Santander mortgage timeline

IMsaver

SueF1 said:

IMsaver said:

SueF1 said:

IMsaver said:

SueF1 said:

newhomechris said:

Mononoke87 said:

We are not SE, starting week 6, so no idea really how they look at it. Not much we can do anyway, just wait.

Agreed - it’s very stressful. I’m into week 7 today but lots of info requested the last week to clarify my bonuses and every time you answer a questions it’s back in the queue.....

Ours took 5 weeks, one of us is SE though. We only got one lot of very easy questions from UW, all of which required verbal confirmation from the broker which was done the same day. Then the notification was 'passed to UW'. We were preparing ourselves for another weeks wait after it had got back to the top of the pile but the offer came through the next day so you can never tell, it could come any day!

Can't remember if you already said but did your SE partner use the SEISS? You pay tax on it next year so we didn't factor it into our affordability this year so hoping it won't have any impact. Just wondered if you had hindsight

He did, and a BBL. We were never asked about it (broker knew the info so whether she had to answer anything our our behalf I have no idea!) but the business recovered instantly after the 6 weeks off during lockdown and the 3 months business statements looked very healthy so presume they just looked at this. 

Ah okay, that's really good to know! I think our broker was asked about it up front, or she asked us during the application. That fills me with hope then that they are being nice to SE. My partner's business is the same great growth either way. Fingers crossed then!

From what I have read they are one of the best at being nice to the SE
It's so hard not to worry but your broker wouldn't put you in for it if they didn't think you'd get it, too much work for them for no gain!
If the business looks healthy there's every reason it'll be accepted, all they want to see is whether the business was affected and if it was that there's been a good recovery. If this is the case then you should be fine.
Easy for me to say now I have the offer letter, I know!

Yep that's why we used Santander! My partner has 2 years accounts but we are using the latest year salary as it is so much higher, so Santander is pretty much our only hope (except for Aldermore but their interest rate was 3.1%!). So if we don't get this one then we'd have to look a lower property price or try to get 5x salary with 2 years combined average somewhere else. Feeling hopeful though now with your similar story, thank you!

ad_23

Hi, just been reading some of the recent posts and I think as SE (director of Ltd Co.) a Santander mortgage seems like the best option at this point. I was wondering if all the recent SE applicants on here went through a mortgage broker or some of you applied directly? 
Also, I'm in two minds whether to get a BBLS and how that would affect the application. Would they take this as a sign that the business is in trouble (thankfully it's been stable for the most part but with all this uncertainty around a BBLS would provide a backup of sorts if things get bad).

roro123

We received our mortgage offer today 🙂 6 weeks after we applied. Husband is self employed, I am straight forward. One lot of questions last Tuesday, was told to expect to wait until the end of the week at least, but the text came through this afternoon!

monetxchange

ad_23 said:

Hi, just been reading some of the recent posts and I think as SE (director of Ltd Co.) a Santander mortgage seems like the best option at this point. I was wondering if all the recent SE applicants on here went through a mortgage broker or some of you applied directly? 
Also, I'm in two minds whether to get a BBLS and how that would affect the application. Would they take this as a sign that the business is in trouble (thankfully it's been stable for the most part but with all this uncertainty around a BBLS would provide a backup of sorts if things get bad).

100% get a broker. I'm self employed and it's so hard going for us at the moment. You need someone that knows what they're doing and to advise on what's the best route for you and what to get together.

IMsaver

roro123 said:

We received our mortgage offer today 🙂 6 weeks after we applied. Husband is self employed, I am straight forward. One lot of questions last Tuesday, was told to expect to wait until the end of the week at least, but the text came through this afternoon!

Amazing news - congratulations! So you only had one set of questions for the whole thing? What were those if you don't mind me asking.

jhub68

Hi, I have been informed by my broker that the valuation has been instructed. What have been other people's experiences with the lead time on these being carried out? Thanks 😊 

mcmule86

jhub68 said:

Hi, I have been informed by my broker that the valuation has been instructed. What have been other people's experiences with the lead time on these being carried out? Thanks 😊 

We applied on the 24 sept and valuation was done on the 30 sept. Still waiting to hear. 

Btoni

jhub68 said:

Hi, I have been informed by my broker that the valuation has been instructed. What have been other people's experiences with the lead time on these being carried out? Thanks 😊 

Hiya, I applied on the 16th September, 23rd the valuation was instructed, 25th valuation was done but haven’t heard anything since, the wait is killing me! 

jhub68

mcmule86 said:

jhub68 said:

Hi, I have been informed by my broker that the valuation has been instructed. What have been other people's experiences with the lead time on these being carried out? Thanks 😊 

We applied on the 24 sept and valuation was done on the 30 sept. Still waiting to hear. 

My broker told me 7 days ago that the valuation had been instructed, but have not heard nothing from Santander, the wait in painful!

xNaomi

jhub68 said:

Hi, I have been informed by my broker that the valuation has been instructed. What have been other people's experiences with the lead time on these being carried out? Thanks 😊 

Valuation was 30-Sep, our offer was issued yesterday