesting more info:- Payment going out of wife's bank account for a personal loan paid off in March and payments to credit cards also all paid off and all but 1 each closed before application (we had specifically asked about these during application and MA said not to worry about them as they were paid off). Sent all info requested within a couple of hours along with a copy of wife's credit report confirming all accounts settled and was told it would now have to go back to UW queue to be re-assessed and would have a decision in 48HRS if no more info is required.

Been ringing MA twice a day since yesterday but has not heard anything and says they don't usually take this long, which is scaring me half to death!

This will be our first home since we got married as we've been living with parents. They really do have our lives in their hands! Also we had news on Monday (2nd June) that the vendor has found a property with no onward chain and offer has been accepted so really need to get things moving if we don't want to lose this house!

We also have the solicitors chasing us for their paperwork, which we don't want to sign until we have a mortgage offer as then if it gets declined we will have to pay them.

Question:
Should we sign and return solicitor paperwork once mortgage is approved to speed things up or wait until we have a full post valuation mortgage offer??? I ask as we don't want to be responsible for holding up the process, but are we right in thinking solicitors only start doing their job once they have received the full mortgage offer???

Sorry if it's a silly question but we're new to this whole process and there are so many things to think about.

Any advice or guidance would be very much appreciated.

kingstreet

lindiloo1980 wrote: »

We do have a car loan outstanding for £10k

Have you keyed all the details into the affordability calculator?

http://www.santanderforintermediaries.co.uk/calculators/affordability.aspx

We have to prepare a calculation in each case, save it and upload the data into the application. We therefore know if it's worth submitting the application or not.

If you have done it, the monthly payments will have been taken into account.

I get the impression Santander's infrastructure and systems are groaning under the weight of applications at the moment and one of their regional managers told us recently not to submit business to them if we need a 28 day exchange, which is normal for newbuild.