Santander mortgage timeline

FTB20

NatNat77 said:

I called santander earlier for an update about our valuation as they hadn't contacted our sellers EA yet and it's almost a week since offer was made subject to valuation. They told me it's actually being done today so it must just be a drive by/desktop one, and all being well formal offer should follow within 48 hours 😊 I haven't had any texts or emails from santander telling me this so if you're waiting perhaps just give them a call, I wasn't on hold for too long 

Oh that’s good to know, thanks for the update! I might call, keep us updated on how yours goes

NatNat77

FTB20 said:

NatNat77 said:

I called santander earlier for an update about our valuation as they hadn't contacted our sellers EA yet and it's almost a week since offer was made subject to valuation. They told me it's actually being done today so it must just be a drive by/desktop one, and all being well formal offer should follow within 48 hours 😊 I haven't had any texts or emails from santander telling me this so if you're waiting perhaps just give them a call, I wasn't on hold for too long 

Oh that’s good to know, thanks for the update! I might call, keep us updated on how yours goes

Will do! 👍Let us know how your call goes too! 

IMsaver

85c said:

Hi everyone, I’ve just found this forum, and it’s so reassuring to read everyone’s comments, we are self employed, our business grew through covid, and financially are comfortable, took 16 years to get to this point. We just found out our application went to the underwriter on the 7/10/20 we put it in on the 1/10/20. 

We had a terrible experience before Santander, we went with Aldermore and after 11 weeks they gave us an offer then retracted it 2 days later as they said they changed there criteria and we no longer where in it. The reviews for them are awful and very similar to what they did with us. We submitted 3 months bank statements, our accounts the SA03 form and a letter from the accountant. We are laying down 17%. MB has said we should have an update in 6 working days, but who knows. 

This is interesting! We nearly went with aldermore because they offered us 5.5x income which is a stupid amount. My gut instinct said no, go with a high street lender with lower LTV (aldermore wanted 3.1% interest rate as well)

BigD74

I have been lurking on this forum for a few weeks, which has been helpful and stressful all at the same time, so I thought I'd chip in! We are FTB using HTB and a MA to buy a new build property. Submitted application on the 15th, hard credit check done the same day and only today (28th) received our first query, but only for one of us: need to supply confirmation from employer that he will not be made redundant. Hopefully this will be the only query...

The builder (Redrow) requires us to exchange by the 4th, which is looking increasingly unlikely. Has anyone had any experience with how flexible builders are with that date? There are a few plots around ours that haven't been reserved yet, so I am assuming there will be some freedom as there is no great demand. We have got ATP from HTB, but are still waiting on the searches outcome. 

skybluez

No update for me yet folks, we sent our application on 30/09 so could be any day now as that's the review date on the website....! Our MB said they had asked a couple of questions, however he didn't need to come to us for the answers so the q's must have been straightforward. Slightly unique but not uncommon position, I'm the sole applicant (husband is currently furloughed) and have two incomes (one FT job, plus additional SE income from freelance teaching) so not sure if that'll be a flag but we are only looking for 57% as we have equity and a deposit. Fingers crossed! Congratulations to those hearing and getting approved! Hope for the rest of us...!

pinklady3333

FTBMish said:

pinklady3333 said:

Applied on Friday 23rd. Valuation booked for 10/11. No hard search yet when I looked on credit karma. Will my application make its way up the pile for uw while waiting for the valuation? Or will it only move once the valuation is back? 

Is there a purchase price threshold for determining whether the valuation is desk based/drive by or an actual visit? 

Also anyone got any idea if mortgage applications have calmed down? Less houses seem to be going in the market in my area at the moment. 

Thanks. I’m so impatient so this process is very hard for me!! 

Our hard search was only with Experian. Nothing has shown on the other CRA's

Thanks. How can I tell if it is a hard search? I have had three. One says first application and that it will impact my score. The others say mortgage quotation and won’t impact my credit score. 

Assuming the application is the hard one? 

Thanks 

85c

IMsaver said:

85c said:

Hi everyone, I’ve just found this forum, and it’s so reassuring to read everyone’s comments, we are self employed, our business grew through covid, and financially are comfortable, took 16 years to get to this point. We just found out our application went to the underwriter on the 7/10/20 we put it in on the 1/10/20. 

We had a terrible experience before Santander, we went with Aldermore and after 11 weeks they gave us an offer then retracted it 2 days later as they said they changed there criteria and we no longer where in it. The reviews for them are awful and very similar to what they did with us. We submitted 3 months bank statements, our accounts the SA03 form and a letter from the accountant. We are laying down 17%. MB has said we should have an update in 6 working days, but who knows. 

This is interesting! We nearly went with aldermore because they offered us 5.5x income which is a stupid amount. My gut instinct said no, go with a high street lender with lower LTV (aldermore wanted 3.1% interest rate as well)

Hi yes definitely do not go with Aldermore, at the time we had no choice, but started our Santander application during our application with Aldermore. The people buying our house are ready to exchange. We haven’t even got a mortgage yet! So stress levels are high! 

knocknock1

pinklady3333 said:

FTBMish said:

pinklady3333 said:

Applied on Friday 23rd. Valuation booked for 10/11. No hard search yet when I looked on credit karma. Will my application make its way up the pile for uw while waiting for the valuation? Or will it only move once the valuation is back? 

Is there a purchase price threshold for determining whether the valuation is desk based/drive by or an actual visit? 

Also anyone got any idea if mortgage applications have calmed down? Less houses seem to be going in the market in my area at the moment. 

Thanks. I’m so impatient so this process is very hard for me!! 

Our hard search was only with Experian. Nothing has shown on the other CRA's

Thanks. How can I tell if it is a hard search? I have had three. One says first application and that it will impact my score. The others say mortgage quotation and won’t impact my credit score. 

Assuming the application is the hard one? 

Thanks 

Yes, Sounds like you had two soft searches which just reveal your credit score. The hard search dives into a bit more depth and shows up on your credit file. I've had a soft search done for the AIP and then a hard search from Santander all on the same day.

85c

skybluez said:

No update for me yet folks, we sent our application on 30/09 so could be any day now as that's the review date on the website....! Our MB said they had asked a couple of questions, however he didn't need to come to us for the answers so the q's must have been straightforward. Slightly unique but not uncommon position, I'm the sole applicant (husband is currently furloughed) and have two incomes (one FT job, plus additional SE income from freelance teaching) so not sure if that'll be a flag but we are only looking for 57% as we have equity and a deposit. Fingers crossed! Congratulations to those hearing and getting approved! Hope for the rest of us...!

Hi, fingers crossed you hear soon. Our application went in on the 1/10/20, we are supposed to have an update in 5 working days. But we don’t like to get our hopes up. Ours is tricky though as both self employed, but the business is doing great and grew through covid. The wait is killing us. 

NatNat77

85c-who told you that timescale? As if it was santander I think you will hear, every timescale they have given me so far has been accurate so hopefully it won't be too much longer! I've probably jinxed myself now and won't get my formal offer when they said lol