Santander mortgage timeline

stillwaiting5weekson

Hi all,

I was on this thread recently and our mortgage finally got accepted after many many weeks of pointless questions delaying things.

During the process, everything fell through at the last minute and is now back up and running, we are buying the same house again but for £5k more now unfortunately.

We do not need any extra mortgage, we just have to let Santander now know the new price we are paying and it has been 3 weeks so far, if they don't hurry up we will end up loosing it again! So frustrating.

Anyone else had to wait weeks for a revised offer, even though you don't actually want to borrow anymore money?. 

Jillmoneysaver

stillwaiting - how many weeks did you wait in total... fretting over here in week 8.

whirlwind92

hello everyone

I have been reading the messages of this thread as I have applied for a mortgage at Santander and I am getting worried every day that goes by. All in all it has not been that long that I applied (on July 9th) but I am worried I might miss the final stamp duty "holiday" (or reduction) for the end of September.. 

My question is when exactly in the process did the valuation take place? I received very early on the automatic email that the valuation checks were starting but nothing has actually happened..
Do I need the valuation back before I get a final response from Santander? My application is supposedly with the underwriter but I called Santander on Friday and it in fact is not as they are behind (although apparently not as behind as indicated by the tracking website)

Thank you 

stillwaiting5weekson

Jillmoneysaver said:

stillwaiting - how many weeks did you wait in total... fretting over here in week 8.

Hey,

We waited about 6 weeks, plus then another week or 2 for the physical offer to actually come through in the post but there was bank holidays in between being accepted and the offer being sent out so it ended up being about 8 weeks.

They are so much slower now. which I cannot understand as the biggest stamp duty deadline has gone. When i was checking previously there was never a 10 day wait on the service levels, it seems crazy!

We have a cash buyer which is ready to go, all our paper work is ready to go but literally this is holding everyone up and who we are buying off are now getting angry as they only sold it to me again on the basis of a very quick sale. 

Jillmoneysaver

They came back to us today and offered us 39k less than what we need on the 2 year low fixed rate and broker offered to do a 5 year deal instead at a slightly higher interest rate, stating that this would increase loan to income mulitples. A few more days, apparently. Let's see. 

whirlwind92

stillwaiting5weekson said:

Jillmoneysaver said:

stillwaiting - how many weeks did you wait in total... fretting over here in week 8.

Hey,

We waited about 6 weeks, plus then another week or 2 for the physical offer to actually come through in the post but there was bank holidays in between being accepted and the offer being sent out so it ended up being about 8 weeks.

They are so much slower now. which I cannot understand as the biggest stamp duty deadline has gone. When i was checking previously there was never a 10 day wait on the service levels, it seems crazy!

We have a cash buyer which is ready to go, all our paper work is ready to go but literally this is holding everyone up and who we are buying off are now getting angry as they only sold it to me again on the basis of a very quick sale. 

Hi, 

I am waiting to hear back from Santander on my mortgage application, and there is a 99% chance I will be out of the country when the mortgage offer/confirmation comes through the post. Do you not receive any of the info on the mortgage confirmation on email too? Thanks

Jillmoneysaver

whirlwind, from what I've read you do receive an email or text as well.  I'm with a broker so I guess they will email. If you're direct through the bank, you'll get a message I assume, if they have your number/email address. 

JonMitchell

Jillmoneysaver said:

They came back to us today and offered us 39k less than what we need on the 2 year low fixed rate and broker offered to do a 5 year deal instead at a slightly higher interest rate, stating that this would increase loan to income mulitples. A few more days, apparently. Let's see. 

That's good news finally! 

I used to be with Santander several years back, from what I understood from my mb previously, Santander tends to stretch loan amount at 5yr rate (in a way more relax) although the mortgage rate might be a bit higher than 2 year. Without looking at their interests rates in detail, I would say around a 0.2% difference between  2yr and 5yr???

Assuming there is an interest rate hike in the next year or so, it might be safer, at least for me to lock onto a 5yr deal if I could. But heyho, if we do go down negative interest rates, that is the different ball game.

39K dropped I presumed they ran through a strict affordability check against your income/outgoing. Dont be discouraged with that, once you are with Santander, future remortgaging is a piece of cake. That is if you do wish to continue with them after the initial term.

PS: I am still looking for a new lender from my existing mortgage though

Jillmoneysaver

Thanks, JonMitchell. It was due to a monthly expense that had lots of enquiries and we didn't think mattered (nor did the broker), but they did. So they took quite a chunk from it, considering it's not that much and we passed on affordability with it initially above and beyond the amount they gave us today. But yes, it's not that much more per month and we are actually at the point where we will do anything just to get it approved and move. 

It's probably tough to get the best rates at a 2 year fixed rate. The scrutiny is more intense, which is absolutely understandable. We just wish they might have told us this a few weeks ago, and we would have happily accepted the higher rate and longer fixed term. 

In terms of your new lender, who do you bank with? 

stillwaiting5weekson

whirlwind92 said:

stillwaiting5weekson said:

Jillmoneysaver said:

stillwaiting - how many weeks did you wait in total... fretting over here in week 8.

Hey,

We waited about 6 weeks, plus then another week or 2 for the physical offer to actually come through in the post but there was bank holidays in between being accepted and the offer being sent out so it ended up being about 8 weeks.

They are so much slower now. which I cannot understand as the biggest stamp duty deadline has gone. When i was checking previously there was never a 10 day wait on the service levels, it seems crazy!

We have a cash buyer which is ready to go, all our paper work is ready to go but literally this is holding everyone up and who we are buying off are now getting angry as they only sold it to me again on the basis of a very quick sale. 

Hi, 

I am waiting to hear back from Santander on my mortgage application, and there is a 99% chance I will be out of the country when the mortgage offer/confirmation comes through the post. Do you not receive any of the info on the mortgage confirmation on email too? Thanks

Hello,

Mine was via a Broker so I never got any emails etc, however he did, so he informed me when it was approved etc. 

If you applied personally you should get a text or email im sure.