Santander mortgage timeline

whirlwind92

Hi everyone
So despite the mortgage being approved, the valuation came back negative ("risk of resellability" which I thinkis because it is above commercial premises) and so Santander can no longer proceed with the property in question. I am not looking to stay in the flat for more than 5 years so will pull out my offer.. Had I thought about staying longer I might have contacted other lenders etc, but I don't want to need to push too hard to get a mortgage on a flat as it would mean it would be a bit difficult for potential buyers (when I sell the flat on) to get a mortgage too.. 

ftbemily

Hi everyone,
Wanted to share my experience as I've enjoyed reading about others' timelines.
We are FTB looking at 95% LTV, we are using a broker who has reassured me plenty of times that it will be fine but feel very nervous as I have some past credit issues.
We got our AIP 9/08 
Full application submitted 9/08 (end of day)
Hard credit search 10/08
And now we wait...  

jcrawford2604

Just wanted to share some positive notes on Santander.
FTB going for 95% LTV, used London and Country as our broker and would highly recommend.
AIP 15/07
Full application submitted 16/07
Hard credit search 16/07
Valuation done on 27/07
Mortgage offer received 04/08
Now with the conveyancers, awaiting their searches responses but hopeful of a completion date in the near future

leanne2901

Hi everyone , been a while since I posted on this thread so those commenting at same time are probably completed and gone by now 😂. Any advice please , our house fell through last week which we’ve been offered on since March. We have had an offered on another property, cheaper, and I need to call Santander this morning as our broker isn’t in until next week- does anyone know if they would need a new application or if it would be a case of arranging a Valuation on the new property. 

Cookie211

leanne2901 said:

Hi everyone , been a while since I posted on this thread so those commenting at same time are probably completed and gone by now 😂. Any advice please , our house fell through last week which we’ve been offered on since March. We have had an offered on another property, cheaper, and I need to call Santander this morning as our broker isn’t in until next week- does anyone know if they would need a new application or if it would be a case of arranging a Valuation on the new property. 

Hi this happened to us, u should have a mortgage offer for 6 months, we found another house and our broker let Santander know and they were happy to change house over, the house was more expensive but we just put a bigger deposit down as we didn’t want to wait again, they booked a new valuation in for new house then sent out our new mortgage offer, our mortgage offer was in March and we have till sep but the house we now buying is going through probate so fingers crossed it hurry’s up, all our searches are done we just waiting on probate, good luck 

ftbemily

ftbemily said:

Hi everyone,
Wanted to share my experience as I've enjoyed reading about others' timelines.
We are FTB looking at 95% LTV, we are using a broker who has reassured me plenty of times that it will be fine but feel very nervous as I have some past credit issues.
We got our AIP 9/08 
Full application submitted 9/08 (end of day)
Hard credit search 10/08
And now we wait...  

So things are moving really quickly for us. Valuation was done yesterday (12/8) and came back all positive today (13/8)!

leanne2901

Cookie211 said:

leanne2901 said:

Hi everyone , been a while since I posted on this thread so those commenting at same time are probably completed and gone by now 😂. Any advice please , our house fell through last week which we’ve been offered on since March. We have had an offered on another property, cheaper, and I need to call Santander this morning as our broker isn’t in until next week- does anyone know if they would need a new application or if it would be a case of arranging a Valuation on the new property. 

Hi this happened to us, u should have a mortgage offer for 6 months, we found another house and our broker let Santander know and they were happy to change house over, the house was more expensive but we just put a bigger deposit down as we didn’t want to wait again, they booked a new valuation in for new house then sent out our new mortgage offer, our mortgage offer was in March and we have till sep but the house we now buying is going through probate so fingers crossed it hurry’s up, all our searches are done we just waiting on probate, good luck 

Ah thank you. Our broker is back to work Monday so hopefully we’ll know the process soon. The house is slightly cheaper so hopefully won’t be an issue. It’s empty , and no chain so searches etc and we’re trying to arrange renting it for a month or so so we can store our belongings in there at least. Our vendor delayed on 30th june - and we would have lost our buyer to stamp duty, so we moved in with my mum thinking it’s be a few weeks… now we’re starting  again 😂🙈

Cookie211

leanne2901 said:

Cookie211 said:

leanne2901 said:

Hi everyone , been a while since I posted on this thread so those commenting at same time are probably completed and gone by now 😂. Any advice please , our house fell through last week which we’ve been offered on since March. We have had an offered on another property, cheaper, and I need to call Santander this morning as our broker isn’t in until next week- does anyone know if they would need a new application or if it would be a case of arranging a Valuation on the new property. 

Hi this happened to us, u should have a mortgage offer for 6 months, we found another house and our broker let Santander know and they were happy to change house over, the house was more expensive but we just put a bigger deposit down as we didn’t want to wait again, they booked a new valuation in for new house then sent out our new mortgage offer, our mortgage offer was in March and we have till sep but the house we now buying is going through probate so fingers crossed it hurry’s up, all our searches are done we just waiting on probate, good luck 

Ah thank you. Our broker is back to work Monday so hopefully we’ll know the process soon. The house is slightly cheaper so hopefully won’t be an issue. It’s empty , and no chain so searches etc and we’re trying to arrange renting it for a month or so so we can store our belongings in there at least. Our vendor delayed on 30th june - and we would have lost our buyer to stamp duty, so we moved in with my mum thinking it’s be a few weeks… now we’re starting  again 😂🙈

Hopefully u won’t have to wait for long, Santander should just value the house and if it’s cheaper u won’t have to go bk to the underwriters, we had all our searches bk and enquiries in a few weeks and probate have just been granted yay 😀 EA is off till Monday so hopefully we will hear more then,good luck 

Jillmoneysaver

leanne2901 
Did you enquire about renting while the other things go through? I'm wondering if this is/can be common and easily manageable / if sellers like to do this or not? 
The property we are buying is vacant. We should complete on the house very soon (should have on Friday), pending approval of some last-minute points, but in case of any issues, we are hopeful that we can rent it until issues are sorted. 

leanne2901

Jillmoneysaver said:

leanne2901 
Did you enquire about renting while the other things go through? I'm wondering if this is/can be common and easily manageable / if sellers like to do this or not? 
The property we are buying is vacant. We should complete on the house very soon (should have on Friday), pending approval of some last-minute points, but in case of any issues, we are hopeful that we can rent it until issues are sorted. 

We’re in discussion … the solicitor said it’s not uncommon, has a special name but can’t for the life of me remember 😂🙈.  Good luck For you!