Santander mortgage timeline

85c

NatNat77 said:

85c I think given your offer was for less than you asked (was it 15k?) I think any down valuation would have to be for more than that for it to affect your offer, wouldn't it? I'm not sure what your LTV is though x

Our LTV was 82% now lot lower, in our heads it was £15k as we wanted £300k but mb went for £314k we’ve been offered £285k. X

NatNat77

Then I think you'll be OK! X

homese2

85c said:

homese2 said:

85c said:

Any one else really worried they may retract the offer, we went through appeal abs have gone over our case with a fine tooth comb, but I read some reviews that Santander have retracted offers. We are waiting on valuation abs until we have the offer in the post I won’t stop worrying. 

I am! Our completion will take place by middle of March and Im soooo worried something could go wrong. 

Are you SE? We complete on our old house on Monday, we’ve moved out, didn’t want to lose our buyer as old house was ready to go. We are waiting on 1 search and mortgage valuation. We won’t complete until next month as long as everything is ok. 

Yes! Me and my OH are both SE. And we are about to complete with our buyers as they are ready and they been waiting for us to move forward (our vendor’s new build will be delayed). We will be in our friends’s place until we able to complete with our vendors. 

85c

NatNat77 said:

Then I think you'll be OK! X

Thank you 😬😄 xx

85c

homese2 said:

85c said:

homese2 said:

85c said:

Any one else really worried they may retract the offer, we went through appeal abs have gone over our case with a fine tooth comb, but I read some reviews that Santander have retracted offers. We are waiting on valuation abs until we have the offer in the post I won’t stop worrying. 

I am! Our completion will take place by middle of March and Im soooo worried something could go wrong. 

Are you SE? We complete on our old house on Monday, we’ve moved out, didn’t want to lose our buyer as old house was ready to go. We are waiting on 1 search and mortgage valuation. We won’t complete until next month as long as everything is ok. 

Yes! Me and my OH are both SE. And we are about to complete with our buyers as they are ready and they been waiting for us to move forward (our vendor’s new build will be delayed). We will be in our friends’s place until we able to complete with our vendors. 

How funny we’ve both done the same. I’m sure you will be fine. Keep me posted 🤞🏻

BMRB

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.

UPDATE: after the lengthy and painfully slow process with Santander we got an offer from Halifax. So much easier;

AIP - 13th January
Full Application 4.00pm - 13th January
Desktop Valuation - 14th January
Mortgage Offer 9.00am - 15th January 

Deal is exactly the same as Santander apart from the interest rate is 0.2% higher.

Good luck to everybody else on this thread with Santander.

85c

BMRB 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.

UPDATE: after the lengthy and painfully slow process with Santander we got an offer from Halifax. So much easier;

AIP - 13th January
Full Application 4.00pm - 13th January
Desktop Valuation - 14th January
Mortgage Offer 9.00am - 15th January 

Deal is exactly the same as Santander apart from the interest rate is 0.2% higher.

Good luck to everybody else on this thread with Santander.

Congratulations! You should never have been turned down! 

85c

Official offer in from Santander. They did a desk top valuation! 

Jimwaz18

Just an update we have had our formal mortgage offer today from Halifax and we applied on Wednesday 13th same day all income verified with hard credit searches. The next day 14th desk top valuation done then today 15th full Mortgage. It took 3 days compared to Santander which we applied on the 16th October and they still haven’t seen our appeal yet haha. My advise to people being messed about by Santander is go to Halifax 

mowgliisaG

85c said:

Official offer in from Santander. They did a desk top valuation! 

Amazinggg...Congratulations xxx