Abbey/Santander application - Delay

lindiloo1980

kingstreet wrote: »

Have you keyed all the details into the affordability calculator?

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.

Hi there, yes thank you, we did the calculator and my mortgage broker also thinks it will all be fine, but we had a bad experience with Halifax and its scared me. They initially offered us a 95% mortgage back in november when the first Mortgage Loan Guarantee appeared, then on full submission they said their computer had a glitch on their system and we were a grade B credit score not the A they first thought a week before), so would only lend us 85% not the 95% offered in the first place. So I'm just a bit nervous. To be honest, the longer it takes the better for us as we can save more, but would just like to know the mortgage is ok so I can chill a bit and stop stalking my mortgage timeline (and this forum)!

HOMESWEETHOME

kingstreet wrote: »

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.

I thought that so when sending in my response about travelling on the monday and coming back on the friday - accommodation would be no cost because id be staying with my parents at 0 cost - aint that nice of mum and day

hopefully no more questions!

i even rang up santander to vent my frustration as to why a couple with a 20% deposit, salary of x2 the value of the property were suffering so many delays/issues/questions and they weren't no help pfffffft!

Hopefully we hear something about valuation on friday - fingers crossed!

janeebaker

We are going for 95% mortgage, we are not first time buyers but have a horrible First a plus loan we want to ditch. We are looking to borrow £230k on a combined salary of £96k pa.

First property we found, 4 bed a renovation project was £250k valuation came back at £230k and vendor would not entertain a reduction so we had to pull out and find something else.

We had already been through underwriter and accepted so replacement property was uploaded on Monday 19th, purchase price £245K, valuation done last Thursday.

I chased MA in Monday valuation was back but not yet assessed on second property .... I now have no fingernails left, I have a cash buyer who offered full price on ours on 14th April and is now hassling .... Apparently I am told today 4 day turnaround on assessing valuations..... Just hoping this works out !!!!!!! Going insane with worry

Wondering if they are devaluing on 95%'s anyone been successful ???

lindiloo1980

janeebaker wrote: »

We are going for 95% mortgage, we are not first time buyers but have a horrible First a plus loan we want to ditch. We are looking to borrow £230k on a combined salary of £96k pa.

First property we found, 4 bed a renovation project was £250k valuation came back at £230k and vendor would not entertain a reduction so we had to pull out and find something else.

We had already been through underwriter and accepted so replacement property was uploaded on Monday 19th, purchase price £245K, valuation done last Thursday.

I chased MA in Monday valuation was back but not yet assessed on second property .... I now have no fingernails left, I have a cash buyer who offered full price on ours on 14th April and is now hassling .... Apparently I am told today 4 day turnaround on assessing valuations..... Just hoping this works out !!!!!!! Going insane with worry

Wondering if they are devaluing on 95%'s anyone been successful ???

Well we've just had our 95% mortgage approved! yay! The valuation should be instructed soon, i will let you know. I really hope they do not undervalue it! That would be a complete and utter nightmare...

BumbleBee3

lindiloo1980 wrote: »

Well we've just had our 95% mortgage approved! yay! The valuation should be instructed soon, i will let you know. I really hope they do not undervalue it! That would be a complete and utter nightmare...

Thank you for your advice Lindiloo.

I also had a call this morning from MA to say MORTGAGE APPROVED!!! :j

Took 8 days in total which was not too bad in the end, although the longest 8 days of my life!

Survey will be instructed today, which should come back okay as the house is only 6 years old and still under NHBC Warranty!

Solicitor paperwork is all set and we are going to hand it in this afternoon!

Such a relief!!! :j

Good luck everyone, hope it all works out for you.

janeebaker

lindiloo1980 wrote: »

Well we've just had our 95% mortgage approved! yay! The valuation should be instructed soon, i will let you know. I really hope they do not undervalue it! That would be a complete and utter nightmare...

Congratulations !!! I'm hoping the first property was just over valued by agent because I'm really not going to do this again ! Too much stress !!! Fingers crossed yours comes back fine and also mine second time around.

moneymoney26

Hi,

Below is my timeline with 25% deposit on 265K house. Santander asked more information twice, My broker is to be blamed for both instance.

Application received

---

17th May 2014 11:32am
Broker document submission received

---

17th May 2014 11:38am

Documents/information requested

---

19th May 2014 4:23pm <-- Broker error, Incomplete application, missed some Yes / No box on Application.

Broker document submission received

---

19th May 2014 10:25pm
Broker document submission received

---

20th May 2014 1:37pm
Documents/information Day 3 chasing

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22nd May 2014 6:01pm
Passed to underwriting

---

23rd May 2014 11:21am

Documents/information outstanding

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29th May 2014 11:56am <-- Broker error, didnt submit deposit proof to bank. Eventhough I had

Broker document submission received

---

30th May 2014 8:40pm
Broker document submission received

---

30th May 2014 8:40pm
Passed to underwriting

---

2nd Jun 2014 11:37am
Underwriter decision: Application agreed5th Jun 2014 2:34pm
Valuation instructed

---

5th Jun 2014 2:45pm

Good Luck everyone, I know it will workout.

janeebaker

I'm still waiting on the valuation being assessed, another weekend of not knowing if we have the house we want or not.... I just hope they come back today !!!

janeebaker

Still waiting valuation was done on the 29th was back in last Monday, still no word ! Chased my MA on Weds they just said there's approx a 4 day turnaround

lindiloo1980

janeebaker wrote: »

Still waiting valuation was done on the 29th was back in last Monday, still no word ! Chased my MA on Weds they just said there's approx a 4 day turnaround

I cant believe how quickly they had the survey completed! Mortgage agreed Thursday, the survey was today, Monday. Hopefully now, this is the last hurdle...

GOOD LUCK!