Santander mortgage timeline

mylocrisis

mylocrisis said:

scoey8 said:

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 

I don't know the criteria, but I am going through a broker. I had a default, well it doesn't show as a default but a s 3 missed/late payments on a credit card 2 years ago. - All been up to date since then. I had an AIP from Santander for a decent amount, I asked for 4x income and believe I could have asked for more, but the rate got worse the more I request, and I only need 4x.

I found a property and made an offer based on AIP
Formal mortgage application went to Santander via my broker 29th Jan. - I received a text and an email from Santander saying they had received the application. 
I checked Experian and can see a soft check was done early last week, presumably for the AIP and the a hard search was done on 29th Jan, the formal application. - Awaiting update. - Salaried job, not affected by COVID.

Update on my side: 
25th ish AIP approved
29th Jan 2021 Formal Application via broker confirmation email received and text.
8th Feb 2021I have received a text from countrywide to survey the property on 9th Feb 9am.  I called countrywide and they have said that I do not have to attend and that they are doing a non-site valuation for Santander.

Mani_London

Hi,
Just wondering how long it takes to get the mortgage offer once the valuation has been done ? I have applied direct with Santander and the valuation is booked for end of this week. Do you think it is straight forward once valuation is done or there is a possibility of it going to underwriters. 

Thanks

85c

Mani_London said:

Hi,
Just wondering how long it takes to get the mortgage offer once the valuation has been done ? I have applied direct with Santander and the valuation is booked for end of this week. Do you think it is straight forward once valuation is done or there is a possibility of it going to underwriters. 

Thanks

It totally depends on your circumstances, employed, self employed etc. 

Mani_London

85c said:

Mani_London said:

Hi,
Just wondering how long it takes to get the mortgage offer once the valuation has been done ? I have applied direct with Santander and the valuation is booked for end of this week. Do you think it is straight forward once valuation is done or there is a possibility of it going to underwriters. 

Thanks

It totally depends on your circumstances, employed, self employed etc. 

Hi @85c: Both me and my partner are employed and are FTB. 
Thanks

85c

Mani_London said:

85c said:

Mani_London said:

Hi,
Just wondering how long it takes to get the mortgage offer once the valuation has been done ? I have applied direct with Santander and the valuation is booked for end of this week. Do you think it is straight forward once valuation is done or there is a possibility of it going to underwriters. 

Thanks

It totally depends on your circumstances, employed, self employed etc. 

Hi @85c: Both me and my partner are employed and are FTB. 
Thanks

Hopefully not to long then but could be a good few weeks. 

Mani_London

85c said:

Hopefully not to long then but could be a good few weeks. 

Hi @85c: I was under the impression after reading few threads that bank refers to underwriter after the mortgage application and after that they initiate the valuation. So if i am correct it is a possibility that they can refer the file to underwriter after the valuation?
Thanks

85c

Mani_London said:

85c said:

Hopefully not to long then but could be a good few weeks. 

Hi @85c: I was under the impression after reading few threads that bank refers to underwriter after the mortgage application and after that they initiate the valuation. So if i am correct it is a possibility that they can refer the file to underwriter after the valuation?
Thanks

Yes they can, lots of people have had valuations before it went to the underwriters and lots have had valuations done after the offer. Santander are quite slow though. 

Mani_London

85c said:

Yes they can, lots of people have had valuations before it went to the underwriters and lots have had valuations done after the offer. Santander are quite slow though. 

Hi @85c : Thank you. I hope i hear back from them this week or early next week as i want to possibly to exchange and completion by end of March 2021 before stamp duty holiday finishes. 
Thanks

85c

Mani_London said:

85c said:

Yes they can, lots of people have had valuations before it went to the underwriters and lots have had valuations done after the offer. Santander are quite slow though. 

Hi @85c : Thank you. I hope i hear back from them this week or early next week as i want to possibly to exchange and completion by end of March 2021 before stamp duty holiday finishes. 
Thanks

Good luck I hope you hear soon! 

Ls9

Finally!!! After 14 long weeks we have had our mortgage approved today!!! It’s my birthday too so an amazing birthday gift
Good luck to everyone xx