Santander mortgage timeline

anxioussquirrel

moxxey said:

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.

Legal issues? I didn't know that, but I used to hear about "undervalued" properties, I didn't know that meant a withdrawn offer rather than a lower one. 

If it's not to do with the value, then it is really worrying to hear that Santander offers reduced amounts without explaining it to brokers. It seems so arbitrary based on your posts, it stresses me out so much because I can't think cling onto any information. The lack of transparency of this sucks and there is another thread of a withdrawn formal offer, I didn't know they could do that as well! I'm going to cry again lol. 

85c

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? 

Our aip we could borrow £100k more, I think it’s just the times they offered lower. Our valuation was fine I knew the house would value up, we got it for a really good price. 

Emac30

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? 

Our broker said it was because lending criteria is so much stricter at the moment. They decided they weren’t going to take into account my shift pay. Then they weren’t going to take my husband’s full shift pay but we managed to reverse that by submitting more payslips. Another reason was because my husband’s credit file hadn’t updated to show the credit cards paid off and they wouldn’t take the statements and closure letters as proof...even though they had asked for them as proof. It eventually updated and they did another credit search and upped their offer. It’s been a bit of a nightmare. But luckily we had a broker that wouldn’t let it drop! 

anxioussquirrel

Emac30 said:

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? 

Our broker said it was because lending criteria is so much stricter at the moment. They decided they weren’t going to take into account my shift pay. Then they weren’t going to take my husband’s full shift pay but we managed to reverse that by submitting more payslips. Another reason was because my husband’s credit file hadn’t updated to show the credit cards paid off and they wouldn’t take the statements and closure letters as proof...even though they had asked for them as proof. It eventually updated and they did another credit search and upped their offer. It’s been a bit of a nightmare. But luckily we had a broker that wouldn’t let it drop! 

Christ! None of this fills me with hope lol - my partner has been working on the same shift pay for more than a decade though but I'm on furlough, even though we're trying to borrow less than 3 times our combined income (and even if you don't count mine it's less than 4 times than my partner's). I'm hoping we won't have any more trouble (we had enough with the developer) but I'm losing sleep. I really want to move  

I want to register for self assessment for HMRC as well for a hobby I started making some money out of since last summer..... but I'm absolutely petrified they find out if I do it now and decline for not telling them everything. At this point I'd rather pay the £100 fine for registering late than lose the house lol but most likely I'll just go have a breakdown, lose my sanity and then I stop worrying about any of this lol. 

85c

anxioussquirrel said:

Emac30 said:

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? 

Our broker said it was because lending criteria is so much stricter at the moment. They decided they weren’t going to take into account my shift pay. Then they weren’t going to take my husband’s full shift pay but we managed to reverse that by submitting more payslips. Another reason was because my husband’s credit file hadn’t updated to show the credit cards paid off and they wouldn’t take the statements and closure letters as proof...even though they had asked for them as proof. It eventually updated and they did another credit search and upped their offer. It’s been a bit of a nightmare. But luckily we had a broker that wouldn’t let it drop! 

Christ! None of this fills me with hope lol - my partner has been working on the same shift pay for more than a decade though but I'm on furlough, even though we're trying to borrow less than 3 times our combined income (and even if you don't count mine it's less than 4 times than my partner's). I'm hoping we won't have any more trouble (we had enough with the developer) but I'm losing sleep. I really want to move  

I want to register for self assessment for HMRC as well for a hobby I started making some money out of since last summer..... but I'm absolutely petrified they find out if I do it now and decline for not telling them everything. At this point I'd rather pay the £100 fine for registering late than lose the house lol but most likely I'll just go have a breakdown, lose my sanity and then I stop worrying about any of this lol. 

I don’t know if it helps, but I work for our ltd business I’m se, but I use to work in nursing and during the 1st lockdown I went back to work to help and do my bit. So I’m bank staff, no contract. I’m taking home on average £800 a month, it was never flagged up. I never mentioned it, as knew it wouldn’t help getting the mortgage.  

anxioussquirrel

Okay! That helps a bit, at least to calm down. I'm less worried about just doing it - I can't wait forever, god knows how much more this bloody mortgage drags on.

moxxey

85c said:

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? 

Our aip we could borrow £100k more, I think it’s just the times they offered lower. Our valuation was fine I knew the house would value up, we got it for a really good price. 

I agree with that. My AIP was well over £300K. The offer was much much less.

My broker has no idea why. You have the chance to reject or ask for a better offer, but you then have to spend more weeks in their constant 8-working-day queues waiting on answers! I need to move forward more quickly as I was supposed to complete by 31 January.

Emac30

anxioussquirrel said:

Emac30 said:

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? 

Our broker said it was because lending criteria is so much stricter at the moment. They decided they weren’t going to take into account my shift pay. Then they weren’t going to take my husband’s full shift pay but we managed to reverse that by submitting more payslips. Another reason was because my husband’s credit file hadn’t updated to show the credit cards paid off and they wouldn’t take the statements and closure letters as proof...even though they had asked for them as proof. It eventually updated and they did another credit search and upped their offer. It’s been a bit of a nightmare. But luckily we had a broker that wouldn’t let it drop! 

Christ! None of this fills me with hope lol - my partner has been working on the same shift pay for more than a decade though but I'm on furlough, even though we're trying to borrow less than 3 times our combined income (and even if you don't count mine it's less than 4 times than my partner's). I'm hoping we won't have any more trouble (we had enough with the developer) but I'm losing sleep. I really want to move  

I want to register for self assessment for HMRC as well for a hobby I started making some money out of since last summer..... but I'm absolutely petrified they find out if I do it now and decline for not telling them everything. At this point I'd rather pay the £100 fine for registering late than lose the house lol but most likely I'll just go have a breakdown, lose my sanity and then I stop worrying about any of this lol. 

The shift pay thing for us was just ridiculous. I have been on the same shift pay for 9 years and I provided a years worth of payslips in the end they still wouldn’t take it into account because they didn’t understand my payslips (I work for the civil service, I can’t imagine it’s the first one they’ve ever seen). Our broker said every time it went back in the queue someone different would look at it, so that really didn’t help. My husband has been on shift pay nearly 20 years and it took some persuading for them to finally take it all into account. It’s so stressful, wishing you a speedy response!! 

Jimwaz18

Just a quick update on Santander, we applied on the 16th October. Everything got accepted and got mortgage offer on the 16th December with a a lot of questions in between. Got formal offer and then retracted the same day with coming back asking for business bank statements. Offer declined! My MB appealed because the underwriter had miscalculated. We have waited and waited for a decision so we went with Halifax last week. It took 3 days with Halifax to get a formal offer so was going with them. Then today at 5pm after an appeal we got an offer again with Santander (txt mes and email) saying offer accepted, we now have 2 formal mortgage offers, can’t believe it, it’s gone from a real struggle to fill your boots haha

D09

Hello everyone 

just want to find out if anyone could help 

we applied on 25/11
valuation-30/11
valuation came fine. 

Request more documents on 8/1/2021
Submited on 08/01
 Requested more documents on 21/01
submitted on 21/01

do we have to wait again for the long que ?