Santander mortgage timeline

TottieW

Final outcome from me - they wouldn't budge on the lower-than-we-wanted mortgage, but we've managed to source some extra funds... so we finally received our mortgage offer today :-) On the bright side, we really do have a ridiculously affordable mortgage now. Having watched this forum for a while I think we might be the only ones I've come across who didn't get the mortgage we were after eventually. We applied on 10th September, and joined the underwriting queue on the 15th - so total time to offer was 6 1/2 weeks.

IMsaver

Hey guys!

So we had some great news today, the mortgage is approved subject to valuation (2nd November, delayed as they had the wrong phone number for the EA). We had absolutely no questions or queries whatsoever for the whole experience, our mortgage broker was just asked on application how Covid had effected the business. We received the offer for the whole amount of 4.45x income. Here's my timeline, for all those self employed, i hope it brings some hope!

Background
71% LTV
I'm full-time employment
Partner SE, took the first SEISS but didn't use it so had it in his bank account plus more. Was told on here that they don't mind the first SEISS though.

Timeline (approx. 5 weeks in total)
- Mortgage application in full  22.09
- Application given to underwriters 28.09
- Full mortgage application approved 26.10
- Property valuation 02.11

IMsaver

TottieW said:

Final outcome from me - they wouldn't budge on the lower-than-we-wanted mortgage, but we've managed to source some extra funds... so we finally received our mortgage offer today :-) On the bright side, we really do have a ridiculously affordable mortgage now. Having watched this forum for a while I think we might be the only ones I've come across who didn't get the mortgage we were after eventually. We applied on 10th September, and joined the underwriting queue on the 15th - so total time to offer was 6 1/2 weeks.

Ah that's great news though - congrats! We got our offer today, really was expecting some questions but nothing. So pleased we're all getting there

TottieW

IMsaver said:

Hey guys!

So we had some great news today, the mortgage is approved subject to valuation (2nd November, delayed as they had the wrong phone number for the EA). We had absolutely no questions or queries whatsoever for the whole experience, our mortgage broker was just asked on application how Covid had effected the business. We received the offer for the whole amount of 4.45x income. Here's my timeline, for all those self employed, i hope it brings some hope!

Background
71% LTV
I'm full-time employment
Partner SE, took the first SEISS but didn't use it so had it in his bank account plus more. Was told on here that they don't mind the first SEISS though.

Timeline (approx. 5 weeks in total)
- Mortgage application in full  22.09
- Application given to underwriters 28.09
- Full mortgage application approved 26.10
- Property valuation 02.11

Wow, that's brilliant. 4.45x income is huge! I just checked and our offer is 75% LTV, and 1.8x our combined income. Even allowing for a drop in income this year, we're only borrowing 2x combined income. I do find it all quite perplexing!

Meh123

TottieW said:

Final outcome from me - they wouldn't budge on the lower-than-we-wanted mortgage, but we've managed to source some extra funds... so we finally received our mortgage offer today :-) On the bright side, we really do have a ridiculously affordable mortgage now. Having watched this forum for a while I think we might be the only ones I've come across who didn't get the mortgage we were after eventually. We applied on 10th September, and joined the underwriting queue on the 15th - so total time to offer was 6 1/2 weeks.

Nicely played!!! Glad it all worked out in the end for you!

TottieW

Meh123 said:

Nicely played!!! Glad it all worked out in the end for you!

Yes, and as I need to keep saying, so other people don't get too scared, I think we had slightly unique circumstances which would no way apply to most other people... 

Meh123

homese2 said:

Congrats!
Do you have any SE in your application though? My partner is, so wondering if we might just start getting some qs... 

Can I be nosey and ask what sort of things they’re asking?! I’m assuming they’ll want to see his bank statements as he’s SE but don’t know what else to prepare for. 

TottieW

Meh123 said:

homese2 said:

Congrats!
Do you have any SE in your application though? My partner is, so wondering if we might just start getting some qs... 

Can I be nosey and ask what sort of things they’re asking?! I’m assuming they’ll want to see his bank statements as he’s SE but don’t know what else to prepare for. 

I was asked for a form from my accountant stating last couple of years income and 'projected income' for this year (though they ignored it!). I sent 3 months bank statements at the start as requested by my Mortgage Broker.

MatthewB21

IMsaver said:

Hey guys!

So we had some great news today, the mortgage is approved subject to valuation (2nd November, delayed as they had the wrong phone number for the EA). We had absolutely no questions or queries whatsoever for the whole experience, our mortgage broker was just asked on application how Covid had effected the business. We received the offer for the whole amount of 4.45x income. Here's my timeline, for all those self employed, i hope it brings some hope!

Background
71% LTV
I'm full-time employment
Partner SE, took the first SEISS but didn't use it so had it in his bank account plus more. Was told on here that they don't mind the first SEISS though.

Timeline (approx. 5 weeks in total)
- Mortgage application in full  22.09
- Application given to underwriters 28.09
- Full mortgage application approved 26.10
- Property valuation 02.11

Excellent news, congratulations!

We still haven’t heard anything, neither SE and valuation been done, hope we hear something tomorrow!

Mononoke87

They promised an update today but did not deliver better luck tomorrow...
Congrats to everyone getting their mortgages, you must be so relieved! 😊