Santander mortgage timeline

FTB1985EL

I have been silently lurking but here is my timeline in case it assists anyone (SE, full amount offered).

Application via a highly experienced broker who has been absolutely fantastic and kept me semi-sane! Complex but highly stable income: 1 PAYE job (3 years), sole trader (9 years), another limited company in existence but operating less than 2 years (19 months) so not being included for calculation purposes albeit detailed. No SEISS, furlough or grants.

23/3: AIP/soft search.

09/4: Offer accepted on house.

22/4: Full application after filing tax return as year end and obtaining SA302.

22/4: Experian, Equifax and Transunion hard searches.

23/4: Desktop valuation.

28/4: Request for accountant's qualification initials to be added to accountant's certificate.

29/4: Request for income to be split onto separate accountant's certificates for each business. Request for the separate nature of businesses to be explained in an accountant's letter. 

11/5: Letter from employer requested re. payslip due to job title being abbreviated on it. Accountant letter requested confirming no SEISS, grants and business not affected by Covid. Request for personal accounts to be highlighted with sole trader income. 

14/5: Request for 3rd year accounts to be added to accountant's certificate.

19/5: Mortgage approved for amount on AIP.

21/5: Mortgage offered.

8/9: Exchanged.

11/9: Funds received from Santander.

14/6: Completed.

Understandably lenders are being strict and thorough regarding lending currently. I found the process stressful (that may just be due to my anxious nature) but enquiries were in line with the nature of the income and Covid. The mortgage broker and the Santander point of contact (account manager) were exceptional. I am naturally an anxious person by disposition, but I would say try to trust the process, accept it will take a while and stay as calm as you can to be able to supply any additional documentation quickly and giving all details required. Good luck!

ubayd95

FTB1985EL said:

I have been silently lurking but here is my timeline in case it assists anyone (SE, full amount offered).

Application via a highly experienced broker who has been absolutely fantastic and kept me semi-sane! Complex but highly stable income: 1 PAYE job (3 years), sole trader (9 years), another limited company in existence but operating less than 2 years (19 months) so not being included for calculation purposes albeit detailed. No SEISS, furlough or grants.

23/3: AIP/soft search.

09/4: Offer accepted on house.

22/4: Full application after filing tax return as year end and obtaining SA302.

22/4: Experian, Equifax and Transunion hard searches.

23/4: Desktop valuation.

28/4: Request for accountant's qualification initials to be added to accountant's certificate.

29/4: Request for income to be split onto separate accountant's certificates for each business. Request for the separate nature of businesses to be explained in an accountant's letter. 

11/5: Letter from employer requested re. payslip due to job title being abbreviated on it. Accountant letter requested confirming no SEISS, grants and business not affected by Covid. Request for personal accounts to be highlighted with sole trader income. 

14/5: Request for 3rd year accounts to be added to accountant's certificate.

19/5: Mortgage approved for amount on AIP.

21/5: Mortgage offered.

8/9: Exchanged.

11/9: Funds received from Santander.

14/6: Completed.

Understandably lenders are being strict and thorough regarding lending currently. I found the process stressful (that may just be due to my anxious nature) but enquiries were in line with the nature of the income and Covid. The mortgage broker and the Santander point of contact (account manager) were exceptional. I am naturally an anxious person by disposition, but I would say try to trust the process, accept it will take a while and stay as calm as you can to be able to supply any additional documentation quickly and giving all details required. Good luck!

Why did it take you so long from exchange to complete? Or am I missing something here?

FTB1985EL

ubayd95 said:

FTB1985EL said:

I have been silently lurking but here is my timeline in case it assists anyone (SE, full amount offered).

Application via a highly experienced broker who has been absolutely fantastic and kept me semi-sane! Complex but highly stable income: 1 PAYE job (3 years), sole trader (9 years), another limited company in existence but operating less than 2 years (19 months) so not being included for calculation purposes albeit detailed. No SEISS, furlough or grants.

23/3: AIP/soft search.

09/4: Offer accepted on house.

22/4: Full application after filing tax return as year end and obtaining SA302.

