Remortgaging to Santander

BudgettingQueen

Hi All,
I'm new here so please be kind!
My current mortgage deal is up so I've applied to Santander to move to them.
I've done it all online and just wondered if anyone had any idea of their general timescales.
I've uploaded all the documents they've requested (not as many as I thought? - not even 3 months worth of bank statements?!?) so hopefully they'll have enough to process the application sooner rather than later!
Has anyone moved their mortgage to them recently?

fromtheshires

I have just done a remortgage with them (bigger house and porting my old one).

Day one Applied online in the evening
Day two got a phone call asking for some more pay slips (they like 3 months so why not ask for them up front instead of just the one?) and to quickly go through the application details and to book a phone appt.
Day five had a phone appt to pick a product etc and sent to underwriters.
Day six underwriting approved and surveyor booked.
Day nine surveyor visit done and formal confirmation of mortgage is on its way to me and my solicitor.

It may be longer in your circumstance as it's not a purchase of a property prompting the mortgage application but both my dealings with Santander and applying for mortgages were both done and dusted within two weeks

BudgettingQueen

Wow, that was quick then, hopefully they'll be the same for me. I thought they'd ask for more wage slips, they only asked for a months but I had 6 months out ready to scan in!
Did they ask you for any bank statements? They asked me for 0...again this is something I thought they'd want 3-6 months worth of!
They didn't ask for details re my car HP and credit card...I assume they could probably see the balances and payments on the credit report.
I forgot how stressful and unnerving doing a mortgage application is, don't think I could put a house move in to the mix as well again!

fromtheshires

The never asked me for bank statements but I bank with them as my main account so the underwriter could probably see them if they wanted to anyway!

Your credit cards and HP payments should have been put on the application in the expenditures bit and they will discuss that bit when you speak to the advisor to confirm payment amounts and outstanding amounts etc and take that into account when working out affordability.

Santander get a really bad rep for being useless but I have never had a problem at all with them and have always found them to be super efficient

Thrugelmir

If your financial affairs are in order. There should be no reason to be concerned.

BudgettingQueen

Yes it was all disclosed and from their online affordability calculators our remortgage amount is below what they'd lend us so hopefully it will all go through fine.
We don't bank with them currently but will be moving our current account to them, quite like the look of their 123 lite account; we've got a cash back account elsewhere at the mo and get on quite well with that, what I like about Santander is they give you cashback on your mortgage.
We've requested to do the whole application online without advice so hopefully we won't have to go in to branch...I may upload 3 months worth of wage slips anyway just because they're bound to ask for them!
Hope the house move went well!

Farmerbob

I was only asked for 1 months payslip, nothing more was requested I’m just waiting the sols completing the transaction now.

BudgettingQueen

Farmerbob - seems quite normal that not much has been requested then, how long did it take them to process your application to this point?

Farmerbob

It was all quick to start:
13th Sept - initial application then submit payslip
14th Sept - Doc reviewed and accepted
19th Sept - Address verification letter received and input code on system
25th Sept - Valuation carried out
25th Sept - Case underwritten - Formal offer sent

I sent the solicitor pack prob around the 26/27th so just waiting on them completing their work and requesting funds I’ll likely chase end of this week

Farmerbob

And got the text there so completed today so all in all took 8 weeks from initial app to funds being sent out.