Santander mortgage timeline

Airplanepics

We are having the 2nd valuation later on this week / early next week.

It seems that Santander have been undervaluing a lot of new builds in our area - the house that will be next to us was also undervalued by the same amount as our plot and then accepted after a 2nd valuation. We have everything crossed and can hopefully start to relax more once / if it's all approved! 

SenseandSensibility

Airplanepics said:

We are having the 2nd valuation later on this week / early next week.

It seems that Santander have been undervaluing a lot of new builds in our area - the house that will be next to us was also undervalued by the same amount as our plot and then accepted after a 2nd valuation. We have everything crossed and can hopefully start to relax more once / if it's all approved! 

Do you mind me asking which area this is? We have a valuation booked for our new build (Leicestershire) on Friday, so hoping they will value accept the market value. 

Mani23

@IMsaver I hope your MB is right as mine seems to think the case will go back in the queue and picked up by someone else, hence why they keep coming back asking for more and more information instead of requesting everything needed in one go.

Airplanepics

SenseandSensibility said:

Airplanepics said:

We are having the 2nd valuation later on this week / early next week.

It seems that Santander have been undervaluing a lot of new builds in our area - the house that will be next to us was also undervalued by the same amount as our plot and then accepted after a 2nd valuation. We have everything crossed and can hopefully start to relax more once / if it's all approved! 

Do you mind me asking which area this is? We have a valuation booked for our new build (Leicestershire) on Friday, so hoping they will value accept the market value. 

Sure - East of England

fastbs

Had a bit of an update today, EA called to say that the valuation is being done on Friday. Fingers crossed it all comes back ok.

lucas2020

I applied directly and the case went to underwriters on the 15th oct, I called up today for an update and was told, they are reviewing cases up until the 15th oct so I should hear something by the end of the week and if all is ok with the lending side thats when they will book in the valuation. Fingers crossed they don't have any additional questions.

TottieW

OK, so just so people have the full picture, it's a day under 6 weeks since we applied, and for us the final mortgage offer is 75%LTV rather than the 85% we applied for. For me, they weirdly won't accept my post-Covid income. Everyone is perplexed, but there you have it. I'm self-employed and on track to earn at least double their predicted income for me this year (in an industry that is not being too badly affected by Covid - just that my project was paused for several months during lockdown). Plus the mortgage is incredibly affordable for us - we're living in separate houses at the moment and paying substantially more. And I have a near perfect credit rating. Sigh. I guess I can't tell what they are basing their assessment of the risk on. So, I'm going to apply for a mortgage elsewhere. I hear some other providers are much quicker!

Just so I don't discourage people too much, I would say that I think I've been uniquely unlucky to have applied for a mortgage that doesn't stretch us at all financially, and had this happen. So if you're just a normal self-employed person with normal circumstances, I'm sure all is not lost!

FTBMish

Had an email from the MB. Santander will now pass to underwriters, this is after the initial questions were asked. The timescales given are 20 working days. Application was submitted on Sept 28th so just a waiting game now. The property reservation runs out on the 25th so the MB said the housebuilder will receive an email to explain that its the lenders timescales 

Mani23

FTBMish said:

Had an email from the MB. Santander will now pass to underwriters, this is after the initial questions were asked. The timescales given are 20 working days. Application was submitted on Sept 28th so just a waiting game now. The property reservation runs out on the 25th so the MB said the housebuilder will receive an email to explain that its the lenders timescales 

This is what happened to our application and we applied on 25th Aug. They are so far behind, currently reviewing applications sent to underwriters on 23rd September as per their website.

Mani23

Scrap what I said earlier. You won't be in the back of the queue but will have to wait 5-7days after submitting new information. I have just received my mortgage offer finally!