22/4: Experian, Equifax and Transunion hard searches.

23/4: Desktop valuation.

28/4: Request for accountant's qualification initials to be added to accountant's certificate.

29/4: Request for income to be split onto separate accountant's certificates for each business. Request for the separate nature of businesses to be explained in an accountant's letter. 

11/5: Letter from employer requested re. payslip due to job title being abbreviated on it. Accountant letter requested confirming no SEISS, grants and business not affected by Covid. Request for personal accounts to be highlighted with sole trader income. 

14/5: Request for 3rd year accounts to be added to accountant's certificate.

19/5: Mortgage approved for amount on AIP.

21/5: Mortgage offered.

8/9: Exchanged.

11/9: Funds received from Santander.

14/6: Completed.

Understandably lenders are being strict and thorough regarding lending currently. I found the process stressful (that may just be due to my anxious nature) but enquiries were in line with the nature of the income and Covid. The mortgage broker and the Santander point of contact (account manager) were exceptional. I am naturally an anxious person by disposition, but I would say try to trust the process, accept it will take a while and stay as calm as you can to be able to supply any additional documentation quickly and giving all details required. Good luck!

Why did it take you so long from exchange to complete? Or am I missing something here?

Apologies should read exchanged on 8/6 and funds received 11/6. Mind all over the place where completed.

ubayd95

FTB1985EL said:

ubayd95 said:

FTB1985EL said:

I have been silently lurking but here is my timeline in case it assists anyone (SE, full amount offered).

Application via a highly experienced broker who has been absolutely fantastic and kept me semi-sane! Complex but highly stable income: 1 PAYE job (3 years), sole trader (9 years), another limited company in existence but operating less than 2 years (19 months) so not being included for calculation purposes albeit detailed. No SEISS, furlough or grants.

23/3: AIP/soft search.

09/4: Offer accepted on house.

22/4: Full application after filing tax return as year end and obtaining SA302.

22/4: Experian, Equifax and Transunion hard searches.

23/4: Desktop valuation.

28/4: Request for accountant's qualification initials to be added to accountant's certificate.

29/4: Request for income to be split onto separate accountant's certificates for each business. Request for the separate nature of businesses to be explained in an accountant's letter. 

11/5: Letter from employer requested re. payslip due to job title being abbreviated on it. Accountant letter requested confirming no SEISS, grants and business not affected by Covid. Request for personal accounts to be highlighted with sole trader income. 

14/5: Request for 3rd year accounts to be added to accountant's certificate.

19/5: Mortgage approved for amount on AIP.

21/5: Mortgage offered.

8/9: Exchanged.

11/9: Funds received from Santander.

14/6: Completed.

Understandably lenders are being strict and thorough regarding lending currently. I found the process stressful (that may just be due to my anxious nature) but enquiries were in line with the nature of the income and Covid. The mortgage broker and the Santander point of contact (account manager) were exceptional. I am naturally an anxious person by disposition, but I would say try to trust the process, accept it will take a while and stay as calm as you can to be able to supply any additional documentation quickly and giving all details required. Good luck!

Why did it take you so long from exchange to complete? Or am I missing something here?

Apologies should read exchanged on 8/6 and funds received 11/6. Mind all over the place where completed.

Nice! Good to see you completed in under 3 months. Congratulations 👏

FTB1985EL

ubayd95 said:

FTB1985EL said:

ubayd95 said:

FTB1985EL said:

I have been silently lurking but here is my timeline in case it assists anyone (SE, full amount offered).

Application via a highly experienced broker who has been absolutely fantastic and kept me semi-sane! Complex but highly stable income: 1 PAYE job (3 years), sole trader (9 years), another limited company in existence but operating less than 2 years (19 months) so not being included for calculation purposes albeit detailed. No SEISS, furlough or grants.

23/3: AIP/soft search.

09/4: Offer accepted on house.

22/4: Full application after filing tax return as year end and obtaining SA302.

22/4: Experian, Equifax and Transunion hard searches.

23/4: Desktop valuation.

28/4: Request for accountant's qualification initials to be added to accountant's certificate.

