Santander mortgage timeline

kathrynproost

K_S said:

@kathrynproost I don't know the specifics of your case so can't really comment. For reference, both the cases above were fairly standard, mid-LTV and no self-employed income. So it may not necessarily be comparable to your's.

Generally speaking, Santander instructs valuations on day 1 and passes the case on for review at that point. With SE (or otherwise complicated) cases, the valuation usually comes back before the underwriting is done, for PAYE cases the otherway round.

Santander has been a bit of a nightmare lender for self-employed cases since covid, making up criteria and policy on the hoof, so I wouldn't send any SE cases their way unless they were the only compatible lender.

Apparently the business manager is now looking into our case? The MA said ‘our business manager’ so am assuming not Santander 

we are not self employed. I earn 52k - hubby 27k but on furlough. 100% equity in our house which is worth 650k. We want to borrow 160k interest only. I would have thought straightforward 

Emilieeeeee

I’ve just got off the phone to my MA and valuation was completed yesterday and has come back fine, also asked for documentation the day before, which MA already had so that was sent in without us having to do anything. Santander have told him they’re running around 9 days late and basically don’t expect to hear any further updates for another week. 

The agony continues 🤣

ubayd95

I just wish solicitors could be faster! Hoping to complete by July 

Emeralds22

Kirkii27 said:

I still haven’t heard anything and the applications passed to underwriters is on the date we was! Anyone get any updates passed 3oclock hahaha 

We are in the same posistion as yourself and was expecting it today.  I have noticed that Santander have done 4 more credit searches today (including another hard search) - so it must be with the underwriter still no news!  I am going insane haha.

K_S

kathrynproost said:

K_S said:

@kathrynproost I don't know the specifics of your case so can't really comment. For reference, both the cases above were fairly standard, mid-LTV and no self-employed income. So it may not necessarily be comparable to your's.

Generally speaking, Santander instructs valuations on day 1 and passes the case on for review at that point. With SE (or otherwise complicated) cases, the valuation usually comes back before the underwriting is done, for PAYE cases the otherway round.

Santander has been a bit of a nightmare lender for self-employed cases since covid, making up criteria and policy on the hoof, so I wouldn't send any SE cases their way unless they were the only compatible lender.

Apparently the business manager is now looking into our case? The MA said ‘our business manager’ so am assuming not Santander 
we are not self employed. I earn 52k - hubby 27k but on furlough. 100% equity in our house which is worth 650k. We want to borrow 160k interest only. I would have thought straightforward 

@kathrynproost That'll be the BDM (Business Development Manager), a broker's touch-point at Santander who helps with escalations and follow ups. Hopefully he/she will be able to throw some light on the progress of your case.

I remember you case now, if I'm not wrong your husband's income didn't need to be considered. In that case it could just be that they need to do a few final checks due to it being interest-only and/or an unencumbered property. Those are the only slightly non-standard aspects I can see from your description. Case 1 in the timelines I shared was an interest-only application as well.

Kirkii27

Emeralds22 said:

Kirkii27 said:

I still haven’t heard anything and the applications passed to underwriters is on the date we was! Anyone get any updates passed 3oclock hahaha 

We are in the same posistion as yourself and was expecting it today.  I have noticed that Santander have done 4 more credit searches today (including another hard search) - so it must be with the underwriter still no news!  I am going insane haha.

Which credit search company do you use? My partner checked his and no searches on there and none were on it from last time we applied  and got approved. I’ve had no news today fuming lol

Emeralds22

Kirkii27 said:

Emeralds22 said:

Kirkii27 said:

I still haven’t heard anything and the applications passed to underwriters is on the date we was! Anyone get any updates passed 3oclock hahaha 

We are in the same posistion as yourself and was expecting it today.  I have noticed that Santander have done 4 more credit searches today (including another hard search) - so it must be with the underwriter still no news!  I am going insane haha.

Which credit search company do you use? My partner checked his and no searches on there and none were on it from last time we applied  and got approved. I’ve had no news today fuming lol

Oh really!  We use Credit Karma, it gives an immediate update to any searches and it is free.  We had five searches (one a hard search) on 5 May, when our broker applied and then today four searches (one a hard search).  Apparantly they have asked our broker (after me calling them at 16:50) for more things, although they didnt tell us what but have supplied them.  I am assuming this is classed as 'We're checking supporting documents received on' on the intermedries website so I guess its another week AGAIN!  

Kirkii27

Yeah he has no searches on his file from this time or the last time. Does it come under as Santander on it? We had a Halifax one which came under RBS so deffo no there nothing wrong with his credit file it’s strange! 

Emeralds22

Kirkii27 said:

Yeah he has no searches on his file from this time or the last time. Does it come under as Santander on it? We had a Halifax one which came under RBS so deffo no there nothing wrong with his credit file it’s strange! 

Yes it does, seems a tad excessive to me.  Ahh we are first time buyers! God I cant cope any longer! Let me know if you hear anything, good luck.

Kirkii27

I asked on a forum they said it doesn’t matter if it doesn’t show up. I was getting worried as all other searches appear. Good luck! Hopefully we will hear tomorrow!