Santander mortgage timeline

IMsaver

MatthewB21 said:

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!

I honestly wasn't expecting it to be that quick, was fully prepared for another 2 week wait but they seemed pretty happy. I think our MB did a good job on application Fingers crossed you here soon, i wonder if its down to the individual underwriters pile, my MB told us today before we got the offer to expect to hear in a few days so not unusual to not have heard yet.

Meh123

TottieW said:

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.

Thanks! We had to give them to our broker too but when I spoke to him today he advised that they only wanted my hubs last 3 years of SA302 forms and my last 3 payslips, I’m assuming they’ll ask for them once it gets to the Underwriter.  

homese2

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.

For us they asked us to provide an accountants letter - detailing earnings since tax year end 2020 and amounts of payments received from government and whether this assistance is ongoing. 

mowgliisaG

homese2 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.

For us they asked us to provide an accountants letter - detailing earnings since tax year end 2020 and amounts of payments received from government and whether this assistance is ongoing. 

Did your business suffer during Covid? If so did it pick back up and by how much I.e 80%/90% pre Covid?

FTBMish

Just a query as I am a little confused.... our application was received by Santander on 28th Sept. Last Monday we were told by MB it was going to underwriters. So on the intermediary website, where it says underwriters are looking at applications from 28 Sept, would that include ours, or would it be from last Monday when the MB said it was going to Underwriters?

newhomechris

Well after 9 weeks, I am delighted to say that I am completing my house purchase today.  I have to say that this forum has helped keep me sane at times, when I was losing faith that I would get the mortgage that I needed.
I wish everyone good fortune and hope you all get your dream home like i have 😁🏡

knocknock1

Congratulations!! Newhomechris

Well after 9 weeks, I am delighted to say that I am completing my house purchase today.  I have to say that this forum has helped keep me sane at times, when I was losing faith that I would get the mortgage that I needed.
I wish everyone good fortune and hope you all get your dream home like i have 😁🏡

I have not long started the journey, having read this forum for a while, I thought id join and say hi. MB applied on 19/10, initial checks hard search, AIP and valuation all done. Just sat in the dreaded underwriters queue. Yes, the suspense is killing me! First time buyer here after being in the awful rental market for 15 years.

Meh123

FTBMish said:

Just a query as I am a little confused.... our application was received by Santander on 28th Sept. Last Monday we were told by MB it was going to underwriters. So on the intermediary website, where it says underwriters are looking at applications from 28 Sept, would that include ours, or would it be from last Monday when the MB said it was going to Underwriters?

It would be the date that it went to underwriters. Ours was passed to them yesterday, so we have to wait till it’s on 26th October before they look at it. Hope that helps. How come they had such a delay getting you into the queue, what a pain in the butt! 

FTBMish

Meh123 said:

FTBMish said:

Just a query as I am a little confused.... our application was received by Santander on 28th Sept. Last Monday we were told by MB it was going to underwriters. So on the intermediary website, where it says underwriters are looking at applications from 28 Sept, would that include ours, or would it be from last Monday when the MB said it was going to Underwriters?

It would be the date that it went to underwriters. Ours was passed to them yesterday, so we have to wait till it’s on 26th October before they look at it. Hope that helps. How come they had such a delay getting you into the queue, what a pain in the butt! 

No idea, the MB said it was the lenders timescales. Its odd because Santander came back asking questions about my bank statements, child benefit and salary payments, as well as my job security and my fiances job security. So I assumed the underwriters had started looking at it. But perhaps not? Its confusing 

homese2

mowgliisaG said:

homese2 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.

For us they asked us to provide an accountants letter - detailing earnings since tax year end 2020 and amounts of payments received from government and whether this assistance is ongoing. 

Did your business suffer during Covid? If so did it pick back up and by how much I.e 80%/90% pre Covid?

Our businesses are 100% back to normal.