Santander mortgage timeline

mowgliisaG

homese2 said:

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. 

Great news - did they compare last 3 ni this to first 3 Months of year? Mine is back by 90% wonder if that would have a negative impact on things.

mowgliisaG

homese2 said:

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. 

Great news - did they compare last 3 months to first 3 Months of year? Mine is back to 90% wonder if that would have a negative impact on things.

MatthewB21

We have finally heard something, they have asked about my employment after furlough despite having a letter saying my job is secure etc.
Think they just want a headed letter detailing my salary etc going forward.
Hopefully this is all they ask for...
15/09 - AIP from Santander
21/09 - Applied for mortgage
28/09 - Sent to UWs
26/09 - Response from UWs
Valuation was done a week or so after sent to UWs.

FTB20

NatNat77 said:

Moonstar101 said:

NatNat77 said:

Thank you! And yes I did apply directly. Started it 30 September, all requested docs were submitted on the 5th as we needed to get an accountants certificate for hubby, had phone appointment with them on the 14th where they checked a few things and crunched the numbers, passed to underwriting the same day and obviously heard today. They did say we'd hear this week but I had my doubts after seeing this thread. I can't help thinking there are 2 completely different underwriting processes, one for applying yourself and another for using a broker. I thought maybe we should have used a broker after all but I don't think it would have been quicker. Or maybe it was different because we already have a mortgage with them that we're porting. Who knows, you could drive yourself mad trying to figure it all out 

That was super quick! It does seem quicker directly. I've driven myself mad with the wait. I hope the weeks fly by! 

I hope so too! Our sellers EA tried getting us to use their MB services for free and I'm glad I stuck to my guns now. The underwriting stage should be the same for everyone though! They have said subject to final checks as well as valuation, not sure what those final checks are? 

We had our text around the same time as you, just wondering if you’ve heard anything since? We haven’t re the valuation neither has the EA - just wondering how long this part takes and when we should hear something about it being booked in/done? 

SenseandSensibility

So we finally received our mortgage offer today! Our turnaround was amazingly quick, as follows:
15/10 Application submitted
19/10 Valuation instructed
23/10 (Physical) valuation done
26/10 Valuation agreed, final checks done by UW.
27/10 Offer received
So all complete within an 8 day turnaround! 

knocknock1

SenseandSensibility said:

So we finally received our mortgage offer today! Our turnaround was amazingly quick, as follows:
15/10 Application submitted
19/10 Valuation instructed
23/10 (Physical) valuation done
26/10 Valuation agreed, final checks done by UW.
27/10 Offer received
So all complete within an 8 day turnaround! 

That is really interesting. What are your circumstances? First time buyer? New build? Mine was submitted on the same day as you. I was told by my housing developer that Santander came out on the 20th for a physical valuation. 
19/10 Application Submitted
19/10 AIP Agreed
19/10 Valuation Instructed
20/10 Hard credit check completed (Experian)
20/10 Valuation Completed
24/10 HTB ATP Completed

MB has told me 4 week wait at the start. I should be fairly straight forward case. HTB seemed to have speedup compared to a month ago. 

SenseandSensibility

knocknock1 said:

SenseandSensibility said:

So we finally received our mortgage offer today! Our turnaround was amazingly quick, as follows:
15/10 Application submitted
19/10 Valuation instructed
23/10 (Physical) valuation done
26/10 Valuation agreed, final checks done by UW.
27/10 Offer received
So all complete within an 8 day turnaround! 

That is really interesting. What are your circumstances? First time buyer? New build? Mine was submitted on the same day as you. I was told by my housing developer that Santander came out on the 20th for a physical valuation. 
19/10 Application Submitted
19/10 AIP Agreed
19/10 Valuation Instructed
20/10 Hard credit check completed (Experian)
20/10 Valuation Completed
24/10 HTB ATP Completed

MB has told me 4 week wait at the start. I should be fairly straight forward case. HTB seemed to have speedup compared to a month ago. 

It’s very interesting to compare timelines! We are still awaiting our HTB ATP (under agent 2, who are currently at 9 working days to approve them), as we submitted ours on 16/10. Which agent are you with? We’re FTB, so LTV is 75%. 

knocknock1

@SenseandSensibility
We are with agent 2  = South. I was speaking to a HTB agent and they told me they were starting to offload some work to other agents for areas that were tied up, so I am hopeful you get it soon!. My borrowing is just above x3.5 my salary so affordability criteria should be good with LTV of 75% with the HTB. It might be when documents are checked in the first few steps that they might fast track some more of the 'straight' forward applications. It would seem to make sense in your case.

FTBMish

So scrap what I said before about being confused. 
Mortgage has been approved, just had the text. Yay

NatNat77

FTB20 said:

NatNat77 said:

Moonstar101 said:

NatNat77 said:

Thank you! And yes I did apply directly. Started it 30 September, all requested docs were submitted on the 5th as we needed to get an accountants certificate for hubby, had phone appointment with them on the 14th where they checked a few things and crunched the numbers, passed to underwriting the same day and obviously heard today. They did say we'd hear this week but I had my doubts after seeing this thread. I can't help thinking there are 2 completely different underwriting processes, one for applying yourself and another for using a broker. I thought maybe we should have used a broker after all but I don't think it would have been quicker. Or maybe it was different because we already have a mortgage with them that we're porting. Who knows, you could drive yourself mad trying to figure it all out 

That was super quick! It does seem quicker directly. I've driven myself mad with the wait. I hope the weeks fly by! 

I hope so too! Our sellers EA tried getting us to use their MB services for free and I'm glad I stuck to my guns now. The underwriting stage should be the same for everyone though! They have said subject to final checks as well as valuation, not sure what those final checks are? 

We had our text around the same time as you, just wondering if you’ve heard anything since? We haven’t re the valuation neither has the EA - just wondering how long this part takes and when we should hear something about it being booked in/done? 

No, apart from a text on Friday saying our app had been passed to the mortgage centre who'll complete checks to confirm the value of the property. I haven't been notified by the EA that they've made an approach as yet. Our sellers are in quarantine until the end of next week so I'm hoping they'll do a desktop one otherwise it'll be at least 3 weeks before we get our final offer