Santander sudden decline HELP

Gabc

Hi,
Need some help so I know where I stand. Broker is away until Tuesday.
Submitted to Santander via broker. Dip accepted. Full application submitted and valuation instructed same day application received.
After valuation date confirmed through estate agent, vendor changes his mind about selling.
Informed broker who passes msg on to lender to hold off valuation.
Application still progresses to underwrite queue. After 24 hours with underwriter, it is declined.
I only found out by checking tracking myself cos broker is on a break till Tuesday.
The reason they stated is weird. See full message below. How can they decline cos I lost out on a property? Please can any broker advise to save me having sleepless night. Can it be appealed ? Though it clearly states decision is final. Surely it is unfair based on the reason they have stated. Credit rating is good and they didn't request for any docs so far. Broker said it is after underwriting that they request for any docs they need but they have declined and given the reason below.

'We have considered your application carefully but we are unable to offer your client(s) a mortgage.

Reason: Notes states applicants looking at other properties & Valuation on hold'

Gabc

Forgot to add, i have found another property and was going to update broker when he resumes on Tuesday

Thrugelmir

Gabc wrote: »

How can they decline cos I lost out on a property?

Mortgages are advanced to purchase property. With no property there'll be no mortgage advance.

Gabc

But that shouldn't be a decline. I understand that mortgage is advanced on property but why not put on hold until we find another property. Surely it is common practice for house to fall through before valuation or during application stages.
Also, if it was standard practise for them to decline due to loss of property, how come broker wasn't aware of this rule and advised me accordingly.

kingstreet

I can't find a "change of property" form on the Abbey site, so if one property falls-through, a new application may be the only option as it is with Nationwide and several other lenders.

In which case, it's automatic decline and start again with the new property details.

You are reading too much into the word "decline" because of its negative connotations elsewhere. Abbey's systems are geared to get an offer out ASAP and failing to submit required docs in a reasonable timescale has the same end result.

I'm sure they will be more than happy to introduce an open-ended "on-hold" period if you ask them nicely. To hell with their throughputs.

Gabc

Thanks a lot kingsstreet. You are right . 'Decline' is a negative word and gives impression that I did something wrong when truly the vendor was a joker. One minute he wanted to sell and next minute he changes his mind.
I understand your reasoning. I know Santander are 'impatient ' cos they love to have everything prompt.
Hopefully, we can still progress with them cos I have had offer accepted on another house. The new vendors are genuine and keen. I guess on Tuesday, broker will speak to Santander underwriter or BDM to find out best way forward . Either to overturn decision cos we have new property details or to re key in new app but this will mean new credit check foot print?
Seems second option is likely cos it says, decision final on the decline info. But I want to think human intervention exist e.g. BDM or direct comms with underwriter

Thrugelmir

Gabc wrote: »

But that shouldn't be a decline.

Internally that's what it would be. At the point in time the underwriter closed the application on the system.

amnblog

It's the lenders clumsy way of providing confusion information.

This is nothing to worry about and your broker will resolve next week.