Santander mortgage timeline

Meh123

Thoksy said:

Hello. We are FTB and HTB with %75 LTV applied on 16th November. Valuation has been instructed at the same day on 16th November to be date on 2 December which has completed. We are SE and E and just wondering that Santander looks into only one year account for the company or more because our MB told is to check only one year records as our company has only 2 years history. I read some post here about 1 year has been declined. Any comments please? Thank you. 

Some people have had issues with not having 3 years worth of accounts, they definitely look into more than the most recent years accounts as they request 3 years worth from us and have asked a question about out 18/19 accounts.

Thoksy

Meh123 said:

Thoksy said:

Hello. We are FTB and HTB with %75 LTV applied on 16th November. Valuation has been instructed at the same day on 16th November to be date on 2 December which has completed. We are SE and E and just wondering that Santander looks into only one year account for the company or more because our MB told is to check only one year records as our company has only 2 years history. I read some post here about 1 year has been declined. Any comments please? Thank you. 

Some people have had issues with not having 3 years worth of accounts, they definitely look into more than the most recent years accounts as they request 3 years worth from us and have asked a question about out 18/19 accounts.

That’s really weird because our MB is pretty sure about the last year only. Because we could reduce our mortgage amount if something is important but now we can’t change it as the new rules from 6 December rule out our position as foreign buyers. Let’s see what they will respond. 

Meh123

Thoksy said:

Meh123 said:

Thoksy said:

Hello. We are FTB and HTB with %75 LTV applied on 16th November. Valuation has been instructed at the same day on 16th November to be date on 2 December which has completed. We are SE and E and just wondering that Santander looks into only one year account for the company or more because our MB told is to check only one year records as our company has only 2 years history. I read some post here about 1 year has been declined. Any comments please? Thank you. 

Some people have had issues with not having 3 years worth of accounts, they definitely look into more than the most recent years accounts as they request 3 years worth from us and have asked a question about out 18/19 accounts.

That’s really weird because our MB is pretty sure about the last year only. Because we could reduce our mortgage amount if something is important but now we can’t change it as the new rules from 6 December rule out our position as foreign buyers. Let’s see what they will respond. 

From what we were told Santander are fine to take the most recent years turnover as annual income instead of averaging it. However, on application they requested his last 3 years accounts and my last 3 payslips and are now asking questions about his 18/19 accounts, I think quite a few people have been asked for 3 years accounts when self employed. 

85c

Thoksy said:

Hello. We are FTB and HTB with %75 LTV applied on 16th November. Valuation has been instructed at the same day on 16th November to be date on 2 December which has completed. We are SE and E and just wondering that Santander looks into only one year account for the company or more because our MB told is to check only one year records as our company has only 2 years history. I read some post here about 1 year has been declined. Any comments please? Thank you. 

We have 2 years ltd company, we where declined, but it’s gone to appeal. We have no debt, excellent credit rating, 20% deposit. Santander business manager said we should never have been declined abs she’s taken it to appeal. Business grew through covid and we have a very healthy profit. We don’t know why we were declined but think it’s because we only have 2 years. 

Thoksy

85c said:

Thoksy said:

Hello. We are FTB and HTB with %75 LTV applied on 16th November. Valuation has been instructed at the same day on 16th November to be date on 2 December which has completed. We are SE and E and just wondering that Santander looks into only one year account for the company or more because our MB told is to check only one year records as our company has only 2 years history. I read some post here about 1 year has been declined. Any comments please? Thank you. 

We have 2 years ltd company, we where declined, but it’s gone to appeal. We have no debt, excellent credit rating, 20% deposit. Santander business manager said we should never have been declined abs she’s taken it to appeal. Business grew through covid and we have a very healthy profit. We don’t know why we were declined but think it’s because we only have 2 years. 

It looks like our companies share similarities lot. We have 2 years history too and 19-20 is more profitable than 18-19. Even current years are also very good. Did you apply as joint applicants? Both SE or one of them only? Another question that I want to ask about exchanging contract. Barrats told us to deadline for exchange contracts will be last week of December and it obviously expire due to mortgage outcome. What was going to happen if we miss the deadline for exchanging contract? Any ideas? Thank you. 

