Santander FTB - what next?

FTBNorth

Hi

I'm hoping someone can help me understand the mortgage process as a FTB i'm feeling a little lost.

Applied for DIP via broker on 2nd April , which was accepted and full application made that day also. Additional info (extra bank statement) provided on 5th with an email saying valuation instructed by santander.

Broker advised on 12th that I should hear back from Santander either 15/16th.........is that likely to be a valuation i hear back or the actual formal mortgage offer? I have been hard credit searched so am assuming the application has been looked at then?

I feel a bit clueless to be honest about what comes next?

amnblog

Really questions for your mortgage broker who should have told you all this.

You should be able to establish from the estate agent (or builder if a new property) when the valuation is booked and the proposed date of the valuation.

Santander will have that valuation report back in two working days and will typically make a final check of the light of that. This may take them another two days.

This Lender then tells the broker the case is approved for offer and the offer is generated within 24 hours.

Your offer comes out to you and your solicitor in the post.

FTBNorth

Thanks for this. Ive been given the clear impression I will be communicated with as and when required, which makes me feel a bit out the loop and uncertain about things.

thanks again, thats helpful in trying to work things out

mazibee

FTBNorth wrote: »

Hi
I feel a bit clueless to be honest about what comes next?

Sorry to hijack your thread,


I am also FTB and almost clueless, our full mortgage application submitted on 12-04-2019


No idea what will happen next?


When valuation survey will be done?



Will that survey be enough, if not when we should go for Home Buyer Survey?

amnblog

No the Lenders survey will not be enough, that is for Lender’s purposes only. We recommended a Home Buyers Report to give you some protection against issues in the near future with the property.

(You can obtain this after the Lenders valuation has proved satisfactory and you are confident the process is moving forward).

As to progress of your case. Ask your Broker, or Lender if you applied direct.