Santander mortgage timeline

ngc5195fly

Our second lender choice is Santander and i always thought that they will take forever if we had to apply with them because they're a bigger lender obviously...so it's good to know everyone else's experiences up to now. 

monetxchange

IMsaver said:

monetxchange said:

xNaomi said:

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

Ah great, that's reassuring.

Congrats! I remember you saying you were self employed and took SEISS, did they give you the full mortgage offer amount you requested? I keep hearing if you took the SEISS, they say your latest year earnings are whatever the help was (which is ridiculous!) My partner hasn't even used it so is happy to give back if it's an issue.

I'm still waiting to hear on the details of the offer as I think my broker is off today annoyingly.

But I took both SEISS payments, but then showed pretty healthy profits from the other months following so it can happen. Though I am doing 40% equity loan and a 12% deposit, so only actually asking for 48% mortgage, so I think that helps balance out their perceived negatives a bit.

davetherave85

NatNat77 said:

davetherave85 said:

Does anyone know if underwriting is quicker direct? I.e not through a broker?

Also, those who are sole traders have they been asking you for bank statements or are they fine with the accountants certificate? 

Thanks! 

My hubby has his own Ltd company but they treat that as self employed, all they've asked for so far is an accountants certificate. I've had a text this afternoon to say our application has been reviewed and has been passed to the underwriters so it's possible they will want further evidence. We're not using a broker so I'm not sure if it goes to underwriting faster either way 

Yeah, I got the text after submitting the docs saying they will contact in 3 working days with an update.

I am also hearing they have been declining a lot of 15% Deposit mortgages. Have many been accepted with the 15% minimum?? 

Fendal71

davetherave85 said:

NatNat77 said:

davetherave85 said:

Does anyone know if underwriting is quicker direct? I.e not through a broker?

Also, those who are sole traders have they been asking you for bank statements or are they fine with the accountants certificate? 

Thanks! 

My hubby has his own Ltd company but they treat that as self employed, all they've asked for so far is an accountants certificate. I've had a text this afternoon to say our application has been reviewed and has been passed to the underwriters so it's possible they will want further evidence. We're not using a broker so I'm not sure if it goes to underwriting faster either way 

Yeah, I got the text after submitting the docs saying they will contact in 3 working days with an update.

I am also hearing they have been declining a lot of 15% Deposit mortgages. Have many been accepted with the 15% minimum?? 

Mine was accepted at a 85% LTV, Also, I’m a single applicant 😊

Lorenzo94

Are you aware if Santander is accepting furloughed income?

WorkingHard

If it gives anyone hope, we put in full application on the 1st October, valuation today and received the text and email confirming our offer tonight at 6.50pm.Our broker had all the info and we had no follow up questions. Haven’t seen the paperwork, but not expecting any issues.

I’ve been following you all for a few weeks but didn’t want to tempt fate by posting till I heard back. We’re pretty straight forward but using HTB equity loan too.
Sounds like they are moving pretty quickly wherever they can now.

MatthewB21

Lorenzo94 said:

Are you aware if Santander is accepting furloughed income?

I think they were but you required a letter as well to say you weren’t going to be made redundant, that might have changed now though as lenders are changing their rules everyday apparently. 

on_the_move121

Can anyone help. Me and my partner applied for mortgage with Santander via broker on the 1st September went to underwriters on the 4th and we joined the long que, we are existing customers who are porting mortgage but borrowing more. Underwriter had a question about Payment holiday on the 28th then another question on the 5th Oct about having different name as recently got married both easy questions. My broker tells me that valuation and income both been signed off. We have been waiting 8 working days now for underwriting to satisfy last question. Any idea how long the next stage is the wait is making us both so anxious! We chase the broker daily but he has the same answer he is awaiting underwriter to satisfy the last question. Week 7 on Monday 

Moonstar101

Hi all, we received a text message to say Santander have received our application on the 10th of October and later on in the day a desktop valuation. Can I ask what the process is now? When do we find out what the valuation figure is? Will it go to underwriting now? Thank you x

newhomechris

on_the_move121 said:

Can anyone help. Me and my partner applied for mortgage with Santander via broker on the 1st September went to underwriters on the 4th and we joined the long que, we are existing customers who are porting mortgage but borrowing more. Underwriter had a question about Payment holiday on the 28th then another question on the 5th Oct about having different name as recently got married both easy questions. My broker tells me that valuation and income both been signed off. We have been waiting 8 working days now for underwriting to satisfy last question. Any idea how long the next stage is the wait is making us both so anxious! We chase the broker daily but he has the same answer he is awaiting underwriter to satisfy the last question. Week 7 on Monday 

Hi. I know all too well what a worrying time this can be. Hopefully you will be comforted by the fact that my application took 8 weeks to go to offer - my application went in on 24th August and I got confirmation in writing from Santander on 12th October that my offer had been issued. I’ve been following this thread for the last 8 weeks and there has been a mixed bag of timelines but it seems to me that the general trend has been for it to take a bit longer lately. 

Hopefully they have got everything they need now and you will get your offer next week 😁