29/4: Request for income to be split onto separate accountant's certificates for each business. Request for the separate nature of businesses to be explained in an accountant's letter. 

11/5: Letter from employer requested re. payslip due to job title being abbreviated on it. Accountant letter requested confirming no SEISS, grants and business not affected by Covid. Request for personal accounts to be highlighted with sole trader income. 

14/5: Request for 3rd year accounts to be added to accountant's certificate.

19/5: Mortgage approved for amount on AIP.

21/5: Mortgage offered.

8/9: Exchanged.

11/9: Funds received from Santander.

14/6: Completed.

Understandably lenders are being strict and thorough regarding lending currently. I found the process stressful (that may just be due to my anxious nature) but enquiries were in line with the nature of the income and Covid. The mortgage broker and the Santander point of contact (account manager) were exceptional. I am naturally an anxious person by disposition, but I would say try to trust the process, accept it will take a while and stay as calm as you can to be able to supply any additional documentation quickly and giving all details required. Good luck!

Why did it take you so long from exchange to complete? Or am I missing something here?

Apologies should read exchanged on 8/6 and funds received 11/6. Mind all over the place where completed.

Nice! Good to see you completed in under 3 months. Congratulations 👏

Thank you! Silently lurking in this forum and seeing some success stories has helped to keep me sane so wanted to post mine to pass it on.

ubayd95

FTB1985EL said:

ubayd95 said:

FTB1985EL said:

ubayd95 said:

FTB1985EL said:

I have been silently lurking but here is my timeline in case it assists anyone (SE, full amount offered).

Application via a highly experienced broker who has been absolutely fantastic and kept me semi-sane! Complex but highly stable income: 1 PAYE job (3 years), sole trader (9 years), another limited company in existence but operating less than 2 years (19 months) so not being included for calculation purposes albeit detailed. No SEISS, furlough or grants.

23/3: AIP/soft search.

09/4: Offer accepted on house.

22/4: Full application after filing tax return as year end and obtaining SA302.

22/4: Experian, Equifax and Transunion hard searches.

23/4: Desktop valuation.

28/4: Request for accountant's qualification initials to be added to accountant's certificate.

29/4: Request for income to be split onto separate accountant's certificates for each business. Request for the separate nature of businesses to be explained in an accountant's letter. 

11/5: Letter from employer requested re. payslip due to job title being abbreviated on it. Accountant letter requested confirming no SEISS, grants and business not affected by Covid. Request for personal accounts to be highlighted with sole trader income. 

14/5: Request for 3rd year accounts to be added to accountant's certificate.

19/5: Mortgage approved for amount on AIP.

21/5: Mortgage offered.

8/9: Exchanged.

11/9: Funds received from Santander.

14/6: Completed.

Understandably lenders are being strict and thorough regarding lending currently. I found the process stressful (that may just be due to my anxious nature) but enquiries were in line with the nature of the income and Covid. The mortgage broker and the Santander point of contact (account manager) were exceptional. I am naturally an anxious person by disposition, but I would say try to trust the process, accept it will take a while and stay as calm as you can to be able to supply any additional documentation quickly and giving all details required. Good luck!

Why did it take you so long from exchange to complete? Or am I missing something here?

Apologies should read exchanged on 8/6 and funds received 11/6. Mind all over the place where completed.

Nice! Good to see you completed in under 3 months. Congratulations 👏

Thank you! Silently lurking in this forum and seeing some success stories has helped to keep me sane so wanted to post mine to pass it on.

Good to see there is light at the end of the tunnel. My searches should be back today or tomorrow!

Looking forward to sign contracts, mortgage deeds etc then enquiries.

