Santander mortgage timeline

jonr405

goodwithsaving said:

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.

This is exactly my situation. What I'd like to know is should I delay the valuation as long as possible? Or does it not matter? Some banks have a 6 month expiry window others have 3, but I don't know about Santander... Any help would be appreciated 

Twins

Deleted_User said:

Hey all!

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

We submitted ours on a Wednesday and it came through as approved the week after on a Thursday.  It was very quick and no questions.  Good luck!!  

spendingonthekids

Deleted_User said:

Hey all!

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


 

We submitted ours 8/10/21. It was agreed on 11/10/2021 pending the valuation which was booked for 2/11/2021. At 7pm on the 2nd, email to say mortgage had been offered. No requests for additional paperwork or anything. Application done through a broker and has been so straightforward. Good luck

iamlovinit05

iamlovinit05 said:

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!

He says its 6 months post approval

[Deleted User]

Spence2388 said:

Deleted_User said:

Hey all!

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


 

We submitted ours 8/10/21. It was agreed on 11/10/2021 pending the valuation which was booked for 2/11/2021. At 7pm on the 2nd, email to say mortgage had been offered. No requests for additional paperwork or anything. Application done through a broker and has been so straightforward. Good luck

Congratulations 🙌

[Deleted User]

Is a product fee normal to take out when application is submitted?

jonr405

iamlovinit05 said:

iamlovinit05 said:

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!

He says its 6 months post approval

Thank you! 

NatalieAGC

Applied directly 19th November
29th November mortgage approved

4th Dec- paid product fee and told valuation has been booked for the 10 jan 2022…. 

10th jan 2022!!!! What!????
are  L&G that busy?!!? It’s newbuild redrow 😭

Chocolatefund

I might as well join the party.

Mortgage applied for on Wed 8th Dec. Got lovely boring automated email from Santander.

aaaaand nothing so far 😅

I suppose no 'additional information needed' news is good news. Still early days yet though.

I am using a broker, and I'd like to think that mine is a straight forward case. (Full employment, no bad credit) but who knows?

Would be great to know this side of Christmas.

rico83

I was over a month from submitting my application when I decided to submit another application with Lloyds (I don’t recommend doing this as I hard two hard searches at the same time by doing this). Lloyds took 5 days from submitting my application to completion including a physical valuation… so I called up and cancelled Santander. They were appalling. I got a 5 year at less than 1.2% where Santander were 1.1 something. It was only a few pounds of a difference per month.