Santander mortgage timeline

TottieW

fastbs said:

Our MB has already asked us questions about how cv19 has affected our income.. think they are preparing for that question to be asked! My OH is SE and had a bounce back loan as a pre-caution at the start of lock down, wasn’t needed in the end as his income wasn’t affected in anyway. Has anyone experienced any issues with this that we should be prepared for? He has said he will pay it off if it is going to affect things.

What they seem to be doing is coming up with a figure which they think will be the self-employed person's earnings for this financial year, and then applying their multiplier to give the amount they are prepared to offer. I doubt paying off the loan will make any difference. If there's any reason for them to think your partner's earnings are reduced longer-term (and not just for the lockdown period), that's what will make the difference. 

kingstreet

This question is asked at the submission of every application;-
"Confirmation of how the applicant's income or employment has been impacted by COVID-19
a) If the applicant's income or employment is unaffected by COVID 19
We need an explanation why they haven't been affected so our underwriters can assess the plausibility that their income is sustainable.
Or
b) if the applicant's income or employment is impacted by COVID 19
We need an explanation of how they have been impacted for example if they've reduced working hours or have been furloughed.
Where they've been furloughed but their income is being topped up by their employer, please also upload a letter from their employer confirming this."

frogeye

Hello, does anyone know if you go back to bottom of underwriter's pile once you have given the answers to questions they have asked?  I'm at the last underwriting stage, as applied beginning September.  Been told today that the application is 'passed to underwriters' again.  Thank you!

fastbs

kingstreet said:

This question is asked at the submission of every application;-
"Confirmation of how the applicant's income or employment has been impacted by COVID-19
a) If the applicant's income or employment is unaffected by COVID 19
We need an explanation why they haven't been affected so our underwriters can assess the plausibility that their income is sustainable.
Or
b) if the applicant's income or employment is impacted by COVID 19
We need an explanation of how they have been impacted for example if they've reduced working hours or have been furloughed.
Where they've been furloughed but their income is being topped up by their employer, please also upload a letter from their employer confirming this."

ahhh this makes sense, exactly what our MB asked. Thanks

fastbs

TottieW said:

fastbs said:

Our MB has already asked us questions about how cv19 has affected our income.. think they are preparing for that question to be asked! My OH is SE and had a bounce back loan as a pre-caution at the start of lock down, wasn’t needed in the end as his income wasn’t affected in anyway. Has anyone experienced any issues with this that we should be prepared for? He has said he will pay it off if it is going to affect things.

Yes, but my situation is different. I took both the Self Employed Income Support Scheme grants - May and August. I knew I'd be working from end of August but without childcare/school it was difficult for me to do my job before that. I actually saved the money rather than spending it. Underwriters expressed concern about my having taken the SECOND grant, and estimated my annual income as if I was basically going to be living on government support. Since I didn't stop earning completely during lockdown, and I'm now back working full time, I've had to provide evidence from my accountant that this year's income will be higher than their (very very low) estimate. Luckily I'm completely up to date with my accounts and have submitted my tax return for 2019/20, but obviously I can't be sure they'll be happy.

Interesting... good to know thank you. My partners accounts have been drafted ready for submission. I’ll let you know if we hear anything further!

monetxchange

Got my email 20 minutes ago saying "we're pleased to issue your offer", but then no info is attached! Assuming it's been forwarded to my broker. Have emailed him but bet I've missed him for the day. Now an evening of worry that they haven't offered the full amount!

Weird that I didn't have any questions as I'm self employed and took SEISS, but broker was very thorough and I assume he sent them everything beforehand. Only just noticed the hard search was done on day of application, 10 September.

hancha

Hello, We’re a month in on our mortgage application with Santander. My husband’s company has announced global redundancies but he isn’t directly affected and his dept is hiring! Santander have asked for a letter from his employer asking for confirmation that he isn’t affected by the redundancy announcement and isn’t expected to be impacted going forwards. His company is unable to provide this as the process is still ongoing internationally. His Manager has said that even if this wasn’t happening it would be unlikely that his company would ever provide this sort of letter. The HR dept is a centralised dept in another country that will only complete a standard confirmation of employment letter. We have supplied a bonus letter to show what he is receiving next month showing commitment to his role but this was rejected.
We are at stalemate and can’t move forwards without this letter. Has anyone had any experience of this or managed to move past this?
Thanks!

TottieW

monetxchange said:

Got my email 20 minutes ago saying "we're pleased to issue your offer", but then no info is attached! Assuming it's been forwarded to my broker. Have emailed him but bet I've missed him for the day. Now an evening of worry that they haven't offered the full amount!

Weird that I didn't have any questions as I'm self employed and took SEISS, but broker was very thorough and I assume he sent them everything beforehand. Only just noticed the hard search was done on day of application, 10 September.

Hurrah, good news! 

xNaomi

monetxchange said:

Got my email 20 minutes ago saying "we're pleased to issue your offer", but then no info is attached! Assuming it's been forwarded to my broker. Have emailed him but bet I've missed him for the day. Now an evening of worry that they haven't offered the full amount!

Weird that I didn't have any questions as I'm self employed and took SEISS, but broker was very thorough and I assume he sent them everything beforehand. Only just noticed the hard search was done on day of application, 10 September.

Congratulations! We had this and a text then our broker sent the offer document over a few hours later

FTB20

Our application has been a bit long winded, application originally submitted end of August, application pack received, further docs requested from underwriters, sent and went for review but the next day we had to withdraw our offer on the house due to survey results. Our application was put on hold until we found another property, once application came off hold we had to go through the new terms and conditions as the amount we wanted to borrow was less than the original application, we’ve received our new application pack today and the figures have increased on our monthly expenditure value and the figure on our disposable income has reduced even though nothing has changed and this area wasn’t discussed on the second phone call? We also got a text today to say our application is still in the queue with the underwriters so not sure if it will be reviewed in the 7 days they originally advised.