Santander mortgage timeline

MayMark

Firsttimehousebuyers said:

MayMark said:

Leanne1038 said:

MayMark said:

Leanne1038 said:

MayMark said:

Coventry Building Society! It’s £5,000 less than Santander offered on DIP but we decided we are happy to find the £5k elsewhere to avoid anymore stress 😂

I've been hearing a lot of good things about Coventry building society. I have a savings account with them and they've been great. 

I'm also at the stage now where I think we're best applying elsewhere alongside this one as the vendors are getting anxy since we're holding everyone up. 

I have an excellent credit score so I don't think we should have a problem with that. Our only worry is finding somewhere that will accept self employed mortgages at this time on 15/20% deposit. Most are wanting 25% which we simply cannot do  

They have been brilliant, excellent customer service, a few queries but they did it all in one so didn’t have the faff of a couple of questions and then queing again on repeat! We are both self employed too, which I realised Santander do not like the self employed overly 😂 Good luck hope you get an answer soon!

I think we're going to do the same as you guys. We've just spoke to the broker and he's even confirmed it seems like we've got a really slow and incompetent underwriter but he thinks we should wait a couple of days to see if we get an update before applying elsewhere. I've told him I'm not happy to wait and we're going to apply with Coventry tomorrow because it's just a farce. 

He told us that he's been chasing and getting no where and even though the odds are in our favour of being accepted, there's nothing to say they won't come back and ask for anything else. We've been chased by the vendors estate agent today and we're getting concerned they're going to pull out on us and go to the next offer because they don't think were in a position to buy. Despite our house now being sold! It's all a mess. I just can't believe we have an underwriter who's taking almost 2 weeks between each comms. 

We left our Santander application running at the same time just to see which came back first and we heard back today and they offered us £50,000 less than the AIP!!!!! 😂😂😂 thank goodness we applied for the Coventry as well and that got accepted! It’s insane, 5 weeks we waited for them to make a decision and it’s for £50k under!!! I can’t thank my lucky stars enough that we applied for Coventry because I would be gutted right now if we hadn’t.  I agree going with Coventry is a good idea they were fab to deal with and great customer service! I hope you get an answer from Santander that is better than ours or have more luck elsewhere! They are an absolute joke!!!

If u don’t mind me asking how much did u apply for if they offer u 50k under 

No I don’t mind at all, the house we are buying is £475,000 the mortgage AIP for Santander was for £200,000 they’ve offered us £150,000! We are both self employed and I think that’s probably why. Coventry offered us £195,000 on AIP and have accepted £195,000 although haven’t had the official offer through yet apparently by Friday.

Rasberrycreamcake

@MayMark similar has happened to us. Santander AIP was for around £175,000 and they’ve offered us £155,000. I am self-employed but husband is an employee.

How long did your application with Coventry take?

sweetsugar007

It seems to be their default position with the SE 25% reduction in amount offered. I experienced the same. 

MayMark

Rasberrycreamcake said:

@MayMark similar has happened to us. Santander AIP was for around £175,000 and they’ve offered us £155,000. I am self-employed but husband is an employee.

How long did your application with Coventry take?

It’s crazy, I can’t see why they can’t work that bit out to start with rather than wait 5 weeks to tell us, they had all the paperwork at the beginning, I’m so pleased we applied for the Coventry one. I don’t think many people can afford that much of a reduction hence why we are asking for that much in first place it seems unfair to wait that long for such a big drop in amount offered! Sorry to hear it happened to you too. Are you accepting their offer or going elsewhere? Coventry took less than a week for us but we had every single document ready with our broker from this application to Santander, I think from their website it says average is 15 days. We are both self employed, so was suprised it happened so quickly! 

MayMark

sweetsugar007 said:

It seems to be their default position with the SE 25% reduction in amount offered. I experienced the same. 

It seems crazy that they are even allowed to offer what they do on AIP on self employed mortgages because it seems like they do it everytime and it’s a waste of time. Definitely going to review them if I can work out how 😂 sorry it happened to you too. Have you accepted their offer or gone elsewhere? 

sweetsugar007

MayMark said:

sweetsugar007 said:

It seems to be their default position with the SE 25% reduction in amount offered. I experienced the same. 

It seems crazy that they are even allowed to offer what they do on AIP on self employed mortgages because it seems like they do it everytime and it’s a waste of time. Definitely going to review them if I can work out how 😂 sorry it happened to you too. Have you accepted their offer or gone elsewhere? 

For the sake of getting the deal done in time and the ultimate appeal of having a smaller mortgage. I accepted the offer. We had the ability to make up the difference. I'd it wasn't for the end of June madness I would have gone elsewhere.

RJM90

MayMark said:

So after 5 weeks of to-ing and fro-ing with Santander to no avail whatsoever, last week we applied for another mortgage along side this one and today it got accepted....less than a week!! Good luck everyone who is still waiting  and if you have the opportunity to not go with Santander I highly recommend it 😂

Is this possible and easy enough to do? Will applying alongside with another lender give you less chance of being accepted with the original lender? We’re still waiting for ours to go to the underwriters.

Emeralds22

RJM90 said:

MayMark said:

So after 5 weeks of to-ing and fro-ing with Santander to no avail whatsoever, last week we applied for another mortgage along side this one and today it got accepted....less than a week!! Good luck everyone who is still waiting  and if you have the opportunity to not go with Santander I highly recommend it 😂

Is this possible and easy enough to do? Will applying alongside with another lender give you less chance of being accepted with the original lender? We’re still waiting for ours to go to the underwriters.

I am considering doing the same.  My only concern is if another valuation is carried out, it may worry the vendor.

vixst

Afternoon all,

You all seem a lot further along the process with Santander than I am, so asking for your experiences so far!

We have applied via a broker. I received an email from Santander on 31 May confirming they had received our application. I haven't heard anything further since then, neither from Santander nor the broker. I did ask the broker on 7 June if there were any updates, he said "It's with the underwriters currently, we should hear something back any day now."

How long do you think I should wait before I ask again? It does seem from everything I've read on this thread that Santander are extremely slow...

sweetsugar007

vixst said:

Afternoon all,

You all seem a lot further along the process with Santander than I am, so asking for your experiences so far!

We have applied via a broker. I received an email from Santander on 31 May confirming they had received our application. I haven't heard anything further since then, neither from Santander nor the broker. I did ask the broker on 7 June if there were any updates, he said "It's with the underwriters currently, we should hear something back any day now."

How long do you think I should wait before I ask again? It does seem from everything I've read on this thread that Santander are extremely slow...

A lot depends on how straight forward the application is. If the broker has packaged your application with bank statements, pay slips and declared the full content of your credit file and you have not been on furlough or not self employed the underwriting process can be quite straight forward. But any combination of those variables will see you thrown in to a vortex that typically takes 5-6 weeks to get out of and if that happens you will miss the end of June to be honest.