Abbey/Santander application - Delay

soph_the_loaf

Going through Santander and mortgage was approved last week subject to valuation.

10th July - valuation instructed by Santander
17th July - call from mortgage broker to say that valuation happening today.

How long will it be before I hear the results of the valuation?

desperate_times

1 day to 2 weeks.

Benorient

Is there Anyone that's had their Abbey mortgage approved while still having debt?

desperate_times

Debt shouldn't be a problem if you are up to date with payments and can still meet affordability criteria.

Benorient

apparently we've ticked all the boxes - fully upto date no defualts and easily meet the affordibility. full application goes in tomorrow, biting my nails already!

Stewpot1776

So after a nail biting, hair pulling, anxious, panicky, stressful 19 days we finally had our application accepted and survey instructed. The estate agents called to say it's booked for next Monday with esurv. Good luck and mine was longer due to an error with submitting docs to which put us 5 days back in the underwriter queue fingers crossed to the survey and good luck all

Thrugelmir

Benorient wrote: »

Is there Anyone that's had their Abbey mortgage approved while still having debt?

Depends on how much you owe, whether your deposit is gifted, your credit history, the LTV etc etc.

Applications are considered on a number of factors.

Perspective of affordability differs between lender and borrower. With lenders being pessimistic ( future interest rate rises ) while borrowers are optimistic ( over stretching their budgets).

Solsol

After a bit of advice please!

Application went off on 11/07. Didn't hear anything after that but my surveyor informed me that Santander's surveyor arrived at the property to carry out the valuation whilst he was there (this was on 17/07). I was under the impression that this didn't happen until the application has been approved so does this mean our app. has been approved subject to valuation? Also,we haven't heard back from them so have no idea of the results of the valuation.

My MA phoned me on Saturday to say that she needed me to get confirmation from the EA that our new house is being sold with vacant possession as when the surveyor asked the vendor she said no! (She's fairly old and obviously misunderstood the question!) I hope this hasn't slowed things down!

Steeze1

How long does it take to get the offer letter once confirmed ? Been over a week now and nothing

1uk3y

Benorient wrote: »

apparently we've ticked all the boxes - fully upto date no defualts and easily meet the affordibility. full application goes in tomorrow, biting my nails already!

Hey, I've had a mortgage agreed with Santander very recently (HTB, borrowing just over £160k) with my partner and we have existing debts (Credit card/Hire Purchase/sofa/student loans etc) which we have been regularly managing and paying with no missed payments. We did our figures and were confident regarding affordability. If you are confident you can afford it with your salaries and existing outgoings then you should be OK.......... ....... providing you don't have any credit check skeletons in the closet!