Santander Mortgage Rejected by head office

kingstreet

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?

All you can do is put together your evidence and submit it. If you have a decent newbuild broker, they will know who to speak to in Santander above BDM level to try to resolve this.

Zain_shah54

Hi there,

I will be grateful if anyone can help from their experience. I applied as FTB with Santander on 05/01/2021. On the tracker portal, it says the underwriters have approved the application and then again the application gone back to underwriters two times. I am worried that why the application is gone back to underwriters again. Is it something I should be worried about? How long does it take to get the final offer from Santander? Below is the timeline:

05/01/2021: Full Application Sent
06/01/2021: Further Documents requested and sent
08/01/2021: Documents and application are being reviewed
13/01/2021: We want to let you know that we've received all the documentation we need and your application has been sent to our Underwriters.
13/01/2021: Surveyor attended the site for valuation
14/01/2021: We can confirm that your application has been approved by our Underwriters.
15/01/2021: We want to let you know that we've received all the documentation we need and your application has been sent to our Underwriters.
18/01/2021: We can confirm that your application has been approved by our Underwriters.
19/01/2021: We want to let you know that we've received all the documentation we need and your application has been sent to our Underwriters.

Any relevant information will be helpful. Thanks!

moxxey

Zain_shah54 said:

Hi there,

I will be grateful if anyone can help from their experience. I applied as FTB with Santander on 05/01/2021. On the tracker portal, it says the underwriters have approved the application and then again the application gone back to underwriters two times. I am worried that why the application is gone back to underwriters again. Is it something I should be worried about? How long does it take to get the final offer from Santander? Below is the timeline:

05/01/2021: Full Application Sent
06/01/2021: Further Documents requested and sent
08/01/2021: Documents and application are being reviewed
13/01/2021: We want to let you know that we've received all the documentation we need and your application has been sent to our Underwriters.
13/01/2021: Surveyor attended the site for valuation
14/01/2021: We can confirm that your application has been approved by our Underwriters.
15/01/2021: We want to let you know that we've received all the documentation we need and your application has been sent to our Underwriters.
18/01/2021: We can confirm that your application has been approved by our Underwriters.
19/01/2021: We want to let you know that we've received all the documentation we need and your application has been sent to our Underwriters.

Any relevant information will be helpful. Thanks!

I'd be very very surprised if you received an approval that quickly from Santander.

I applied 12/12 and it's been back/forth with their underwriters since 4 January. That takes ages. Normally a week between sent to underwriting and them approving something on the mortgage. I don't think 'approved by our underwriters' means you have an offer, just that they've approved something Santander asked them to check?

Also, there's a 218 page Santander discussion further down this forum! You'd be wiser posting in there.

Rosemary1982

Hello, this is the first time I've ever written on one of these forums.  I just wanted to say the exact same thing happened to me.  We're gutted.  We had a formal mortgage offer 8th Jan in the post and were on the verge on exchange.  Then yesterday we had the offer declined due to a 'head office review', we've had no reason whatsoever.  Both our credit files squeaky clean, no debt etc.  I was only going down the santander route as they had a slightly better deal than the deal I'm on with Natwest.  Our only option now is to try and port my existing mortgage which is in my name only to the new property which means I won't be able to borrow as much but is just about do-able, I'm just terrified now that Natwest will not allow us to port ! Arghh so stressed by it all and think it's awful we've been treated in this way.  Fair enough to decline a mortgage but I think it's criminal to decline it after a formal offer.  Thank god we didn't exchange as we would have lost our deposit (which is very healthy by the way).

anxioussquirrel

I'm terrified of this happening - how often does this happen and why? Can any mortgage broker on here shed a light on this?

mowgliisaG

Rosemary1982 said:

Hello, this is the first time I've ever written on one of these forums.  I just wanted to say the exact same thing happened to me.  We're gutted.  We had a formal mortgage offer 8th Jan in the post and were on the verge on exchange.  Then yesterday we had the offer declined due to a 'head office review', we've had no reason whatsoever.  Both our credit files squeaky clean, no debt etc.  I was only going down the santander route as they had a slightly better deal than the deal I'm on with Natwest.  Our only option now is to try and port my existing mortgage which is in my name only to the new property which means I won't be able to borrow as much but is just about do-able, I'm just terrified now that Natwest will not allow us to port ! Arghh so stressed by it all and think it's awful we've been treated in this way.  Fair enough to decline a mortgage but I think it's criminal to decline it after a formal offer.  Thank god we didn't exchange as we would have lost our deposit (which is very healthy by the way).

Can you explain abit more around your situation? Ltv employed or SE? Etc etc

Thrugelmir

Rosemary1982 said:

Fair enough to decline a mortgage but I think it's criminal to decline it after a formal offer. 

What do Santander know that we don't.  Offers aren't withdrawn without reason. Normally because material facts have not been disclosed. Which the borrower contractually agrees to do. 

Rosemary1982

Both PAYE employed.  Myself a professional in the city, main breadwinner, husband a part time job (although husband also has a limited company but not using that income as a source of income and nor did we hide it, broker said would be fine).  Over 40% deposit. Husband is older so went for a shorter term mortgage.  We passed all the affordability checks etc, no come backs at underwriting stage just an approval.  Really don’t see what could be an issue and just so annoyed that they took the offer away after two weeks nearly of having formal offer. 

Rosemary1982

Bit of an update. I called Santander this morning and they said it was declined because of a third party review ‘Failed FCO’ so does anyone know what FCO means?! It must have something to do with my husband whatever it is as I’ve never had any mortgage rejections of anything and this is the first time we’ve applied for finance together so now I’m worried if this knock back will prevent me from porting and adding a bit more to my existing mortgage! He has no entries on cifas which we checked this week so really cannot work out why! Help!!! 

cpknight

Rosemary1982 said:

Bit of an update. I called Santander this morning and they said it was declined because of a third party review ‘Failed FCO’ so does anyone know what FCO means?! It must have something to do with my husband whatever it is as I’ve never had any mortgage rejections of anything and this is the first time we’ve applied for finance together so now I’m worried if this knock back will prevent me from porting and adding a bit more to my existing mortgage! He has no entries on cifas which we checked this week so really cannot work out why! Help!!! 

Could they have meant FICO not FCO? That’s a credit scoring tool used.