Santander mortgage timeline

BMRB

moxxey said:

85c said:

moxxey said:

6 weeks now and I'm still waiting on a Santander decision. Becoming very frustrating as my house builder (new build) offer a cash back incentive to push through the completion before 31 January!

The strange thing about Santander for me is that they appear to ask a few questions, you submit your answers and then wait at least another week....for more questions. Why can't they submit everything they want to ask in one single document, then you get everything you need together and submit your reply.

I'm getting silly questions such as "why haven't you paid your end of year tax bill yet?" (as it's due 31 January?) and, a week later, "can you show us you have the funds to cover the unpaid tax bill?" (why couldn't they have asked that with the original question).

Anyone else still waiting?

Are you SE? I know it’s frustrating but you are looking between 8-12 weeks if you are SE for an answer. I feel for u. I hope they come back to you soon. 

Yes, but made sure credit was completely clean, I have a decent deposit (approx 64% LTV) and it's a new build, so the survey ought to be straightforward (as they can show other builds which were sold in the same area for the same price).
I was told by my broker that today was likely to be decision day as it's 8 working days since they last asked a bunch of questions - nothing come through at all. My application is still in the underwriting queue, after 8 workin days!

We were in exactly the same situation with Santander with a 74% LTV.  We gave up and went with Halifax with exactly the same application that our broker made with Santander in early December, we had our full mortgage offer in under 48 hours from the broker submitting our full application. Don't be afraid of ditching the Santander application, especially if your credit scores are good.

moxxey

BMRB said:

moxxey said:

85c said:

moxxey said:

6 weeks now and I'm still waiting on a Santander decision. Becoming very frustrating as my house builder (new build) offer a cash back incentive to push through the completion before 31 January!

The strange thing about Santander for me is that they appear to ask a few questions, you submit your answers and then wait at least another week....for more questions. Why can't they submit everything they want to ask in one single document, then you get everything you need together and submit your reply.

I'm getting silly questions such as "why haven't you paid your end of year tax bill yet?" (as it's due 31 January?) and, a week later, "can you show us you have the funds to cover the unpaid tax bill?" (why couldn't they have asked that with the original question).

Anyone else still waiting?

Are you SE? I know it’s frustrating but you are looking between 8-12 weeks if you are SE for an answer. I feel for u. I hope they come back to you soon. 

Yes, but made sure credit was completely clean, I have a decent deposit (approx 64% LTV) and it's a new build, so the survey ought to be straightforward (as they can show other builds which were sold in the same area for the same price).
I was told by my broker that today was likely to be decision day as it's 8 working days since they last asked a bunch of questions - nothing come through at all. My application is still in the underwriting queue, after 8 workin days!

We were in exactly the same situation with Santander with a 74% LTV.  We gave up and went with Halifax with exactly the same application that our broker made with Santander in early December, we had our full mortgage offer in under 48 hours from the broker submitting our full application. Don't be afraid of ditching the Santander application, especially if your credit scores are good.

I would it was that easy.

Santander is one of the few lenders which will lend based on a single self-employed tax return. My 2018-2019 return was dreadful as I spent that year reinvesting back in the business. 2019-2020 was over 4x as good!

As Halifax average both years, the end result is a fairly poor mortgage. Despite a £61K earning for 2019-2020, it averages out at under £90K for a mortgage when you factor in HTB on top.

So unless I wait until after the next tax year, which will be slightly up on 2019-2020, then leave off HTB and forget about the stamp duty discount, I'm a little limited. If the Chancellor announced stamp duty discount was going to be extended for a few more months, I could simply wait until May.

really?

In spirit of updating you all see my below timeline:

Status: 75% LTV – 40% tax payer – single applicant

04/01/2020 Application submitted (I didn’t realise this until last week)

13/01/2020 Valuation complete (in person – new build)

14/01/2020 Further info required

15/01/2020 Application resubmitted

18/01/2020 Further info required

19/01/2020 Accepted subject to valuation. Already completed so I assume we’re almost there? Which sounds good to me but I won’t breathe easy until I cross the threshold of our new house.

Seems pretty fast moving for the Employed – hopefully this is a good sign for the SE people on here.

Other relevant info: late payment to next directory 15 months ago: exceeded overdraft by £45 20 months ago. Besides this I've only entered my overdraft twice in the last 6 years according to my credit file. 

 

moxxey

really? said:

In spirit of updating you all see my below timeline:

Status: 75% LTV – 40% tax payer – single applicant

04/01/2020 Application submitted (I didn’t realise this until last week)

13/01/2020 Valuation complete (in person – new build)

14/01/2020 Further info required

15/01/2020 Application resubmitted

18/01/2020 Further info required

19/01/2020 Accepted subject to valuation. Already completed so I assume we’re almost there? Which sounds good to me but I won’t breathe easy until I cross the threshold of our new house.

Seems pretty fast moving for the Employed – hopefully this is a good sign for the SE people on here.

Other relevant info: late payment to next directory 15 months ago: exceeded overdraft by £45 20 months ago. Besides this I've only entered my overdraft twice in the last 6 years according to my credit file. 

 

It really is so frustrating when you're self-employed.

My latest is we submitted answers to the latest questions on 11 January. 8 days later, it's *still* in their queue waiting to be viewed by an underwriter!

jac3030

@moxxey I think it is 8 working days (Mon-Fri). We are waiting too and it is so hard! Let us know when you hear anything

D09

Hi 
Following the forum from few days. 

Wife - SE
OH-EMPLOYED 
85% LTV 

Applied on 25/11/2020
valuation 30/11/2020 (desktop valuation) 
valuation came fine.
Additional documents request on 6th January 
again additional documents request on 8th January 

after submitting requested documents no update yet 

The wait is really frustrating 

Tintan

Hello!
Situation as below and wanted to ask if anyone had experience with an extremely low LTV and if that would make any difference to UW queues?

Joint mortgage both SE
26% LTV
Applied: 9/12/20
Various additional documents requested over week following
Valuation and with UW confirmed by MB: 04/01/21
No updates so far with MB chasing weekly

Thanks!

moxxey

Tintan said:

Hello!
Situation as below and wanted to ask if anyone had experience with an extremely low LTV and if that would make any difference to UW queues?

Joint mortgage both SE
26% LTV
Applied: 9/12/20
Various additional documents requested over week following
Valuation and with UW confirmed by MB: 04/01/21
No updates so far with MB chasing weekly

Thanks!

Sadly I don't think anything makes differences to the underwriter queues as they quote 8 working days until your application is even viewed. We submitted our answers on 11 January, as of 20 January it's still in the queue. I'm fearing they ask even more questions as it means another 8+ days waiting.

cpknight

Hi, first time poster but been following this thread for ages. Hopefully this is hope for some people. 

AIP - 13/01
First appointment and credit check passed - 14/01
Docs accepted - 15/01
Second appointment where you chose rate etc - 19/01
submitted to UW - 20/01

approved subject to valuation 1 minute later.

applied direct porting my current mortgage (doubling current borrowing) 85% LTV. I’m employed but my husband is both employed and SE. 

scoey8

Does anyone know Santanders criteria for defaults? We are looking for remortgage at 60 LTV but have a 5 year old mobile phone default for less than £100. Currently with an adverse lender as there was 3 more defaults but these have now dropped off. Thanks