Santander mortgage timeline

NewApplicant

85c said:

NewApplicant said:

Guys, would you know how long it takes for santander to get the offer out? 
I submitted my app on wed 13/01. searches were done straight away and valuation booked for the Monday 18/01.
Report came back with valuation 160k less than agreed price. I accepted the new valuation (just so I can check the valuation report, otherwise you dont have access to it). went to the UW on the 21/01 and no news since.. do You know how long this is supposed to take?   

So sorry but how long is a piece of string. There is no time frame really. It will be once they approve your mortgage. Ours took 12 weeks, but we are SE, if your self employed you will be looking at 8-12 weeks. 

Yes, I am Employed full time. was SE last year, but shifted to full time employed right before end 2019.
Let's see what they come back with. Was kind of hoping to beat the SD holiday but doesnt seem like it's gonna happen. 

Ls9

Hey, I’ve been reading on here for ages but first time posting.
We submitted our application on the 4th November!  I’m employed, husband is SE, we’ve been back and fourth with the underwriters and still waiting! 

It’s been 12 weeks in total now and I feel like it’s never going to end! 

So bloody stressful!! 

moxxey

NewApplicant said:

moxxey said:

NewApplicant said:

Guys, would you know how long it takes for santander to get the offer out? 
I submitted my app on wed 13/01. searches were done straight away and valuation booked for the Monday 18/01.
Report came back with valuation 160k less than agreed price. I accepted the new valuation (just so I can check the valuation report, otherwise you dont have access to it). went to the UW on the 21/01 and no news since.. do You know how long this is supposed to take?   

£160K less? As in the house valuation? How is that possible? Even a £1 million house would rarely be devalued by £160,000!

As for the offer timeline, have you read through the previous pages in this discussion? Takes weeks! I submitted mine on 12/12 and still waiting.

The offer I put in was for 1.15m. Valuation came back for 990k
Dont understand how they did it to be honest, I could see the house next door was sold 3 years ago for 1.4m... thats why I want to check the valuation report. 
I was hoping mortgage would be for 850k but I can try to make the 735k work (if the vendor drops the price a bit). 
But not sure to be honest if a downvaluation could trigger a mortgage to be rejected.
 

That is crazy! Normally they judge the value based on sales nearby. I know they did the same on the place I' buying. The Estate Agent submitted a couple of examples of houses sold in my area, which enabled the valuer to do the job.

85c

Ls9 said:

Hey, I’ve been reading on here for ages but first time posting.
We submitted our application on the 4th November!  I’m employed, husband is SE, we’ve been back and fourth with the underwriters and still waiting! 

It’s been 12 weeks in total now and I feel like it’s never going to end! 

So bloody stressful!! 

Oh no that’s awful, do u know why? Ours took 12 weeks but it was declined after 8.5 weeks, went to appeal then got an offer.

Ls9

85c said:

Ls9 said:

Hey, I’ve been reading on here for ages but first time posting.
We submitted our application on the 4th November!  I’m employed, husband is SE, we’ve been back and fourth with the underwriters and still waiting! 

It’s been 12 weeks in total now and I feel like it’s never going to end! 

So bloody stressful!! 

Oh no that’s awful, do u know why? Ours took 12 weeks but it was declined after 8.5 weeks, went to appeal then got an offer.

They offered us less a week or so ago and we accepted it but it’s classed as appealing so back in the queue  

85c

Ls9 said:

85c said:

Ls9 said:

Hey, I’ve been reading on here for ages but first time posting.
We submitted our application on the 4th November!  I’m employed, husband is SE, we’ve been back and fourth with the underwriters and still waiting! 

It’s been 12 weeks in total now and I feel like it’s never going to end! 

So bloody stressful!! 

Oh no that’s awful, do u know why? Ours took 12 weeks but it was declined after 8.5 weeks, went to appeal then got an offer.

They offered us less a week or so ago and we accepted it but it’s classed as appealing so back in the queue  

oh no, I know how u feel they offered us £29k under, we accepted it, there was no reason why our aip could’ve be £100k more. I think it’s the times. 

moxxey

Ls9 said:

85c said:

Ls9 said:

Hey, I’ve been reading on here for ages but first time posting.
We submitted our application on the 4th November!  I’m employed, husband is SE, we’ve been back and fourth with the underwriters and still waiting! 

It’s been 12 weeks in total now and I feel like it’s never going to end! 

So bloody stressful!! 

Oh no that’s awful, do u know why? Ours took 12 weeks but it was declined after 8.5 weeks, went to appeal then got an offer.

They offered us less a week or so ago and we accepted it but it’s classed as appealing so back in the queue  

The queue is only 6 working days now. Don't worry.

NewApplicant

Ok, I just got the mortgage offer now. In the end it wasnt bad, apart from the massive downvaluation. (it took exactly 2 weeks door to door).
Only issue is that it is subject to a report/cost estimate of some structural issue the surveyor found in the house. so will need to see how to sort that out.
Might see if the vendor is willing to drop the price.. or make them pay for some of the repairs..

NewApplicant

I hope you guys are gonna hear the good news soon!

moxxey

moxxey said:

Ls9 said:

85c said:

Ls9 said:

Hey, I’ve been reading on here for ages but first time posting.
We submitted our application on the 4th November!  I’m employed, husband is SE, we’ve been back and fourth with the underwriters and still waiting! 

It’s been 12 weeks in total now and I feel like it’s never going to end! 

So bloody stressful!! 

Oh no that’s awful, do u know why? Ours took 12 weeks but it was declined after 8.5 weeks, went to appeal then got an offer.

They offered us less a week or so ago and we accepted it but it’s classed as appealing so back in the queue  

The queue is only 6 working days now. Don't worry.

It's dropped to 5 working days - shortest I've seen it for ages.