Santander mortgage timeline

Jillmoneysaver

Thanks so much! We are hopeful things look up this week. If not, we'll be trying for this. Not sure if the seller would want this though - we can hope!

85c

leanne2901 said:

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!

Hi ya, very random we completed on our house Feb after taking months to get our mortgage. But we rented our house we where purchasing as it took so long we didn’t want lose our buyer, and our house was empty. EA was fine with it but they told us not to tell Santander as apparently they can be funny about it, no idea why but thought I’d pass that on. Good luck not long to go hang on in there. 

Jillmoneysaver

85c Thanks for the heads up! That is really helpful to know. I wonder why they wouldn't like it? Seems like a more committed buyer to me! Let's see what today brings...

TranceNRG

I just got an email from our MA that Santander has approved the mortgage. It was very quick.

Approval In principal 09/08/2021 morning
Full application 09/08/2021 afternoon
Valuation booked 10/08/2021 
Valuation/survey 12/08/2021 
MA confirmed the valuation confirmed the purchase price 16/08/2021 
MA emailed that Santander has approved the morgage 17/08/2021 

So it's only taken only 7 working days.

We are in W5 London. Our Morgage advisor has been brilliant.

I was expecting Santander to take at least another week given the experience MA had with them recently (some applications were taking more than 3 weeks) and how busy they are at the moment (on their website it says Residential average time to offer is 18 working days). I guess our application was straight forward, we had all the correct documentation and have a decent deposit (69% LTV).

Jillmoneysaver

We have (finally) completed. 
I nearly gave up today, I was so broken from all of this. But thanks to a brilliant solicitor and broker, we made it. 
We were not a complicated case by any means. I guess it's the luck of the draw. 

TranceNRG

Jillmoneysaver said:

We have (finally) completed. 
I nearly gave up today, I was so broken from all of this. But thanks to a brilliant solicitor and broker, we made it. 
We were not a complicated case by any means. I guess it's the luck of the draw. 

Congradulations.
Having a good solicitor and a Mortgage broker make a huge difference.

I think most people should use Mortgage broker unless they are doing a straight forward product transfer/remortgage. Especially since most of them don't usually charge a fee.

Dymplecat

Hi everyone

Good to see that so many of you are getting your Santander mortgages through quickly. Mine seems to be taking forever....
DIP - 25/07
Full application- 26/07
Required more info - 02/08 (sent that day)
Went to underwriters - 07/08
Needed more info (same as before!) - 13/08
Back to underwriters today - 19/08

They're questioning how I will pay mortgage after child maintenance stops - I've given honest answers of increased income and decreased outgoings but not sure that's what they want to hear...
Starting to panic - I phoned to ask 'how long now?' (text said 3 days but nothing has been that quick) and they said they are working on information received on 12/08 so it'll be another week of angst.  
Send positive vibes!

leanne2901

Our mortgage broker submitted the change in address on Monday, and they advised 5 working days so I am hoping we might hear back with the new offer today but probs won’t be til next week. We paid extra for the fast track local searches so they should also be back today. 🤞🏽🤞🏽🤞🏽

NotoriousChucky

Dymplecat said:

Hi everyone

Good to see that so many of you are getting your Santander mortgages through quickly. Mine seems to be taking forever....
DIP - 25/07
Full application- 26/07
Required more info - 02/08 (sent that day)
Went to underwriters - 07/08
Needed more info (same as before!) - 13/08
Back to underwriters today - 19/08

They're questioning how I will pay mortgage after child maintenance stops - I've given honest answers of increased income and decreased outgoings but not sure that's what they want to hear...
Starting to panic - I phoned to ask 'how long now?' (text said 3 days but nothing has been that quick) and they said they are working on information received on 12/08 so it'll be another week of angst.  
Send positive vibes!

Hi There,
I hope everything is going well for you and that Santander aren't giving you a hard time over longterm affordability. 

I was wondering if it's the underwriters who require further information once the full application is submitted and the valuation completed? Because with my brother and his wife Santander came back asking about employers furlough scheme and if furlough will be paid and they asked if the £4.500 gifted to my brother from his daughter would mean that she would have any interest or charge on the property and for her to write a signed letter confirming this.

I gifted my brother 346K and the solicitor got me to fill in a gift deposit form along with proof where the money came from which I sent off with proof of money and ID.

That's all they've asked for but I'm not sure if it's the Mortgage Advisor requesting documents or the underwriters. Would yourself or anyone know the answer to this? 

Santander came back very quickly and confirmed that they have all the documents and it's now with the underwriters for review. I really pray to God they hurry up and send an offer ASAP because they have 59% of the deposit and only need 41% mortgage.

Thank you in advance for any replies.

Sophie ^.^

Mrs1987

First time posting...

Partner and I both self employed. Business was effected by covid, we received SEISS grants but not for over 3 months now.

80% LTV

23rd August full application submitted and confirmation text received 

23rd broker said application passed to underwriter 

24th August broker said valuation instructed

26th text message saying valuation booked for 2nd September 

When should we pass the underwriters checks? 

Do underwriters always look at application before valuation? 

Does anyone have self employed experience with SEISS grants?