First Time Buyer - Mortage Submitted

hulsealpah1

I hope everyone is well!

Just wanting a bit of advice and to hopefully put my mind at east.

Myself and my partner have just applied for a mortgage with Santander. My income is £24k pa theirs is £20k pa. My credit score (experian) isnt great at 669/999 and theirs is high-800s.

We got turned down ever for a MIP from Natwest. So went onto Santander. This is the timeline so far

Your application has been received
Completed: 13/07/2018 at 7:18pm

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2. Your documents and application are being reviewed
Completed: 16/07/2018 at 6:31pm

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3. Your mortgage decision is available (Approved)
Completed: 17/07/2018 at 9:34am

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4. Your documents and application are being reviewed
Completed: 17/07/2018 at 12:48pm

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5. Your mortgage decision is available (Approved)
Completed: 17/07/2018 at 12:48pm

The two approvals are because the first one we made a slight miscalculation in the deposit amount and overvalued by £1500 - we informed Santander and they have given us a 2nd Approval. Our deposit is 10% of the £136500 asking price for a 5 year old property.

My concern is - this process has been a little too easy! We sent off wage slips quickly and approval was very quick with no telephone appointment! I also note that Santander have not to date searched my credit file on experian but have my partners. I'm worried that the "approval" could be pulled before we get the offer (valuation is being done tomorrow).

Am i worrying unduly?

madvicker

In a word: "Yes".

At this stage, it appears the only reason you won't get your offer is if there is something wrong with the property. Either it could be undervalued, or there could be structural defects. But no way of knowing that until the valuation comes back.

Edit: As an aside, your credit score means jacks***. What matters is the way the lender scores you, and they look at your credit history (not your credit reference agency made-up score).

HollyJade4

I know how you feel - I am currently awaiting the final sign of from an underwriter.

My credit is poor - not due to anything wrong just haven't really had any credit bar a credit card and mine passed, I know reading these threads can be worrying when you see people with 999 cant get a mortgage.

Your credit check would have been declined at DIP stage so if there is nothing bad on the actual report then I am sure it will be fine x

hulsealpah1

Thank you both for the replies. It's certainly put my mind at ease!

I didn't believe people when they told me getting a mortgage is a nerve wracking experience but when you've set your heart on a place it certainly is!

HollyJade4

Oh I have not slept or eating in about 2 weeks and I have spent everyday on these forums haha!

Let us know how it goes.

marcmc84

Santander have done hard credit searches on both of our files at underwriting stage. At DIP they did a soft search.