Santander mortgage timeline

85c

Rosemary1982 said:

85c said:

Rosemary1982 said:

85c said:

Rosemary1982 said:

coxysue said:

This was what I got. I’m in shock. Is this real?

Wow that was very quick. Could be an admin error though as Santander normally have a 4 week wait from application before even goes to underwriting.  Be very wary of Santander. I got a formal offer and then 10 days later they decided to decline it. AFTER offer! Now we’re desperately trying to go elsewhere before we lose the house we were about to exchange on. 

I was going to say the same, I’ve seen a few admin errors and people getting offers then retracted. To the point after a decline (for no reason) Santander business manager stepped in as should never have been declined,  and a appeal and offer after 12weeks. Signed mortgage deeds yesterday and I’m still nervous it could be retracted. 

Rosemary that’s terrible why did they retract it? I’m so sorry how stressful. 

They just said ‘following a head office review we can no longer proceed with this application’.  Only thing I can think of it has something to do with husband as he has a limited company (even though we were applying using his second PAYE job).   I am just trying to port my existing mortgage now which is in my name only (with a different bank) and just hoping for the best!! Yes very stressful! Glad you got yours sorted. 

That’s so awful! I’m so sorry. We are a ltd company to. Did you have the official offer? That’s so bad! 

Yes, had official offer through in the post (we applied way before xmas so were waiting ages for it).  I didn’t even know they could retract a formal offer. Especially with no reason. Will never ever use Santander for anything again after this shambles! Hope yours goes through ok. Apparently it’s very rare for mortgage to be retracted after full formal offer but it’s just our luck 😔.

I have read they’ve been retracting mortgages, especially self employed people. I’m so sorry it’s awful, we originally went with aldermore, they gave us an offer after 11 weeks, then 2 days later retracted it, because they changed their criteria and we no longer were in it. 

Then 8.5 weeks with Santander and declined for no reason, business grew through COVID, profit every year, no debt,  excellent credit rating. That’s why Santander business manager appealed it she took it to her boss. Then at 14 weeks had official offer. We applied on 1/10/20 had official offer 15/1/21. It’s been a living hell trying to do our mortgage. I won’t relax until we complete. I wish u so much luck. 

moxxey

Anyone have any idea how long it takes for Santander to upload the final mortgage offer?

Mine came through on Friday morning, solicitor says it's still not accessible on the Santander portal, despite my broker claiming "within an hour" on Friday morning.

How long did it take other people for their offer to be available to their solicitor?

fastbs

moxxey said:

Anyone have any idea how long it takes for Santander to upload the final mortgage offer?

Mine came through on Friday morning, solicitor says it's still not accessible on the Santander portal, despite my broker claiming "within an hour" on Friday morning.

How long did it take other people for their offer to be available to their solicitor?

We received ours at the end of November so not sure if anything’s changed but I think I emailed our solicitor a few days after we had received it to confirm whether she had and she confirmed she did. So I would say around the same time you receive yours in the post they should receive their copy too.

85c

moxxey said:

Anyone have any idea how long it takes for Santander to upload the final mortgage offer?

Mine came through on Friday morning, solicitor says it's still not accessible on the Santander portal, despite my broker claiming "within an hour" on Friday morning.

How long did it take other people for their offer to be available to their solicitor?

About a week, they sent a copy to our solicitor, we signed the deeds on Friday. 

85c

fastbs said:

moxxey said:

Anyone have any idea how long it takes for Santander to upload the final mortgage offer?

Mine came through on Friday morning, solicitor says it's still not accessible on the Santander portal, despite my broker claiming "within an hour" on Friday morning.

How long did it take other people for their offer to be available to their solicitor?

We received ours at the end of November so not sure if anything’s changed but I think I emailed our solicitor a few days after we had received it to confirm whether she had and she confirmed she did. So I would say around the same time you receive yours in the post they should receive their copy too.

We did to, our solicitor got there’s the same day. 

Woowar99

Just been told that we've been approved, everything passed the underwriters fine. Just waiting on the property being valued, should be fine imo. What final checks will Santander do? Keep seeing stories of things getting declined at this stage and beyond even though all seems fine and approved. 

What happens at the final stages again? Do they credit check you again? As long as we don't take out anymore credit, we should be fine shouldn't we? Never understood people getting stressed before over moving house but I now know why.

If anyone can help and shed any light on what happens from here, that would be great, thanks.

85c

Woowar99 said:

Just been told that we've been approved, everything passed the underwriters fine. Just waiting on the property being valued, should be fine imo. What final checks will Santander do? Keep seeing stories of things getting declined at this stage and beyond even though all seems fine and approved. 

What happens at the final stages again? Do they credit check you again? As long as we don't take out anymore credit, we should be fine shouldn't we? Never understood people getting stressed before over moving house but I now know why.

If anyone can help and shed any light on what happens from here, that would be great, thanks.

Wahoo congratulations, yes credit checks can be done up until u complete. Just need your formal offer which you will get once valuation is done. 

Katemb94

Good Evening All,
We had our formal offer back in November and exchanged first week of December
Due to complete in 11 days but I've seen horror stories of Santander pulling mortgages after exchange.
We sold our house in December and moved into rented to not loose our buyer until our new home is built and cancelled electricity DD and was going to pay final bill on different debit card. I stupidly didn't update details and forgot and missed payment which is now showing on my experian. (Bill paid straight after I notice) but I'm so nervous they are gonna pull it 
Or am I being silly
Since seen some comments on here that santander has pulled formal offer.
Thank you 

85c

Katemb94 said:

Good Evening All,
We had our formal offer back in November and exchanged first week of December
Due to complete in 11 days but I've seen horror stories of Santander pulling mortgages after exchange.
We sold our house in December and moved into rented to not loose our buyer until our new home is built and cancelled electricity DD and was going to pay final bill on different debit card. I stupidly didn't update details and forgot and missed payment which is now showing on my experian. (Bill paid straight after I notice) but I'm so nervous they are gonna pull it 
Or am I being silly
Since seen some comments on here that santander has pulled formal offer.
Thank you 

We have done the same renting until our final search is back on the property we are buying, we completed on our house 2 weeks ago. We’ve not exchanged yet. I think as long as u can prove all that and it’s not effected your credit rating u will be fine. 

moxxey

85c said:

Katemb94 said:

Good Evening All,
We had our formal offer back in November and exchanged first week of December
Due to complete in 11 days but I've seen horror stories of Santander pulling mortgages after exchange.
We sold our house in December and moved into rented to not loose our buyer until our new home is built and cancelled electricity DD and was going to pay final bill on different debit card. I stupidly didn't update details and forgot and missed payment which is now showing on my experian. (Bill paid straight after I notice) but I'm so nervous they are gonna pull it 
Or am I being silly
Since seen some comments on here that santander has pulled formal offer.
Thank you 

We have done the same renting until our final search is back on the property we are buying, we completed on our house 2 weeks ago. We’ve not exchanged yet. I think as long as u can prove all that and it’s not effected your credit rating u will be fine. 

I was told by my dealer that your credit rating isn't anything the lender takes in to account. They don't even see the rating. They don't see 999/999 on Experian. Only we see this.

The important part, sadly, is the history. They do look for missed payments and other criteria such as new credit and so on. I was told by my broker to make sure you do not take out new credit between offer and completion as they will likely run another credit check in the few days between solicitor proceeding and asking Santander to transfer the mortgage and the competition date. If anything has "materially changed" between the last check and current check, this is why they can pull the offer.

Best thing to do is be honest. Speak with your dealer and explain if something has "materially changed" and why?