Santander Mortgage Rejected by head office

sully1311

littlecloud wrote: »

I have a bad feeling too! I've gone through all of the above, had the valuation, everything. Now they've been picking apart my bank statements and were still asking questions on Friday. Didn't get a wink of sleep all weekend worrying about it. They've done four credit checks, and I dread having to start all over again if they say no. I think it's because I'm self employed. I think it's shocking that they can turn you down without any explanation though. It might be worthwhile getting a free trial with Experian to check out your credit in depth.

No need for a free trial, use MSE Credit Club

littlecloud

Haha yes, h240, I've been cleaning too! I posted in the other thread but things appear to be still moving along for my mortgage so I'm a bit more hopeful than I was yesterday. I'm sure we'll be fine - and our houses will be squeaky clean when approval comes :rotfl:

annetheman

Any updates on this? What was the outcome? I'm soon to be in the same position and I am TERRIFIED. Please give me hope!

SameOldRoundabout

Oh this sounds like a nightmare! I do hope you resolved it OP and are now on the way to moving. 

Annetheman why do you think you’ll be in this situation soon? I’d think it quite rare for that to happen. 

ElizabethG1909

Looking for some advice please as i am going out of my mind
06/02 - Mortgage application was submitted and recieved by santander confirmed by text. 
10/02 - Valuation booked for 12/02
Betweent this time the CML form was returned 4x due to it being incomplete.
26/02 - We was advise by MB that they had under valued the flat by 30k 
27-02/03 - Comparables were sent by the estate agent and an appeal was logged 
10/03 - been chasing for updates daily since the 3rd March and literally have NO UPDATE what so ever from Santander as to weather the appeal has been successfull. They cannot give a time frame or even let us know if the case has been looked at , our MB has now logged a complaint with Satander 

Can anyone shed any light of when we might get some kind of information? i feel like i am at such a loose end re planning the future!

kingstreet

It's broker to Santander, Santander to surveyor, surveyor to Santander then Santander back to broker. This process typically takes a couple of weeks, can be longer. Don't get your hopes up. Surveyors really, really hate having their work challenged. If you have an alternative lender open to you, start thinking about Plan B - a lender which doesn't use L&G Survey Services.

dunstonh

 Plan B - a lender which doesn't use L&G Survey Services.
Funny you say that as I heard, anecdotally from a mortgage broker, that in our area, L&G do valuations for most of the lenders.   I suspect that is due to the more rural location.

ElizabethG1909

kingstreet said:

It's broker to Santander, Santander to surveyor, surveyor to Santander then Santander back to broker. This process typically takes a couple of weeks, can be longer. Don't get your hopes up. Surveyors really, really hate having their work challenged. If you have an alternative lender open to you, start thinking about Plan B - a lender which doesn't use L&G Survey Services.

Have you known many successful appeals? they have valued the flat the same as one that is 300 square foot smaller? surely that should be taken into consideration?

ElizabethG1909

ElizabethG1909 said:

kingstreet said:

It's broker to Santander, Santander to surveyor, surveyor to Santander then Santander back to broker. This process typically takes a couple of weeks, can be longer. Don't get your hopes up. Surveyors really, really hate having their work challenged. If you have an alternative lender open to you, start thinking about Plan B - a lender which doesn't use L&G Survey Services.

Have you known many successful appeals? they have valued the flat the same as one that is 300 square foot smaller? surely that should be taken into consideration?

in the same block i should have added

kingstreet

dunstonh said:

 Plan B - a lender which doesn't use L&G Survey Services.
Funny you say that as I heard, anecdotally from a mortgage broker, that in our area, L&G do valuations for most of the lenders.   I suspect that is due to the more rural location.

They have NatWest and Santander and have recently taken Barclays newbuild business, so getting more widespread.