Santander mortgage timeline

homese2

Has anyone extended their mortgage offer during these times? And if so... what were the requirements? TIA
SE here! 

Spanner28

Just wondering if anyone can confirm how the valuation process works with santander. I applied for a mortgage mid December my other half is self employed and they state about 40 days with regards to average time for a decision. 

A valuation was carried out on the new build property last Thursday and I can't tell with any certainty if that's one of the last things to be done or one of the first. Some other people on here and other stuff online suggests it is something they do at the same time as looking at the application whereas a mortgage guide on their site seems to suggest they do a valuation once they are happy with everything else. Any insight into the recent or current process would be appreciated 

Thanks 

Spanner28

Hi,
It is a new 3 bed semi only just built so ready to move into apparently someone was going to value it in person so we are waiting for their report according to the broker. 

We were sent a few questions that santander have asked by the broker the day after as well. But no other documents as of yet apart from a day or two after the application went in the wanted a page from my other half's tax return which she did not initially send as it was blank. Not sure where we are with underwriters as the broker hasn't said much.

Already been turned down for a mortgage previous to this application so worried about this one as well 

Spanner28

Fingers crossed its awful having to wait. 
With being declined once its even worse and self employment doesn't help. 
Hopefully it is a positive that the loan to value is about 68 percent because of our deposit and the help to buy loan. Plus the mortgage payment is about £100 per month less than the house we currently rent. 

dmp1980

Santander only provide the valuation info at the very end of the process with offer, regardless of when it is completed. Use this link for their latest timelines : https://www.santanderforintermediaries.co.uk/submit-and-track-business/our-service-levels/

You will see that as of today it’s 25 working days for residential applications (5 weeks) and 40 working days for self employed (8weeks). Also note that since 9th Jan, all self employed applications are capped at max 60% LTV. If you applied before they say this is ok, but anything after this date has this restriction. 

Spanner28

Initially we were put with precise as they were prepared to work with only one years books for my partner altho she has more than a year it meant maximising what we could borrow as her business had grown. 

Unfortunately as at the beginning of lockdown she had to take take seiss grant or whatever its called it showed on the first of the 3 months bank statements she had to submit. As a result precise said that as a responsible lender they couldn't lend however in a couple of months time we would be ok to reapply. 

Our broker then put us with santander as we managed to get a larger gifted deposit and there has been 2 further bank statements showing no more grants. 

My partner is a self employed teacher and is currently as busy as ever having diversified into a few other bits and bobs or work, just that when the first lockdown happened and they cancelled exams there was a lot of uncertainty which initially affected her business 

dmp1980

Valuation one of the first things done but makes no difference to the application timing. You get the valuation verdict along with offer if accepted. If the valuation is under your expectations or the requirements for the mortgage, they will say so in the offer. Ours was valued bizarrely £50k below the buy price - we only found out after 55 days since application when they made us an offer, saying they would extend us the money required based on their valuation if we stumped up the missing £50k. We negotiated the seller down and paid the remaining £40k as additional.

santander are significantly undervaluing property at present on a risk basis ahead of market decline in 2021. Our property valuation was £10k below the agents listing price - and the house sold in less that 24 hours with 4 bidders for £50k over asking! Somebody has it wrong!

anxioussquirrel

I've been lurking around this forum for ages, we are also currently applying with Santander and I'm super nervous. Originally we were applying for Clydesdale but their surveyors found issues with the building's paperwork so we had to wait for it to get sorted and now we are applying with Santander. The application was sent before Christmas, and now they requested additional information - my partner's employed and unaffected by Covid but I'm on furlough - my employer is a small business, hit by Covid but also being overwhelmed with work but it saves them money to keep all their employees on furlough so they are being slow with that letter and I'm crying my eyes out with stress. Please help.  I really, really want to move. We are in a good position otherwise I think, the whole house is worth a little over twice our combined income and we are asking for 75% LTV. The only issue is that it's a second property because we haven't put our current flat on the market. The building is complicated though (commercial to residential conversion) so I don't know, and I don't understand why my employers are dragging their feet, it would take them like 5 minutes and I asked for this before Christmas because I wanted to have it ready for when they are asking..... I'll be absolutely devastated if we cannot move. Can someone please give me hope? 

BMRB

Mortgage - £320k
Deposit - £110k
LTV - 74%
AIP - 3/12
Full application sent - 8/12
Forwarded to UW - 11/12
Decision - 11/01 = REFUSED

My wife is employed full-time by NHS @ £55k per annum and I've been SE as a sole company director since 2012 with salary and dividends of £64k per year and company net profits sat at £45k each year for the past 5 years. So you would think we would be accepted as our AIP was sanctioned to borrow up to £520k, but no. Apparently they think my bank statements from past 3 months indicates that my salary moving forwards will be around £20k per annum, I've not earnt £20k since 1998!! 

Problem is my income is 'lumpy', 3 or 4 large amounts of between £15k to £35k per annum plus lots of sporadic smaller payments ranging between £100 - £1500 . I've not had a large payment since May but I am due another large payment in the next 6 weeks but Santander aren't interested. My accountant even certified that the business has not been affected by Covid 19 and is of sound footing in the future. 

Our MB and I believe they are already (in certain cases) starting to apply the new 60% LTV rule on mortgages applied before the 9th January deadline. It's so frustrating when my wife could borrow £275k by herself yet they won't even look at me for the additional £45k.

DRC1988

After a long a painful application process, i have finally got my offer. Thank you to all for the advice! On to my first home. Time to crack open champagne. Good luck to anyone waiting!