Thinking we can complete by the end of July. You think that is realistic?

robinsonjones

Hello, following this post for a while - I have had a TERRIBLE experience with a shoddy broker, messing around with our application and causing delays. Our offer was accepted on dream home 15/3 and still 14/6 no mortgage when we were supposed to complete in June. Our whole experience has been unbearable from start to finish - the solicitors have everything in place but we have now had to go directly through Santander as a last resort on Saturday who put through our application thoroughly and as it should have been done from the beginning. O/H earns commission and points such as this were not put through correctly by broker as well as our nursery payment meaning we were rejected. Santander directly say there is no reason why we should be rejected so are trying again but our credit rating has taken a hit from all the searches that the broker has been putting through for us for different banks - no point to this post except to rant, rather than cry (Although I've shed many tears already) - Hoping for the application to be processed swiftly and of course to be accepted. Anyone got any other similar horror stories with a good ending... Thanks

MayMark

Leanne1038 said:

Today is day 35 since we applied. I had a major meltdown on Friday to our broker about how upset this is making us, the delays seem to be much longer for us than anyone on here so far that I've come across and I fear that our application is just constantly being pushed to the back of the pile. I understand they're busy, but 35 days is out of the ordinary, their average time to offer on SE is 25 days. We've only just gone back into the underwriting queue last Tuesday and their turn around is 7 working days so we're expecting to not hear a thing until next week, which will follow suit of more questions. I can't even try and get my head round the incompetence of the staff in underwriting. Why ask for documents and ask questions weeks after application, ask for it all in one go, especially when the questions relate to the same thing I.e. furlough!! 

It's nothing but stress. I'm beginning to feel like they've lost us the house, the EA are getting sick and tired of us not having an update, as are the vendors. 

Santander are a disgrace of a company. 

I’m so sorry you are still going through this. Have you spoken to your broker about applying else where at the same time? I remember you said you might.

Our offer came through today from Coventry it actually got accepted a week ago but didn’t get the offer through until today. Our one from Santander was a complete waste of time as after 5 weeks they offered us £50,000 less. I was very grateful we put in the other application.

I hope you get an answer soon and I hope it’s better than ours was with Santander. 

lg220701

ubayd95 said:

lg220701 said:

Hi 

Wondering if anyone is in the same boat as me or can shine some light on the timeframe I am looking at. Mortage accepted, offer with solicitor, searches back, enquires sent to vendor (still waiting for response), mortgage deed signed.. 

keep asking solicitor for a rough timeframe to setting an exchange date or signing contracts and I keep getting “10-12 weeks from when searches are applied for” my searches were applied for 2 and a half weeks ago and are already back and as you can see from what I’ve said above all seems to be moving at a good pace? Surely it can’t take another 10 weeks from this point? Or can it ?

That seems absurdly high. Cannot be 10 weeks from when searches were applied for. I'd say another 4 weeks max from now if searches are back ...

Thats what I thought.. I just don’t understand the whole process seems to go from one extreme to the other. Mortage deed is signed but still do not have a response to the enquiries from the vendor.. although there were 15 and I know she is working her way through them. But then what happens next? Just a case of setting a date? I don’t understand where the 10-12 weeks has came from 

ubayd95

lg220701 said:

ubayd95 said:

lg220701 said:

Hi 

Wondering if anyone is in the same boat as me or can shine some light on the timeframe I am looking at. Mortage accepted, offer with solicitor, searches back, enquires sent to vendor (still waiting for response), mortgage deed signed.. 

keep asking solicitor for a rough timeframe to setting an exchange date or signing contracts and I keep getting “10-12 weeks from when searches are applied for” my searches were applied for 2 and a half weeks ago and are already back and as you can see from what I’ve said above all seems to be moving at a good pace? Surely it can’t take another 10 weeks from this point? Or can it ?

That seems absurdly high. Cannot be 10 weeks from when searches were applied for. I'd say another 4 weeks max from now if searches are back ...

Thats what I thought.. I just don’t understand the whole process seems to go from one extreme to the other. Mortage deed is signed but still do not have a response to the enquiries from the vendor.. although there were 15 and I know she is working her way through them. But then what happens next? Just a case of setting a date? I don’t understand where the 10-12 weeks has came from 

No idea either. I would deffo ask why will it take 12 weeks from searches. My local search was meant to come back Friday but still hasn't done so. Was told should get it today or tomorrow latest ...

I've been talking about a July completion date, although no solicitor to timeframes I believe there is plenty of time to get things wrapped up between now and end of July.

Touch wood the last local authority search comes back tomorrow 🤞