Santander Mortgage, still waiting, no offer

MARN2019

Hi!

My first post here, long time lurker...

I'm posting this as i cant find an exact answer, so here goes,

full mortgage applied for on the 15th October 2019. i am already with santander so the mortgage will be ported with additional lending.

Mortgage was applied for through broker with payslip for September.
All went through okay, got an update from broker to say the application has been accepted on the 28th. i should receive message to inform that a mortgage offer is on the way.

Got a further update on the 30th to say application amended because they do not agree with the value of the property by a couple thousand. Okay, so then should i still not get an offer?


I am now just waiting as everything hangs in the balance....
Broker will chase them up again today to check what the latest is.

My question is, what are the chances of this going through now?
its a 80% LTV

any advice / experiences would be greatly appreciated!

kingstreet

I would not expect an offer until someone tells the lender if there is a revised purchase price and/or lower mortgage amount. They won't just assume you are going to make up the difference.

MARN2019

Thanks Kingstreet.

I don't know the exact figure it has been undervalued at so have no ammunition to go back and haggle the price. Just waiting for an update from the broker.

Is it likely to go through once the amount has been revised? being as the application and credit search has been accepted?

MARN2019

Thanks Kingstreet.

I don't know the exact figure it has been undervalued at so have no ammunition to go back and haggle the price. Just waiting for an update from the broker.

Is it likely to go through once the amount has been revised? being as the application and credit search has been accepted?

daniele9390

i'm also still waiting on santander. application was put in on the 23rd october, valuation was 24th and haven't heard back since - my broker hasn't had any update and don't want to chase him

[Deleted User]

daniele9390 wrote: »

i'm also still waiting on santander. application was put in on the 23rd october, valuation was 24th and haven't heard back since - my broker hasn't had any update and don't want to chase him

The broker should be chasing this. Santanders service standards indicate they should have got to the case already

We're setting up applications received on
31 October
We're checking supporting documents received on
1 November
We're responding to broker messages received on
4 November
We're reviewing applications sent to our underwriters on
28 October

dgooch93x

Deleted_User wrote: »

The broker should be chasing this. Santanders service standards indicate they should have got to the case already

We're setting up applications received on
31 October
We're checking supporting documents received on
1 November
We're responding to broker messages received on
4 November
We're reviewing applications sent to our underwriters on
28 October

Thank you!! I got the broker to chase santander and they are looking for a solution as the property has been upvalued, not sure what kind of solution this could be? But apparently once they get a solution they will let us know, but wouldn't tell us a time scale so it's just a waiting gane now

MARN2019

Update:

The house was under valued by a huge 35k

Went back and forth with them a few times, 2 weeks past & we finally got our offer, all be it for less than we need.

Went back and re-negotiated with the vendor & luckily we got the price down to level things out and make the move affordable.

Now Santander need the new sale price in case the offer needs to be amended....

I will be glad once this is all over!

MARN2019

daniele9390 wrote: »

i'm also still waiting on santander. application was put in on the 23rd october, valuation was 24th and haven't heard back since - my broker hasn't had any update and don't want to chase him

Hopefully you would have had an update by now. any news?