Santander mortgage timeline

moxxey

An update on my side.

After precisely 8 working days since Santander requested more information, I received my offer last night. That's the good news.

The less good news is that it's a huge 24% less than the AIP! As the mortgage was supposed to be over £250K, that's quite a big drop. I can just about make it work though. Just.

Just a timeline: MB applied 12/12, valuation 07/01, Santander requested more info 11/01, offer 20/01

Woowar99

We're currently in a queue with the UW. How likely is it that they are going to come back and ask for more information?
Me and my GF, both employed, been with Santander for a few years as a customer, porting our mortgage, borrowing an extra 90k. 

Both got good credit but a history of payday loans but we have passed a hard credit check.

I had a few months furlough last year. The admin have already asked for extra documents such as payslips, P60 and proof of address. Now it is with the UW, are they likely to come after us for more stuff and how likely is it that the UW will decline us at this stage?

85c

moxxey said:

An update on my side.

After precisely 8 working days since Santander requested more information, I received my offer last night. That's the good news.

The less good news is that it's a huge 24% less than the AIP! As the mortgage was supposed to be over £250K, that's quite a big drop. I can just about make it work though. Just.

Just a timeline: MB applied 12/12, valuation 07/01, Santander requested more info 11/01, offer 20/01

They offered us £29k under, we’ve made it work if u can I’d go for it. They seem to be offering everyone one less. Our friends did a £50k remortgage and was offered £25k they have no mortgage and she works for the nhs. I think it’s just these times. 

moxxey

85c said:

moxxey said:

An update on my side.

After precisely 8 working days since Santander requested more information, I received my offer last night. That's the good news.

The less good news is that it's a huge 24% less than the AIP! As the mortgage was supposed to be over £250K, that's quite a big drop. I can just about make it work though. Just.

Just a timeline: MB applied 12/12, valuation 07/01, Santander requested more info 11/01, offer 20/01

They offered us £29k under, we’ve made it work if u can I’d go for it. They seem to be offering everyone one less. Our friends did a £50k remortgage and was offered £25k they have no mortgage and she works for the nhs. I think it’s just these times. 

Did your offer go back in to the UW queue again once you accepted the £29K reduced offer? I instructed my MB to accept the lower offer from Santander, so we can move forward ASAP and complete, only for the MB to say 'we need to allow 8 working days as our acceptance simply goes back in to the queue'. You couldn't make it up.

85c

moxxey said:

85c said:

moxxey said:

An update on my side.

After precisely 8 working days since Santander requested more information, I received my offer last night. That's the good news.

The less good news is that it's a huge 24% less than the AIP! As the mortgage was supposed to be over £250K, that's quite a big drop. I can just about make it work though. Just.

Just a timeline: MB applied 12/12, valuation 07/01, Santander requested more info 11/01, offer 20/01

They offered us £29k under, we’ve made it work if u can I’d go for it. They seem to be offering everyone one less. Our friends did a £50k remortgage and was offered £25k they have no mortgage and she works for the nhs. I think it’s just these times. 

Did your offer go back in to the UW queue again once you accepted the £29K reduced offer? I instructed my MB to accept the lower offer from Santander, so we can move forward ASAP and complete, only for the MB to say 'we need to allow 8 working days as our acceptance simply goes back in to the queue'. You couldn't make it up.

Not that our MB said. But we thought we where waiting for the valuation, turns out they did valuation 9/10/20, so from offer to official offer was 8 days. 

jac3030

@moxxey we had exactly this! Still in the UW queue for them just to hopefully say yes! 

Emac30

We’ve had good news today. Submitted our application 13/11/20. We were asked for more documents and answers to questions pretty much every week up until just before Xmas. Offered a mortgage that was nearly 30k less than we asked for. Broker appealed and we were asked for more docs, then had to wait over xmas. Just after the new year had a new offer that was 12k short but workable. We decided to do one last punt and submitted another payslip to prove more consistent shift pay than they were allowing for..... received our offer today for our full amount!! It’s been a rough ride! Hoping we can move forward pretty quickly as there is no chain. Good luck to you all still waiting. 

moxxey

jac3030 said:

@moxxey we had exactly this! Still in the UW queue for them just to hopefully say yes! 

Totally weird isn't it? I asked my MB why it needs to go back to the UW when they already made an offer!

anxioussquirrel

All of you with stories of being offered less than the amount applied for - is it due to the valuation? Do they explicitly say that they don't expect your property to be worth the money you're asking for? Or do they give another reason or no reason at all? 

moxxey

anxioussquirrel said:

All of you with stories of being offered less than the amount applied for - is it due to the valuation? Do they explicitly say that they don't expect your property to be worth the money you're asking for? Or do they give another reason or no reason at all? 

Nothing to do with a valuation. My understanding is that if a valuation is lower, your applications gets rejected, they don't make a counter offer.

Maybe I'm wrong, but if the valuation differs from your agreed purchase, it creates legally issues, so they can't counter offer as the original valuation still exists in all legal documentation.

I spoke with my broker yesterday and he said even they don't know why Santander would reduce the amount offered (compared to the DIP), but did say that they are getting much stricter as they are dealing with a tonne of applications.