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Santander mortgage processing nightmare!!!

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Hi All,

My husband and I had an AIP approved on 7th March and our application was fast-tracked with no further docs required! Our full application was submitted on 12th March by our broker and we still haven't had a valuation booked!! Our Vendor is threantening to remarket this Friday!!

Santander has come back for further information twice, all of which has been provided on the same day! Only to join the docs processed queue and the get passed once again to the underwriting queue! My husband is self employed and has been for the last 7.5 years, we both score excellent on Experian credit score and have a substantial 25% deposit.

The only issue is that it is quite a high loan that we require. Does anyone know if the bank are unable to lend the amount we are asking for, will they let us know a figure that they will proceed on
and if so will they continue on the same application (as we do have further funds available from savings).

Any advice would be great, we have had many mortgages in the past, but never had this painful ridiculous wait...

Thanks,

Comments

  • kingstreet
    kingstreet Posts: 39,268 Forumite
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    You meet the affordability requirements for the requested amount, or the lender will offer less and you will have the option of increasing your deposit to meet the purchase price.

    If it was fast-tracked, you would not have been asked for anything!
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    EddieGold wrote: »
    Any advice would be great, we have had many mortgages in the past, but never had this painful ridiculous wait...

    Thanks,

    Lenders are preparing themselves for the new rules that come into regulatory effect on the 26th April.

    After the poor lending practices of the past. Mortgage applications will undergo a far more thorough process.
  • Wh05apk
    Wh05apk Posts: 2,938 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Thrugelmir wrote: »
    Lenders are preparing themselves for the new rules that come into regulatory effect on the 26th April.

    After the poor lending practices of the past. Mortgage applications will undergo a far more thorough process.


    just remember the FCA really do know what's best for all of us, after all they weren't at the helm during the recent problems, that was the FSA...................oh hang on, they are the same people but with a change of name.........................................................
    I am a mortgage adviser.
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • amnblog
    amnblog Posts: 12,730 Forumite
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    Not quite sure what you are querying this here.

    It is your brokers job to sort this for you.

    This is probably either:

    Abbey Santander being useless - very possible

    Your broker knowing the case is sliding and not telling you - possible

    Your broker not communicating properly and needing a kick - most likely
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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