Santander mortgage timeline

frogeye

fastbs said:

 xNaomi said:

Our valuation was physical and was on 30-Sep then we received our offer on 05-Oct so I would assume all checks were done before the valuation then it was the last thing to be done before issuing the offer. We are buying a new build in NI

Yes it makes sense for it to be done that way as the have to pay for the valuation, and it would be silly to do that without make sure we are acceptable lenders first! It says in the mortgage guide that the valuations are carried out and then proceed to offer providing everything is okay, so it’s confusing that some people have had it the opposite way round!

I’ll keep everyone updated when we next hear something  

I think I have a fairly good idea of Santander's mortgage application process now - having read most comments on here and been waiting since 3rd September for a decision (valution carried out on 9th Sept).  There are two underwriting processes - the first is basic and checks Experian, affordability etc.  This is usually done just before/same time as valuation.  The application then gets sent for review by the final set of underwriters.  This is where the delay happens as they are currently reviewing applications sent to the initial underwriters on 24th September.  This is also when the questions can start.  Once replies are submitted there is a wait of 5 days for the replies to be looked at by the underwriters, when more questions can be asked.  If straightforward application then the second underwriting is quicker, but if there are any queries this stage can be very slow!  Hope this helps clear up any confusion!

IMsaver

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.

So sorry to hear this Tottie! Did you take both SEISS payments? My partner took the first one as a precaution (even though doesn’t need it and can send back). We are applying at 71% LTV so hope this will help our case. What do you think? It’s making me so worried they are reviewing the case soon I think.

TottieW

IMsaver said:

TottieW said:

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.

So sorry to hear this Tottie! Did you take both SEISS payments? My partner took the first one as a precaution (even though doesn’t need it and can send back). We are applying at 71% LTV so hope this will help our case. What do you think? It’s making me so worried they are reviewing the case soon I think.

Yes, I did take both SEISS payments, although in fact I have one still in my savings account, and the other I used to cover my July tax bill, so I gave it straight back to the government! I think your situation sounds much more promising. They *did* offer us a mortgage - just a 75% one. And also they *explicitly* said that taking the first SEISS payment was fine, but not the second one. Don't worry too much! I think I'm the only person on here who hasn't got the mortgage they want in the end! (I used ALL the equity from my previous house to buy one for my ex, which has left me in a unique situation!!!)

newhomechris

frogeye said:

fastbs said:

 xNaomi said:

Our valuation was physical and was on 30-Sep then we received our offer on 05-Oct so I would assume all checks were done before the valuation then it was the last thing to be done before issuing the offer. We are buying a new build in NI

Yes it makes sense for it to be done that way as the have to pay for the valuation, and it would be silly to do that without make sure we are acceptable lenders first! It says in the mortgage guide that the valuations are carried out and then proceed to offer providing everything is okay, so it’s confusing that some people have had it the opposite way round!

I’ll keep everyone updated when we next hear something  

I think I have a fairly good idea of Santander's mortgage application process now - having read most comments on here and been waiting since 3rd September for a decision (valution carried out on 9th Sept).  There are two underwriting processes - the first is basic and checks Experian, affordability etc.  This is usually done just before/same time as valuation.  The application then gets sent for review by the final set of underwriters.  This is where the delay happens as they are currently reviewing applications sent to the initial underwriters on 24th September.  This is also when the questions can start.  Once replies are submitted there is a wait of 5 days for the replies to be looked at by the underwriters, when more questions can be asked.  If straightforward application then the second underwriting is quicker, but if there are any queries this stage can be very slow!  Hope this helps clear up any confusion!

My experience completely concurs with this.  Everything was very quiet my end until it was passed to final underwriting checks - that’s when the questions started and three or four weeks of back and forth and waiting in queues for review.
Fortunately for me, I am completing on Tuesday next week so there can be light at the end of this very long tunnel!!

IMsaver

TottieW said:

IMsaver said:

TottieW said:

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.

So sorry to hear this Tottie! Did you take both SEISS payments? My partner took the first one as a precaution (even though doesn’t need it and can send back). We are applying at 71% LTV so hope this will help our case. What do you think? It’s making me so worried they are reviewing the case soon I think.

Yes, I did take both SEISS payments, although in fact I have one still in my savings account, and the other I used to cover my July tax bill, so I gave it straight back to the government! I think your situation sounds much more promising. They *did* offer us a mortgage - just a 75% one. And also they *explicitly* said that taking the first SEISS payment was fine, but not the second one. Don't worry too much! I think I'm the only person on here who hasn't got the mortgage they want in the end! (I used ALL the equity from my previous house to buy one for my ex, which has left me in a unique situation!!!)

Ah okay, thats good to hear re: the first payment. I spoke to a different broker (started looking at other mortgage options just in case) and they were saying lenders only take into account your SEISS payment as your salary for the year which to me was ridiculous! But if Santander are saying first is okay that’s good then. So sorry to hear about your case!! Definitely get a good broker and see what’s out there 😀 

TottieW

IMsaver said:

Ah okay, thats good to hear re: the first payment. I spoke to a different broker (started looking at other mortgage options just in case) and they were saying lenders only take into account your SEISS payment as your salary for the year which to me was ridiculous! But if Santander are saying first is okay that’s good then. So sorry to hear about your case!! Definitely get a good broker and see what’s out there 😀 

That is essentially what happened to me; they predicted my income to be roughly 4xSEISS for the entire financial year despite me demonstrably having earned more than that already. But they made it clear that they understand people couldn't work April-June, and so the first payment is OK.

IMsaver

TottieW said:

IMsaver said:

Ah okay, thats good to hear re: the first payment. I spoke to a different broker (started looking at other mortgage options just in case) and they were saying lenders only take into account your SEISS payment as your salary for the year which to me was ridiculous! But if Santander are saying first is okay that’s good then. So sorry to hear about your case!! Definitely get a good broker and see what’s out there 😀 

That is essentially what happened to me; they predicted my income to be roughly 4xSEISS for the entire financial year despite me demonstrably having earned more than that already. But they made it clear that they understand people couldn't work April-June, and so the first payment is OK.

Ah i see! Well we will just have to wait and see, if they don't want us as one of their customers they can shove it as far as i'm concerned now haha. New attitude!

Moonstar101

Hi all, can I join you in your wait? Our application was received by Santander on the 10th of October and a desktop valuation was done on the same day. We had a question regarding my husbands payslip, it was answered and now our application has been passed to underwriting. What has the process been like for you all? Was yours a desktop valuation? Good luck xx

NatNat77

We got our text! So happy! 

mcmule86

NatNat77 said:

We got our text! So happy! 

Congrats x