Santander mortgage timeline

James284

We have had our offer through, in past few days, but noticed that Santander have recently dropped all their rates.
Effectively the same product is now available but for 20 pounds less per month.

Just wondered is there any easy way to change over to the cheaper rate if the valuation / underwriting is all approved, or does it risk adding delay to the process?

I was going to ask them via the online portal but didn't know if anyone had experience of doing this.  

Lumiona

James284 said:

We have had our offer through, in past few days, but noticed that Santander have recently dropped all their rates.
Effectively the same product is now available but for 20 pounds less per month.

Just wondered is there any easy way to change over to the cheaper rate if the valuation / underwriting is all approved, or does it risk adding delay to the process?

I was going to ask them via the online portal but didn't know if anyone had experience of doing this.  

I noticed this too and have asked on the portal under "tell us about a change". DH isn't happy as it may delay things but it should be straight forward.

They sent a link on the portal 3 days later to choose a new product and they've issued a new mortgage illustration. They've said it's going to valuation which should surely be a tick box exercise before issuing a new offer. I hope so anyway. 🤞Going from 1.19% to 1.04%.

Meyamoo

I posted earlier on this thread about timelines with Santander, but my query is now about stress testing, which has stalled my application.

I’m buying with 10% deposit and asking for a considerable sized mortgage. My high income supports it, however they are saying that their stress testing of interest rates mean my mortgage payments could increase by 73%. As such, they are saying I need to show maintenance payments from my ex husband to include. The split was acrimonious, so he never pays this on time, and changes amounts regularly (we agreed it privately, no court order), and I’m worried he won’t pay the next amount on a timely basis.

My offer on a house for me and the children has been accepted, and conveyancing has finally started after a 6 week delay, so I really don’t want to lose this house as I’ll not be able to buy anything else due to the hot market!

Does anyone know of any way round the stress testing with Santander? Can I appeal to somebody there? The current amount they said they would lend without the maintenance payments would mean I’m £40k short, and I have no-one to borrow this off. 

Lumiona

My rate reduction has been approved. Timeline if it is useful: I applied to reduce to new rates on 26th, went to Underwriter on 31st Aug and approved on 3rd September. 
I didn't receive a notification that it was done though and I'm not sure if I'll receive a new offer by post. 
I'm saving £7pm which is not really a big deal but if I'm going to fix for 5 yrs, it would be nice to do it at the lowest rates possible.

NotoriousChucky

I'm so happy thank Allah SWT my brother got his mortgage offer from Santander on 7th September 2021 ....
We applied on the 4 August 2021.

We were back and forth with the underwriters twice and then the offer came through!!! 

Good luck everyone never lose hope and faith in God .... NEVER! 

😊😊😊

James284

Lumiona said:

My rate reduction has been approved. Timeline if it is useful: I applied to reduce to new rates on 26th, went to Underwriter on 31st Aug and approved on 3rd September. 
I didn't receive a notification that it was done though and I'm not sure if I'll receive a new offer by post. 
I'm saving £7pm which is not really a big deal but if I'm going to fix for 5 yrs, it would be nice to do it at the lowest rates possible.

Hi Lumiona,
I am hoping our timeframe is similar to yours for a rate change, although I am a bit nervous.
We asked for the rate change on 1st Sept, through the 'Tell us about a change' part of the application.
Had the link sent through for the product selector on 7th Sept (last Weds).. filled that in immediately.
I haven't heard any more, but would hope that Mon - Tues (13th / 14th) they will respond at the latest.

Am I correct in thinking it goes through the underwriter after that.. or is that automatic - as part of clicking the link.
I am hoping there are no more hoops to jump through as our solicitors will be looking to request funds soon, trying to complete around 29th .  

Thanks 

Lumiona

James284 said:

Lumiona said:

My rate reduction has been approved. Timeline if it is useful: I applied to reduce to new rates on 26th, went to Underwriter on 31st Aug and approved on 3rd September. 
I didn't receive a notification that it was done though and I'm not sure if I'll receive a new offer by post. 
I'm saving £7pm which is not really a big deal but if I'm going to fix for 5 yrs, it would be nice to do it at the lowest rates possible.

Hi Lumiona,
I am hoping our timeframe is similar to yours for a rate change, although I am a bit nervous.
We asked for the rate change on 1st Sept, through the 'Tell us about a change' part of the application.
Had the link sent through for the product selector on 7th Sept (last Weds).. filled that in immediately.
I haven't heard any more, but would hope that Mon - Tues (13th / 14th) they will respond at the latest.

Am I correct in thinking it goes through the underwriter after that.. or is that automatic - as part of clicking the link.
I am hoping there are no more hoops to jump through as our solicitors will be looking to request funds soon, trying to complete around 29th .  

Thanks 

Hi James284

It took about a week from 'tell us about a change' to it being done. I've not yet received a posted new offer but printed off the illustration.

I would keep checking your online portal daily as I wasn't notified that the amendment had been processed. I understand the fret, I was sweating thinking I'd jinxed our application.

Good Luck.

James284

Lumiona said:

Hi James284

It took about a week from 'tell us about a change' to it being done. I've not yet received a posted new offer but printed off the illustration.

I would keep checking your online portal daily as I wasn't notified that the amendment had been processed. I understand the fret, I was sweating thinking I'd jinxed our application.

Good Luck.

Thanks for info.
Yes, I am sort of regretting requesting the change now  I saved the illustration when we got as well (on 7th).  
There was also a message on the main application from them at the same time saying 'Please tell us you wish to proceed with the current application or select another product via the link provided'.  Obviously we did the latter, but I also replied to that message straight away saying 'just to let you know that we have used the link provided'.   Both of those actions are now awaiting review, hopefully any day.  

We already had the valuation etc. done so you would hope the change of product would be a tick box exercise! 

Kirkii27

Hi,

I was on this forum for Santander few months ago.
the house we was signing for today has fallen through and now we have found another property to view. Do we need to reapply for the mortgage or can we just change the address as the price is still the same.
Anyone been through this??

littlebag126

Kirkii27 said:

Hi,

I was on this forum for Santander few months ago.
the house we was signing for today has fallen through and now we have found another property to view. Do we need to reapply for the mortgage or can we just change the address as the price is still the same.
Anyone been through this??

Hi, we had the same happen last month. We found a new house and changed the details on the mortgage. Our new one is more expensive so it had to go back to underwriters first, but it was a very quick process as they already had all my financial information. 

They will need to do a valuation on the new property though, but other than that it is fairly straightforward