Santander mortgage timeline

Harry1986

Application has came back from underwritter for £14000 sort than what we want to borrow.
Due to removing £26 working from home allowance from wife salary which only make £6 difference in net pay.
LTV is 73% and they keep saying we wont be able to afford it.
Considering already extended 3 years from original application(20 years) and want us to increase more .

85c

Harry1986 said:

Application has came back from underwritter for £14000 sort than what we want to borrow.
Due to removing £26 working from home allowance from wife salary which only make £6 difference in net pay.
LTV is 73% and they keep saying we wont be able to afford it.
Considering already extended 3 years from original application(20 years) and want us to increase more .

They did same to us, offered us £29k under, our aip we could’ve borrowed £100k more. I think for us it was just the times and we are a ltd company. Even though business not effected by covid, and business grew, and fully booked all this  year. We took it and made it work. 

MK31

Hi everyone,
I just got an email from Santander to say my morgage offer has been issued after the valuation today. I'm quite anxious as the property was down valued with the previous application. Would this be mentioned in the email if this was the case? They sent the email at 17.30 so my MA isn't answering now!

Mani_London

Hi MK31: I believe if the valuation is below your agreed amount, they normally come back with option if LTV is making a difference. others can shed more light on this. 

samster1

Update (the saga continues)
If now had 4 valuations instructed but the 3rd valuation was with the same company as the seller so got sent back to Santander under the conflict of interest law. 
4th time got sent to countrywide but unfortunately they don't cover this area and been sent back to Santander. 

Hopefully 5 times will be a charm 😢
Stressed is not the word. 

summerw

MK31 said:

Hi everyone,
I just got an email from Santander to say my morgage offer has been issued after the valuation today. I'm quite anxious as the property was down valued with the previous application. Would this be mentioned in the email if this was the case? They sent the email at 17.30 so my MA isn't answering now!

May I know how many days after valuation you got offer issued please?

Mani_London

summerw said:

May I know how many days after valuation you got offer issued please?

Hi summerw: For me it was after 3 working days. Infact I would say 2 as i received the offer letter on 3rd day. So best of luck. 

MK31

@summerw we received an email to say the offer had been issued the same day following the valuation. Waiting for the paperwork to come through this week.

Lbong

Hi everyone 

the waiting is horrendous! Santander completed the valuation on 25th and requested information from us on 26th. Terrified they will turn us down as one of the questions was asking me to explain how my default happened 3.5 years ago. Very very nervous! 

RA2021

Hi, my valuation was instructed and passed to underwriting on the same day, does this mean valuation was fine? Thanks.