Santander mortgage timeline

hillwalker2004

JonMitchell said:

You might be surprised that Santander also uses ONeil Patient. Many years back when I had my Santander mortgage, it was conveyance by the incompetent ONeil, due to their low fee huge quantity CONVEYANCING business model.

one of the reasons I am shopping around for other lenders atm...

I selected my own solicitor from the panel list when making the mortgage application, so shouldn't be an issue this time. 


I believe Santander use Lender Exchange as their portal, my solicitor says there is nothing on there as of this morning.  Hoping it will appear shortly.

Jillmoneysaver

Is it illegal to launch two mortgage applications at the same time? Could we begin an application with another bank while waiting for this one? It seems like it will never end and we are running out of time. 

hillwalker2004

Jillmoneysaver said:

Is it illegal to launch two mortgage applications at the same time? Could we begin an application with another bank while waiting for this one? It seems like it will never end and we are running out of time. 

No limit whatsoever, it's what we did. The trade off is that you don't want too many hard searches in a short space of time in your credit report. One more application is unlikely to make a difference, but wouldn't advocate making say 10!

JonMitchell

Jillmoneysaver said:

Is it illegal to launch two mortgage applications at the same time? Could we begin an application with another bank while waiting for this one? It seems like it will never end and we are running out of time. 

As far as I know, there is nothing illegal launching two mortgage applications at the same time. The only thing is that the new lender would have seen a hard search on your credit file, ie with Santander. Informing the new lender about the situation would be a good start. There is no rule of thumb of how many hard searches makes a bad credit but best to keep it low - the max I had was 4 in a row, within a month period, selling and buying my current property and remortgaging few others that I own as additional, they all went through just fine.

My mb would ideally suggest sticking with one application (as they only can paid with one set of commission) but if I am going to apply myself, I will go with two, if the likelihood that one is failing because they are simply slow.

Perhaps you wish to wait one more week, at least till end of July as the new lender is likely to ask for your July payslips too, so might as well see if there is any miracle from Santander?

Keeping all hopes for you Jillmoneysaver!

 

Jillmoneysaver

Thanks so much for this JonMitchell and hillwalker! It is very helpful. Yes, it might be best to wait just one more week. Best wishes to you, too!

feyona32

We are in Scotland and accepted an offer on our house at the end of April from a FTB and to this date our buyers still do not have their mortgage offer from Santander through. 

We were advised by their solicitor that it should be through on the 5th July - it did not come through - but not to worry it should be there the following week but to give them until the 16th for breathing space.

We hadn’t heard from them so contacted them on 12th and still no offer though. 

On 19th July the buyers solicitor advised the mortgage offer from Santander  should definitely be through on Wednesday 21st.

I chased with our Estate Agent again today and still nothing.  The mortgage broker is going to check with the lender.

iIs this normal from Santander?!

Actually losing the will to live.

Jillmoneysaver

It seems normal from here... when did they start their application? Your post has filled me with fear, feyona. We started ours beginning of June and still nothing. The underwriter queue is 9 working days long, so every time they come back, if there is any query whatsoever, they put you to the end of the queue again. It's infuriating. 
Find out when their application was last placed in the underwriter's queue. 8-9 days from that is when you'll get an update. 

feyona32

Thanks for your reply.  They started their application on the 4th May.

I spoke to our mortgage broker and she has completed a couple of Santander applications for other clients of hers.

She put an application into Santander on 1st July and got a mortgage offer on 12th July (7 working days), another application was put in on 7th June and offered on 25th June (14 working days).

Our buyers are now going over 11 weeks and then what happens if at the end of this it doesn’t get approved.

The owners of the house we are buying are getting nervous and do not want to delay any longer.

What I find frustrating is the lack of communication from the buyers solicitors and mortgage broker and when they do contact us it’s the same story.

Jillmoneysaver

Yes, that's the same way it has been for us. We are worried about the same thing and considering making another application alongside this one if the situation doesn't improve this week. I have known also two other couples who got their offer quickly with Santander. However, a quick google search shows that I am not alone... and scroll back through this thread as well. 

hillwalker2004

There is the Santander for Intermediaries website that gives current timescales.  I've found that even though I applied direct the times were also the same.  Just be aware that the days being quoted are working days and not calendar.  For standard applications it is currently 16 working days average to offer.  It is quite a bit longer for self employed.  These are just averages and as pointed out, if further information is required then it goes back to the underwriting queue and it will be another 8 working days.  I've seen a few posts on here where it has gone back and forth 4 times but that will be the exception and not the norm.

On top of this when the offer is made it is sent by post to both the solicitor and applicant which seems to be another 5-7 calendar days.  My offer was made yesterday and thought I could get the solicitor to do the legal stuff now via the Lender Exchange portal but it's not yet on there so am just going to have to wait.