Santander mortgage timeline

TottieW

Thought I'd add my situation. Non-straightforward case. I'm self employed, my partner has a secure job. 15% deposit. In theory we could borrow twice what we're asking for, but Covid did affect my income, so I'm nervous!
Applied 10th September (through broker). Apparently case was passed to the Underwriter on the 15th Sept.
I've been keeping a close eye on Santander for Intermediaries site, and the underwriters seem to be getting at least 2 days further behind every week (so last Monday they were looking at cases passed to them on 5th September, this Monday they were looking at cases passed to them on the 9th. Assuming cases passed to them on 15th won't be looked at until early next week, best case scenario... Which means, even if I don't have to supply lots of extra info, best case scenario for any application which goes to underwriters would currently be about 5 weeks from application to decision.

NatNat77

TottieW said:

Thought I'd add my situation. Non-straightforward case. I'm self employed, my partner has a secure job. 15% deposit. In theory we could borrow twice what we're asking for, but Covid did affect my income, so I'm nervous!
Applied 10th September (through broker). Apparently case was passed to the Underwriter on the 15th Sept.
I've been keeping a close eye on Santander for Intermediaries site, and the underwriters seem to be getting at least 2 days further behind every week (so last Monday they were looking at cases passed to them on 5th September, this Monday they were looking at cases passed to them on the 9th. Assuming cases passed to them on 15th won't be looked at until early next week, best case scenario... Which means, even if I don't have to supply lots of extra info, best case scenario for any application which goes to underwriters would currently be about 5 weeks from application to decision.

I hope mine doesn't take that long! But I don't think we're straight forward either. But 5 days from application to underwriter seems fast, I'm waiting over a week for my phone appointment! Does having a broker make things go faster as I'm doing it on my own but maybe that was a mistake. We have a mortgage with santander already which we're porting over so I thought if I've got to send stuff to a broker to submit I may as well just do it myself 

TottieW

I think having a broker assures the mortgage provider that someone has already checked your paperwork, identity, etc. We didn't have to have a phone appointment. But it's entirely possible that as you already have a mortgage with them, it may be quicker. The average time being 20.4 days (and it's gone down in the past week) suggests that *some people* must be getting their offers more quickly than that! Yes, I've had to pay a lot of fees already for survey, searches etc. so I'm going to be pretty gutted if we don't get the mortgage - will mean I'll be about £1000 out of pocket.

NatNat77

It's such an emotional roller-coaster isn't it! And that's a good point re broker. Although we do bank with them as well, admittedly not our main account, and both hubby's business accounts are with them too. So we should be quite easy to check out. Plus I've provided everything they've asked, spoken to them a few times and they've called hubby with some questions since we applied so I am wondering why we still need a phone appointment with them-I thought everyone had to have one but clearly not!
Hope all of us waiting hear something soon! 

TottieW

NatNat77 said:

It's such an emotional roller-coaster isn't it! And that's a good point re broker. Although we do bank with them as well, admittedly not our main account, and both hubby's business accounts are with them too. So we should be quite easy to check out. Plus I've provided everything they've asked, spoken to them a few times and they've called hubby with some questions since we applied so I am wondering why we still need a phone appointment with them-I thought everyone had to have one but clearly not!
Hope all of us waiting hear something soon! 

To be honest, it sounds like you're on track to get a much quicker answer than me. Last time I got a mortgage it was with my own bank, and I think it tends to make things much faster as you are a known quantity (and they will have generated their own internal credit rating for you)

NatNat77

TottieW said:

NatNat77 said:

It's such an emotional roller-coaster isn't it! And that's a good point re broker. Although we do bank with them as well, admittedly not our main account, and both hubby's business accounts are with them too. So we should be quite easy to check out. Plus I've provided everything they've asked, spoken to them a few times and they've called hubby with some questions since we applied so I am wondering why we still need a phone appointment with them-I thought everyone had to have one but clearly not!
Hope all of us waiting hear something soon! 

To be honest, it sounds like you're on track to get a much quicker answer than me. Last time I got a mortgage it was with my own bank, and I think it tends to make things much faster as you are a known quantity (and they will have generated their own internal credit rating for you)

I hope so but after reading this thread I'm not so sure. And we are asking for almost what they said we could borrow which makes me anxious, maybe I shouldn't have read this thread lol! 

TottieW

I've found it quite reassuring!!

IMsaver

NatNat77 said:

TottieW said:

NatNat77 said:

It's such an emotional roller-coaster isn't it! And that's a good point re broker. Although we do bank with them as well, admittedly not our main account, and both hubby's business accounts are with them too. So we should be quite easy to check out. Plus I've provided everything they've asked, spoken to them a few times and they've called hubby with some questions since we applied so I am wondering why we still need a phone appointment with them-I thought everyone had to have one but clearly not!
Hope all of us waiting hear something soon! 

To be honest, it sounds like you're on track to get a much quicker answer than me. Last time I got a mortgage it was with my own bank, and I think it tends to make things much faster as you are a known quantity (and they will have generated their own internal credit rating for you)

I hope so but after reading this thread I'm not so sure. And we are asking for almost what they said we could borrow which makes me anxious, maybe I shouldn't have read this thread lol! 

Me and my partner are applying for the full thing. I worked out it’s 4.45x salary which to me seems pretty low anyway so I feel like they are being cautious when giving amounts on the AIP....or maybe I could be totsly wrong. It’ll all work out for the best whatever happens, it’s such a crazy time to purchase a house either way!

NatNat77

I guess it is comforting to know others are going through the exact same thing! 

FTBSolihull

10th Sep AIP
10th Submitted full application and all documents
11th requested details of my furlough and if been effected (they already had this)
12th requested salary details (they already had this)
14th desktop valuation done (only found that out today, 7th Oct - no feedback, you can imagine my annoyance with the mortgage broker for not checking this)
21st requested a letter to say I wouldn’t be made redundant in the foreseeable future (a strange request)
22nd was told not possible for this document as employer only gives generic references 
1st October requested a letter to say I wasn’t working a notice period of redundancy & was told if I can’t get this document the mortgage wouldn’t be approved.
6th October submitted the above
7th informed I should hear at the end of next week as in underwriters queue

Currently, working day 19 with a long wait ahead.