Santander mortgage timeline

[Deleted User]

I submitted my buy to let app on Friday 17th July. Received update today (24th July )  to confirm its agreed subject to valuation which is booked for 11th August
fingers crossed an offer comes quickly after ! 

bookblogger

Hi - we're going through a process with Santander and fretting about application. Has anyone received multiple queries from underwriters? Broker submitted our application to Santander on 7th July. We responded to underwriter queries on 17th July. We were hopeful of the offer, but we have today  received yet more queries and a lower mortgage offer from what was initially agreed in principal. We're furious and feel like Santander have changed the goalposts from their initial offer/agreement on 1st July. We are now at risk of losing our dream home and while our broker will ask Santander for their rationale for dropping the mortgage offer by £50k. Should we start looking at other options? The vendors are getting impatient with us... 

 

izoomzoom

@bookblogger - Hi, we submitted same day as you. We were asked the following day for a letter about furlough dates and last Tuesday broker called to ask about why my 2nd year of SE was lower than other years. That is all we've had so far.
Can I ask about your income though? Our broker would not let us use any income except for husband's basic - no bonus or overtime. We also didn't get an AIP because we didn't need it, but when I tested the system, the mortgage amount offered was about £7k more than we were asking for.  We are staircasing the balance of our SO house.

bookblogger

@izoomzoom Hi - we were not asked about furlough (my husband is self-employed and I have continued working from home). My payslips were used to show full-time income, but this reduced as a result of my new temporary working hours 30 hours a week from April 1st. My employer provided a letter to confirm my full time working hours would resume from 1st September. My husband has provided all his accounts and they take the basic income into account. We just feel so hard done by because had Santander not made the initial offer, we would have gone to other lenders. Do you think there is a risk that the vendors might put their house back on the market in order to secure a faster sale? They are ready to complete the purchase of a house they are buying. We are last in the chain...I just want to do all we can to prevent the vendors from pulling us out and starting the process with another lender may take another 4-6 weeks *sigh* 

izoomzoom

@bookblogger So frustrating for you. Did you use a MA? I would seriously go with whatever they advise. It might also be better if you use your 30h/w income figure, as opposed to your FT salary.
Tricky with your vendor & chain. I feel honesty is important, but maybe you can stall for a short while, whilst MA submits a new application, so that you can at least say you have already submitted a new application.
We haven't got an answer yet, so we may be feeling similar to you soon

izoomzoom

@bookblogger - did your husband take the SEISS grant?

bookblogger

izoomzoom said:

@bookblogger - did your husband take the SEISS grant?

Yes, he did, but not Universal Credit. He resumed work this week and is busier than ever. I agree with you about being honest, so we'll call the agent tomorrow and explain the situation and hopefully the vendors can bear with us, while we ask our MA to get a fast ball rolling with a new lender tomorrow. I'm seeing a few new posts on the forum showing a number of different lenders withdrawing their initial offers. It's utterly grim, because it raises hope and expectations. House purchasing is such a big significant moment. I hope you get your answer soon. Fingers crossed! 

izoomzoom

Super chuffed to receive this today 

mattybully

How long are Santander currently taking for Valuations. We applied directly online. 
Application went in on 20th,
Documents reviewed on 21st
Decision made by underwriters confirming approved pending valuation and proof of ID on 22nd
Proof of ID letters came on 25th and all confirmed online 

They advised they had requested a valuation on 22nd but Up to yet though my estate agent or vendor has heard nothing back in regards to this. I assume there is a backlog with surveyors? Does anyone how how long this may take? Our estate agents keep pushing us a bit on it.. 

bookblogger

mattybully said:

How long are Santander currently taking for Valuations. We applied directly online. 
Application went in on 20th,
Documents reviewed on 21st
Decision made by underwriters confirming approved pending valuation and proof of ID on 22nd
Proof of ID letters came on 25th and all confirmed online 

They advised they had requested a valuation on 22nd but Up to yet though my estate agent or vendor has heard nothing back in regards to this. I assume there is a backlog with surveyors? Does anyone how how long this may take? Our estate agents keep pushing us a bit on it.. 

The communication with Santander has not been the greatest. Our valuation was the same - not a peep from them and then the update was everything was done as a desktop valuation, returned and now waiting on the underwriter having sent them more information. Just a case of more waiting....