Santander mortgage timeline

Cookie211

ubayd95 said:

Cookie211 said:

ubayd95 said:

Cookie211 said:

ubayd95 said:

Hey all! Anyone post offer yet? I'm a month tomorrow after I got my offer.
Waiting for the local search to come back and lease info from Land Registry which they were posting out.
Keen to see how far along people are?

Hi, my solicitor have received the contract from vendors solicitor last Thursday, don’t know if they have started searches yet tho 

Should have started searches by now if they've requested payment from you for them.
My solicitors have draft contracts also but can't move forward until the lease docs come from land registry.
Also waiting on water & drainage and local authority search to come back then enquiries I presume

Yes we paid £250 to start searches which was last week, do u receive each report in post or is your solicitor telling u when they back, hope yours come back fast for u 

No they comment on it at the end. And raise any enquiries if need be. Today's been 3 weeks. And they said it can take up to 5 weeks. I hope yours comes back fine also, I would find out how long it will take so you have a rough time line of what to expect 

Thank u, we have got to wait a while as the house we buying is going through probate so hoping that’s not going to take to long, fingers crossed we all hear something soon and can exchange soon 🤞🤞🤞

apau77

Rasberrycreamcake said:

@apau77 @Kirkii seems like we're all in the same situation. Our mortgage was approved on 1st but no offer received yet
@Henish, have you received your offer now?

My MB escalated my case yesterday afternoon.

Just  received confirmation email today that my offer has been issued.

Kirkii27

Rasberrycreamcake said:

@apau77 @Kirkii seems like we're all in the same situation. Our mortgage was approved on 1st but no offer received yet
@Henish, have you received your offer now?

Mine was the 1st too! X

Henish

@Kirkii27 thankfully we have.
Ours was approved earlier than yours so I wouldnt worry. It took exactly a week before they did. 

DrMedShah

Remortgage application
Hi everyone. Long time reader. First time poster. Been patiently waiting to get approved so I can post! I feel like I know so many of you as I’ve read all your posts. And I know we have the same nightmares and wake up 4am in a cold sweat and check our email! So we all have a lot in common. We should all meet up for a spa weekend when this nonsense is over!

Santander is not my current lender (NatWest is)
I have quite some equity in our house but have huge home improvement debts to pay off (mostly to family, and some loans) so had the house revalued and going through remortgage process to free up equity.

Bought the house 2 years ago for £660k. Massively extended and renovated to the highest standard and same estate agent who sold me it visited 6 weeks ago and valued it at £995k.

Using same broker as I have used on multiple previous mortgages. Very trusted guy. Between me and my dad and all the rest of our family he has handled about 10 mortgage applications for us. They’ve always gone swimmingly. Except this time!!! Duh derr dunnnnn....😱

I am speculating but the factors involved must be COVID (first time I’m applying for a mortgage since the start of the pandemic), stamp duty holiday, and at least to a degree (but probably significantly) the unprofessionalism of Santander as a lender in their pre-lending practices.

Matched by lending criteria and discussion between MB and contact at Santander to this mortgage. Excellent interest rate. I am applying for roughly 59% LTV.

I am a senior consultant doctor with a good and stable NHS wage. Unaffected by the pandemic, although my non-nhs income has suffered significantly due to covid. My wife is a part time GP/full time mum/household foundation with a stable wage. We have not declared any SE income. So two straight up employed wage slip applicants.

5th May - submitted 4 months wage slips and bank statements for both applicants to MB.
6th May - soft credit checks show up on Credit Karma
6th May evening - hard credit checks on both our files show up (love credit karma as it updates in real time).

Silence

11th May - “Valuation booked for 13th May”. I queried how they’re planning on valuing the property (you simply can’t value this house properly without seeing the inside) and by the evening Santander confirmed to my MB that they’re doing a drive by valuation.

13th May - Countrywide surveyors phone me to say the drive by valuation was useless, need an internal valuation visit. Booked for 26th May.

17th May - series of extremely silly questions from underwriters. I am paying my dad back with raised funds; do I own any part of his house. Is my mum financially dependent on me or my dad? And several other !!!!!! Questions. Responses given immediately. Never had any confirmation they are happy with any of these responses btw.

And then nothing until valuation.

26th May - valuation. Countrywide surveyor came in, said “I couldn’t really value a property like this from outside, but now I see why it’s worth that amount.” So I was faaairly certain the valuation would come back ok.

Noting since then for 8 days so yesterday I lost my rag having basically been in the dark for over a week since valuation. My MB contacted Santander. He had a long and revealing conversation with them. They said they would email back and at 5pm they emailed confirming the valuation was satisfactory and that since then I’ve been in the queue for “final underwriting checks.” They said we will have “our next update on Monday or Tuesday” next week, which is long. 

The things the Santander contact told my MB are:
- unprecedented demand due to the stamp duty holiday, with huge numbers of applications trying to beat the deadline. Many will fail because even if offers are issued, exchange probably won’t happen in time.
- unprecedented numbers of people trying to move out of cities to more rural areas. Likely as homeworking has become the norm and is unlikely to reverse anytime soon, coupled with the fact that the pandemic and lockdowns have changed perceptions on gardens and space.
- underwriters are now almost exclusively working from home. Many were laid off in the last year and so a smaller pool of underwriters are doing the work. Many are freelance/zero hours. Extra underwriting shifts are being offered out daily internally but uptake is poor.
- lastly apparently Santander mortgage centre are dealing with a massive amount of staff on annual leave. Half-term contributed but also they have over-normal levels of annual leave booked this June which will create further underwriting delays. Suspicion that much of this was booked a while back, with a view that international travel would be more readily available from the start of June. 

Ok that’s all. I hate mortgages and I regret applying through Santander. Hope you all get good news soon. TC, Dr Med xx

NewToThis2021

I noticed today that another affordability search had been done on June 2nd - the day more information was requested o  my application. Am trying not to fret about it and hoping it’s a good sign they’re nearing a decision. 

Did anyone who’s received an offer have an additional search like this? 

MayMark

So after 5 weeks waiting for an answer from Santander, we have decided to apply elsewhere! We are holding up our chain and the questions Santander keep asking and their general unprofessionalism is doing our head in! Our mortgage broker has said that our credit scores and good enough to apply for another at the same time, so we are keeping this one running too but I don’t hold out much hope for it 😂

Rasberrycreamcake

@apau77 @Kirkii27 @Henish

Our offer came in the post today! Unfortunately it’s for £18,000 less than the AIP though ☹️ 

Kirkii27

Still haven’t received our offer I’ll phone them on Tuesday if we don’t receive it as it gives them a week then x

DrMedShah

Cowboy operation.