Abbey/Santander application - Delay

Fruitshoot

jandaz wrote: »

hi new to forum hope some can help applied for mortgage with Santander 26 June thro broker had email from broker gone to underwriter takes 5 w days expecting offer we'd 9th prob I got is I work on flexible contract since 2008 gave 2yr p60 and worried about new rules v job contract applied for 32% lv sorry if this is not posted in right section

Hi my husband works on a 0 hour contract, and santander accepted his payslips, we have just had our mortgage approved with them.

jandaz

hi fruit shoot thanks for yr reply congrats on getting yrs accepted it's great to no there is such cases accepted after reading so many bad reports fingers crossed for me should no Wednesday. broker says

DMeister

DMeister wrote: »

I'm wondering if I need to start worrying now.

My application was completed on 27th May, and I am still waiting on the outcome of the underwriting.

Would I know by now if there had been any issues do you think?

So several weeks ago I was worrying. I was right to. Despite everything agreed in principle (this seems like a totally pointless process as it doesn't appear to mean much), they came back to me with a bit of a rubbishy offer.

I have a 65k deposit, which isn't bad for a first time buyer. The house is up for 204 which I've offered on. In total I'm borrowing 142,716, and using what's left of the deposit for legal fees etc.

Anyways, because I had a car loan, it was only allowing me to borrow mid 90's. I was going to struggle to plug the 50k gap that this gave me!

To cut a long story short, I no longer have a car loan. So I sent them the settlement letter from BMW which showed the amount that was outstanding. I then sent them the receipt of the payment that showed the full amount of the car payment had been paid.
This wasn't enough for them.
I had to provide them with my experian report.
So I had to join experian and wait for the BMW feed to come in and update the report.

Yesterday, I received confirmation that they have now agreed to the full amount and the valuation is occurring today.

My application was submitted on 27th May so it's taken a little while but it seems I am nearly at the end of the road on this one!

Can anyone tell me... so long as the valuation is agreeable, does the offer automatically happen?

desperate_times

Well done for getting through that road block. Yes if valuation is fine you should have no problems. You could get the offer the next day or maybe two weeks. However, still a chance they undervalue (seems to be becoming more common) or find a problem and request a retention or further checks.

nick12

DMeister wrote: »

Can anyone tell me... so long as the valuation is agreeable, does the offer automatically happen?

My application was underwritten before the valuation was done so assuming this is the norm the offer should come soon after (I had confirmation from my broker that the offer was on its way on the same day that the valuation report came back).

Of course the fact they did mine quickly doesn't mean they'll do everyone's quickly. Hope it all goes smoothly for you.

PinkLemonade_2

Valuation done on Friday. Now just waiting... AIP and full application went in on May 23rd so we're at about 6 weeks waiting so far. Good luck to everyone!

jcorbygas

Sorry if this has appeared in earlier thread - we are waiting with everything crossed for my daughter's mortgage with Santander to be agreed - it was sent to Underwriter on Thursday 3rd - if everything is OK do they instruct a valuation first and then give you an acceptance or do they say everything is OK and then instruct a valuation and say OK subject to valuation?

PinkLemonade_2

My understanding is that they only instruct the valuation after the case is agreed. The mortgage we're applying for comes with a free valuation, so in our case they definitely wouldn't want to shell out anything if it wasn't going to go ahead. That's what I'm telling myself, anyway!

nick12

Yes PL that was my experience. This is copied from Santanders tracker for my application, might give people an idea of the order of things:

Application received 25th Jun 2014 5:10pm
Passed to underwriting 26th Jun 2014 3:13pm
Underwriter decision: Application agreed 27th Jun 2014 2:41pm
Valuation instructed 27th Jun 2014 2:41pm
Valuation received 3rd Jul 2014 12:29pm
Application offered 3rd Jul 2014 12:29pm

desperate_times

Lots of people with Santander applications seem to get offered within 1-2 days of the valuation. Are there many who are taking a lot longer?