Mortgage Application

homeless9

Deleted_User said:

The reason we ask for so much information that the lender doesn't end up needing is so we know what's in the background and which lenders to avoid. 

Thanks for your comments. I am put at ease.

This question probably comes up a lot on these forums, but specifically with me, do you or does anyone have an idea on how long a mortgage application might take, what slows it down and what can speed it up?.....

Not sure if any of the following matters or not in terms of speed of application, but here's my situation:

-I am about to send all my documents, bank statements, payslips, etc etc, to my broker who is dealing with it all. I am making sure I send everything he has requested and that it's all easy for him to understand what one PDF is from the next.

-My broker will be trying to obtain a mortgage approval for me from Santander.

-I have been a Santander customer for 15 years, holding most of my money with them and making 99% of my purchases with them, including credit card purchases.

-I don't believe I have many issues, if any for them to look at. I don't think I raise any eyebrows based on what people on this thread have said. As I say, I have a 50% deposit, bank with them, have a clean credit history with them, and there are no commitments such as dependants, car loans, even phone loans, etc. Everything is pretty kosher.


Does any of the above help in the speed of getting approved? Do Santander have a reputation for being quick/slow? does having a broker help speed up the process, does being an existing customer help, does kosher looking finances speed things up?

or does it mostly just depend on how many applications a lender is dealing with at any given time?

Is it possible to pay a fee to get your mortgage application approved sooner, to bump it up the line?

Windofchange

As above. My HSBC statements come out on the 17th of each month. For my application that was sent off at the start of Feb, I just printed out the last three statements, which were Nov 17th, Dec 17th and Jan 17th. They didn't ask for me to provide any further evidence than this. 

[Deleted User]

I would expect an offer subject to valuation within the week if its submitted on Monday. 

At that ltv it's likely to be a single payslip they will want, it will probably go to offer subject to val on first touch of the case.  They are currently working on Fridays applications so they are bang up to date on work.   

Should be quite painless

homeless9

Deleted_User said:

I would expect an offer subject to valuation within the week if its submitted on Monday. 

At that ltv it's likely to be a single payslip they will want, it will probably go to offer subject to val on first touch of the case.  They are currently working on Fridays applications so they are bang up to date on work.   

Should be quite painless

That's great to hear, cheers.

I have 3 banks.....
1 bank with a current account and a saving account.
1 bank with a current account, 2 savings accounts and a credit card account.
1 bank with a current account.

I assume I need to provide my broker with all of the statements from all of these accounts for the past 3 full calendar months, November, December, January?

I am 99.9% sure the answer is yes. I just want to check before I go ahead and sort all of this out. One account hasn't been touched for a year and has £500 sitting in it. I guess I still have to send the 3 months statements to the broker for this account anyway?

I have looked through the paper statements I have stored away and I only found complete 3 months statements for one of my savings accounts. So I guess the best way I can quickly get hold of the rest is to go to town and head into all the branches and get them to print them off? or is there a way to print them off through online banking myself?

[Deleted User]

Personally I would probably ask for November, December, January Bank statements and then a list of transactions up to now for the stuff that hasn't been issued on a bank statement yet. 
And I would need it for all accounts. 

For payslips, the last 3 payslips and the payslips provided should correspond  as credits on the bank statements for the correct month

I take online documents, most brokers will.  Your bank should have a guid eon how to print statements or transaction lists

homeless9

Deleted_User said:

Personally I would probably ask for November, December, January Bank statements and then a list of transactions up to now for the stuff that hasn't been issued on a bank statement yet. 
And I would need it for all accounts. 

For payslips, the last 3 payslips and the payslips provided should correspond  as credits on the bank statements for the correct month

I take online documents, most brokers will.  Your bank should have a guid eon how to print statements or transaction lists

Cheers.

If you are accepting everything digitally would you like it sent a certain way? ie....

All attachments in 1 email or over a couple of emails? I am probably going to end up with over 20 attachments as my payslips are weekly, and I have several bank accounts, etc.

Maybe would be better to send one email with bank statements, one with payslips, and one with proof of ID and the signed documents the broker wants me to sign to do with data protection and understanding the costs involved with my application.

?

Does the broker more or less just forward my email to the lender or do they need to download everything to their computer, fill out some forms etc and send it to the lender in some certain way?

I am just wondering if the way I send the digital paperwork and label the files will make it easier for the broker?

[Deleted User]

The broker has to seperate all the documents and file them all on their system. I use a cloud based storage, I imagine most would do the same.

Just forward it all to the broker however you want and let them sort it out.

They don't forward it to the lender.  Its for their files.

homeless9

Deleted_User said:

The broker has to seperate all the documents and file them all on their system. I use a cloud based storage, I imagine most would do the same.

Just forward it all to the broker however you want and let them sort it out.

They don't forward it to the lender.  Its for their files.

So all these documents don't go to the lender? what does the broker send to the lender when they send the application?

NewShadow

homeless9 said:

So all these documents don't go to the lender? what does the broker send to the lender when they send the application?

Different lenders want to see different things - which is why the broker has to see everything... if you've got something the broker knows will be an 'issue' in a bank statement, for example, they'll be looking at lenders for you that don't ask for bank statements or don't see that 'issue' as a deal-breaker. 

You don't pay a broker to submit an application - anyone can do that fairly easily - you're paying them to know which of the hundreds of possible products/lenders is your best bet for you to get the best rate you can get. To do that, they need to know everything about you - warts and all. 

homeless9

NewShadow said:

homeless9 said:

So all these documents don't go to the lender? what does the broker send to the lender when they send the application?

Different lenders want to see different things - which is why the broker has to see everything... if you've got something the broker knows will be an 'issue' in a bank statement, for example, they'll be looking at lenders for you that don't ask for bank statements or don't see that 'issue' as a deal-breaker. 

You don't pay a broker to submit an application - anyone can do that fairly easily - you're paying them to know which of the hundreds of possible products/lenders is your best bet for you to get the best rate you can get. To do that, they need to know everything about you - warts and all. 

Ahh ok, interesting.

Well everything's sent, lets see if he finds any warts.