Santander mortgage timeline

spendingonthekids

Chooru said:

Spence2388 said:

Hi all, wondering if anyone can help? 

Submitted mortgage via broker on Friday 8/10.
Today we’ve had an update email from the broker which shows a timeline of events and today’s update states 
valuation booked 2/11
After that The email also states ‘mortgage agreed’ 11/10 (today). 

Does this mean our mortgage has been approved so long as the valuation is all fine? Or is this just a minor stage in the process. 

Don’t want to get excited too early. Many thanks for any help. 

Katie 

Correct - this is what happened for me. As long as the valuation is fine, it's approved. 

Broker confirmed this morning that this is the case. All agreed but 2nd November was first available date for valuation. Very painless and smooth process for us and no known worries about valuation so hope all will be fine.  Good luck to everyone else.

Lumiona

Taken ages for the underwriters to approve the application but finally been done today. What is going on with the delay of valuations? Last time it came through within an hour of the underwriters approval.

spendingonthekids

Lumiona said:

Taken ages for the underwriters to approve the application but finally been done today. What is going on with the delay of valuations? Last time it came through within an hour of the underwriters approval.

No idea, but I’m just waiting for the 2nd to arrive so hopefully ours will all be finalised 🤞

jonr405

Hi all, 
Does anyone know how long after valuation a Santander mortgage offer will be valid for? I recently applied to lock in the rate, but my current deal won't end until March 2022. HSBC has a 6 month expiry window, but I don't know about Santander. Any help appreciated! 

iamlovinit05

I have also applied for a Santander mortgage last week through a broker before they increased the rates early this week.

My broker says that given that I have applied before the rates were increased, if my mortgage gets approved, I would get the old lower rate that I applied for (as it would be locked at the point of application). I can't find anything on their website that talks about this though - does anyone know if this is correct?

jonr405

iamlovinit05 said:

I have also applied for a Santander mortgage last week through a broker before they increased the rates early this week.

My broker says that given that I have applied before the rates were increased, if my mortgage gets approved, I would get the old lower rate that I applied for (as it would be locked at the point of application). I can't find anything on their website that talks about this though - does anyone know if this is correct?

That is correct. The rate is locked in once you submit your application. If they don't approve it then you would have to re apply at the new rates.

Could you please ask your broker what the maximum amount of time to complete a remortgage is? Once they have approved it? 

iamlovinit05

jonr405 said:

iamlovinit05 said:

I have also applied for a Santander mortgage last week through a broker before they increased the rates early this week.

My broker says that given that I have applied before the rates were increased, if my mortgage gets approved, I would get the old lower rate that I applied for (as it would be locked at the point of application). I can't find anything on their website that talks about this though - does anyone know if this is correct?

That is correct. The rate is locked in once you submit your application. If they don't approve it then you would have to re apply at the new rates.

Could you please ask your broker what the maximum amount of time to complete a remortgage is? Once they have approved it? 

Sure - i’ll ask at some point next week and let you know!

[Deleted User]

Hey all!

We had a mortgage submission via our broker yesterday, what’s the rough timeline these days for mortgage to be approved?

Lumiona

Lumiona said:

Purchase collapsed last week, so we are back to square one .

We had an offer accepted yesterday on a new property so submitted a new mortgage application directly and managed to apply for the lower rate of 0.99%, fingers crossed it goes smoothly again.

All approved and offer on it's way 🎉🎉. Bit of back and forth with paperwork this time for address verification as we are in temporary accommodation but 5 weeks in total from application to offer issue.

goodwithsaving

I'm remortgaging early to Santander because it makes financial sense. I haven't heard anything since my case went in, but today received a message to say they had instructed a conveyancing firm. Does that mean it is approved? I don't want it to complete until February, which I guess I need to inform them.