Santander mortgage application

Beaneywatts · 21 March 2018 at 12:35PM

Hi all,

I have a mortgage application going through with Santander at the moment, via a broker, valuation is today, I just wondered if anyone has been through an application with Santander recently and if so how they found it?
I see from old posts that Santander sometimes request loads of supporting documents, but so far we haven’t had any extra documents requested (they have 3 months wage slips, 3 months bank statements, details of any debts, proof of id), our broker seems really relaxed about it but I’m worrying about why they haven’t asked for shed loads more information like they seem to have asked others in the past.

Any recent experiences welcome, thanks!

Lilla_D · 21 March 2018 at 2:19PM

What a lender asks for is based on individual circumstances. If someone is a vanilla case, then the basic docs are enough, but if someone's situation (income, outgoings, credit history, source of deposit, etc.) is more complicated, then lenders tend to ask extra questions. Don't worry, the broker will help you.

For comparison, I had a few cases with another lender, who kept asking for extra info and docs on all these cases, because there were not so straightforward details. Fair enough. Then a client came along, who was the definition of vanilla. The property wasn't so straightforward, but because of the low loan to value and the client's simple personal circumstances, the lender didn't even bother doing a physical valuation, just offered the case based on automated assessments on the spot.

Net, don't worry, if the process seems too easy, it all depends on individual circumstances and how the case was presented. Hope it all goes well and you get your mortgage offer soon!

Spangled · 21 March 2018 at 2:50PM

I'm in the process of moving house and remortgaging to Santander also. TBH, they haven't been the quickest.

My wife and I have complex income streams (mix of self-employed, PAYE, being company directors, contracting on a daily rate) but our broker just needed an accountant's certificate from our company accountant to verify our incomes.

We heard nothing for two weeks and then Santander requested more supporting info as the underwriter queried why our company turnover had doubled but our company profit had dipped ever so slightly. We then had to get our company accountant to write a letter to them explaining why that was the case (growing the business but primarily using sub-contractors) and to give a projection for 2017-18 company income (v healthy).

Our case is complex for sure but all the income stacks up and have low (40%) LTV. Hoping to get the green light later this week.

Frustratingly, Santander only offer basic mortgage valuations. So we're having to commission a separate building survey once we get the mortgage green light (rather than upgrading the Santander valuation to a homebuyer's or full building survey, which many lenders allow you to do for a fee).

Good luck!