85c

Thoksy said:

85c said:

Thoksy said:

Hello. We are FTB and HTB with %75 LTV applied on 16th November. Valuation has been instructed at the same day on 16th November to be date on 2 December which has completed. We are SE and E and just wondering that Santander looks into only one year account for the company or more because our MB told is to check only one year records as our company has only 2 years history. I read some post here about 1 year has been declined. Any comments please? Thank you. 

We have 2 years ltd company, we where declined, but it’s gone to appeal. We have no debt, excellent credit rating, 20% deposit. Santander business manager said we should never have been declined abs she’s taken it to appeal. Business grew through covid and we have a very healthy profit. We don’t know why we were declined but think it’s because we only have 2 years. 

It looks like our companies share similarities lot. We have 2 years history too and 19-20 is more profitable than 18-19. Even current years are also very good. Did you apply as joint applicants? Both SE or one of them only? Another question that I want to ask about exchanging contract. Barrats told us to deadline for exchange contracts will be last week of December and it obviously expire due to mortgage outcome. What was going to happen if we miss the deadline for exchanging contract? Any ideas? Thank you. 

We are both SE both work for our company. That’s good to hear as MB wouldn’t put us in if you needed more then 2 years, we got the criteria. 

So sorry but I have no idea about exchanging etc I assume it’s a new build your buying? If it helps spoke to our seller EA Thursday, he said it’s a nightmare for everyone with mortgages and searches and everyone is in same boat. 

Meh123

Thoksy said:

85c said:

Thoksy said:

Hello. We are FTB and HTB with %75 LTV applied on 16th November. Valuation has been instructed at the same day on 16th November to be date on 2 December which has completed. We are SE and E and just wondering that Santander looks into only one year account for the company or more because our MB told is to check only one year records as our company has only 2 years history. I read some post here about 1 year has been declined. Any comments please? Thank you. 

We have 2 years ltd company, we where declined, but it’s gone to appeal. We have no debt, excellent credit rating, 20% deposit. Santander business manager said we should never have been declined abs she’s taken it to appeal. Business grew through covid and we have a very healthy profit. We don’t know why we were declined but think it’s because we only have 2 years. 

It looks like our companies share similarities lot. We have 2 years history too and 19-20 is more profitable than 18-19. Even current years are also very good. Did you apply as joint applicants? Both SE or one of them only? Another question that I want to ask about exchanging contract. Barrats told us to deadline for exchange contracts will be last week of December and it obviously expire due to mortgage outcome. What was going to happen if we miss the deadline for exchanging contract? Any ideas? Thank you. 

It’s not uncommon for new build exchange dates not to be met, especially while the market is currently backlogged. As a rule they tend to be flexible as long as it’s being shown that you’re being proactive with the purchase ie. mortgage application in, searches/valuations being dealt with. Just keep in touch with them with updates etc. 

yousnorkmaiden

Our MB seems to think that now we’ve answered their questions we’re back in the huge massive queue. Please tell me that isn’t right? I thought we went into the ‘pipeline’ queue??

Meh123

yousnorkmaiden said:

Our MB seems to think that now we’ve answered their questions we’re back in the huge massive queue. Please tell me that isn’t right? I thought we went into the ‘pipeline’ queue??

It’s the pipeline queue, considering we’re in the exact same situation as you it better be the pipeline queue!
but looking at the way the dates are set out on the site it seems very much that it’s the pipeline one, it comes under ‘cases passed back for reassessment’ or something like that. 

yousnorkmaiden

Meh123 said:

yousnorkmaiden said:

Our MB seems to think that now we’ve answered their questions we’re back in the huge massive queue. Please tell me that isn’t right? I thought we went into the ‘pipeline’ queue??

It’s the pipeline queue, considering we’re in the exact same situation as you it better be the pipeline queue!
but looking at the way the dates are set out on the site it seems very much that it’s the pipeline one, it comes under ‘cases passed back for reassessment’ or something like that. 

That’s what I thought! But she’s adamant it’s the queue that says 11th November or whatever, despite that saying ‘initial assessment’. They’ve obviously assessed us already in order to ask us questions. 

I’m really losing patience - this will be the fourth incorrect piece of information they’ve told us now.