Santander mortgage timeline

TottieW

Mani23 said:

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!

hooray! wonderful news

NatNat77

lucas2020 said:

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.

This gives me hope! We've applied directly too and ours went to the underwriters the day before yours, I was told last week we'd hear this week so perhaps we might! What number did you call for your update? I might call Friday if I don't hear before then 

NatNat77

TottieW said:

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!

That is bizarre and you must be so frustrated. Does make you wonder why, if they're not going to consider your earlier income, they don't just ask for the last 6 months income instead of 3 years. There must have been something they were unhappy with. Hope you have a better outcome with another lender

Mani23

Thanks! Honestly thought it wasn't going to come through due to all the questions and lack of communication. For anyone worried about the hard check on the credit file not showing, don't worry as I still cannot see one (Credit Karma or Experian). Just hang in there.

Meh123

Gutted for you Tottie 
ive been silently lurking for a while and following everything and it seems the SE are getting battered.
we’ve been told they’re going to ask for 3 months statements to show that he’s earning the same as pre covid, hoping that’s good enough for them as we can’t get another 10% together!

SenseandSensibility

Just to clarify from those who’ve gone through the process already, our valuation has been booked for this Friday (applied through MB), does this mean ours has already been passed to the underwriters, and is awaiting the valuation? We’re quite confused as to the ways in which they’re running processes simultaneously.

TottieW

Meh123 said:

Gutted for you Tottie 
ive been silently lurking for a while and following everything and it seems the SE are getting battered.
we’ve been told they’re going to ask for 3 months statements to show that he’s earning the same as pre covid, hoping that’s good enough for them as we can’t get another 10% together!

Aww, thanks. In reality, I just should have waited a few months before applying for a mortgage, but rushed into it because we found a house we wanted (and my landlord decided to sell the house I'm renting). I didn't earn much April to August (except in my second online sales business, which did really well, but they won't accept the income from that). If I submitted my statements in a month's time, there would be no sign of the SEISS payments, and I'd be earning a hearty monthly wage... I think it was just bad timing. And there may be something else they've spotted they don't like which they aren't telling us about.

Meh123

SenseandSensibility said:

Just to clarify from those who’ve gone through the process already, our valuation has been booked for this Friday (applied through MB), does this mean ours has already been passed to the underwriters, and is awaiting the valuation? We’re quite confused as to the ways in which they’re running processes simultaneously.

As far as I’m aware they just auto book the valuation when they receive application. We applied on the 18th and our valuation has been done via desktop already. We haven’t even had our application assessed yet, that’ll probably be done next week. Hard credit search done, valuation done....but file not assessed and not in UW queue yet.

Meh123

TottieW said:

Meh123 said:

Gutted for you Tottie 
ive been silently lurking for a while and following everything and it seems the SE are getting battered.
we’ve been told they’re going to ask for 3 months statements to show that he’s earning the same as pre covid, hoping that’s good enough for them as we can’t get another 10% together!

Aww, thanks. In reality, I just should have waited a few months before applying for a mortgage, but rushed into it because we found a house we wanted (and my landlord decided to sell the house I'm renting). I didn't earn much April to August (except in my second online sales business, which did really well, but they won't accept the income from that). If I submitted my statements in a month's time, there would be no sign of the SEISS payments, and I'd be earning a hearty monthly wage... I think it was just bad timing. And there may be something else they've spotted they don't like which they aren't telling us about.

It’s just horrible isn’t it! He took both SEISS payments too but has had money paid into his accounts each week since July (contractor in the building industry).
the situation is the same here. Weren’t planning on even looking till next year and then the perfect house appeared....sods law for you! Wish you all the luck with your next application, seems different lenders are dealing with things differently so all is not lost! 

fastbs

We just had an update from our MB, they have checked all documents etc and have said our mortgage is approved subject to the valuation. This is booked for Friday so he is expecting us to receive an offer late next week... judging by everyone else’s experience I am not too sure!