Santander mortgage timeline

85c

BMRB said:

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.

BMRB said:

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.

We were declined, had 20% deposit, ltd company, business grew through covid, take home £70k a year, no debt, excellent credit rating, we appealed and it was accepted, but 29k under offer, we’ve made it work. There was no reason why we were declined. Maybe you should appeal? 

Spanner28

After my post yesterday about when a valuation is carried out regarding the application process it appears in this case it was one of the last things done. Applicatiin relieved on the 19th of December, me employed my partner self employed. 68% ltv. Valuation carried out a Thursday 7th. Mortgage offer being sent out today, have been sent a brokers copy and it's all good and they are lending the amount we need. 

Thanks for they help but for anyone waiting fingers crossed as it seems the processing times are very much hit and miss. 

jac3030

Wow congratulations! Was the application submitted on the 19th? 

Spanner28

jac3030 said:

Wow congratulations! Was the application submitted on the 19th? 

Hi, yes the application was submitted on the 19th 

BMRB

85c said:

BMRB said:

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.

We were declined, had 20% deposit, ltd company, business grew through covid, take home £70k a year, no debt, excellent credit rating, we appealed and it was accepted, but 29k under offer, we’ve made it work. There was no reason why we were declined. Maybe you should appeal? 

Our MB is chatting to them today to see what can be done. Fingers crossed they'll see sense!

85c

BMRB said:

85c said:

BMRB said:

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.

We were declined, had 20% deposit, ltd company, business grew through covid, take home £70k a year, no debt, excellent credit rating, we appealed and it was accepted, but 29k under offer, we’ve made it work. There was no reason why we were declined. Maybe you should appeal? 

Our MB is chatting to them today to see what can be done. Fingers crossed they'll see sense!

It was the Santander business manager that spoke up for us. She said we should never have been declined and took it to her boss, this was all through the MB. Good luck I think they will see sense. 

Alvin5

Hi there! 

Santander takes very slow. I  thought it would be  easier and quicker for a full time employee. My BTL mortgage application was submitted on 30/11/2020 . Valuation done two days later with positive outcome. Currently I am still not getting an update from Santander after I submitted the requested documents on 24 Dec. Today I got an update from MB saying “the case has been reviewed but an update hasn’t been provided to us as there is still a point that is being reviewed higher up in Santander. As the gift deposit has come from outside of the EU the compliance team at Santander are reviewing this point and will make a decision, as this is above the underwriters mandates.”

26K deposit was from my mom in China and transferred into my account 10 months ago. Is anyone experiencing similar situation? offer is subject to compliance team decision?  Roughly how long for the team reply in normal conditions? I am so worried about it . Sales agent is chasing me . Many thanks !

K_S

BMRB said:

85c said:

BMRB said:

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.

We were declined, had 20% deposit, ltd company, business grew through covid, take home £70k a year, no debt, excellent credit rating, we appealed and it was accepted, but 29k under offer, we’ve made it work. There was no reason why we were declined. Maybe you should appeal? 

Our MB is chatting to them today to see what can be done. Fingers crossed they'll see sense!

@bmrb I don't know if Santander will work out but I hope your broker doesn't give up even if Santander doesn't work out, as there should be more options in the market to borrow what you need. Good luck!

BMRB

It was the Santander business manager that spoke up for us. She said we should never have been declined and took it to her boss, this was all through the MB. Good luck I think they will see sense. 

Hopefully they will see sense but who knows these days!

BMRB

@K_S Thanks, he has Halifax ready to go should Santander refuse our appeal.