Santander mortgage timeline

brownn

mowgliisaG said:

brownn said:

We are existing Santander customers and have just applied through our MB to port with additional borrowing for a new build,  23 days from AIP to offer. Payslips were requested at application but never asked for bank statements.

• 05/10/2020 AIP & Soft Search
• 12/10/2020 Application & Hard Search
• 22/10/2020 Offer subject to valuation
• 27/10/2020 Valuation (physical)
• 28/10/2020 Mortgage offer 

Employed or self employed? 

Hi mowgliisaG - we're both employed and weren't furloughed

mowgliisaG

brownn said:

mowgliisaG said:

brownn said:

We are existing Santander customers and have just applied through our MB to port with additional borrowing for a new build,  23 days from AIP to offer. Payslips were requested at application but never asked for bank statements.

• 05/10/2020 AIP & Soft Search
• 12/10/2020 Application & Hard Search
• 22/10/2020 Offer subject to valuation
• 27/10/2020 Valuation (physical)
• 28/10/2020 Mortgage offer 

Employed or self employed? 

Hi mowgliisaG - we're both employed and weren't furloughed

Congrats 🥳. A quick turnaround for you. Seems it’s the SE who are eating ) weeks +

mowgliisaG

Waiting not eating 🙈

skybluez

Just been declined after a four week and two day wait.

Our situation was that as my husband is still furloughed, we could only apply on my two incomes (I'm FTE but have good additional SE income as a freelance teacher). Their reason was that they wouldn't take into account the SE income as last year was a 'profit' and the year before was a 'loss' (although there is obv clear net income from both). Don't know why they had to take four weeks and a chase from our MB to decide and communicate that...!

Really frustrating as my credit score is excellent, we're only asking for 57% LTV as we have equity and a good deposit, I didn't take SEISS, my income is BETTER than it was prior to Covid and I'm set to have a good year again.  

Our MB is appealing and says this usually takes five days or so. They've asked for my projected income on letter-headed paper from my accountant to proceed with this. Nothing else requested at this time. 

85c

mowgliisaG said:

Any self employed people who have offered mortgages by Santander??? What kind of questions did they ask/look for??

Hi, 
we are both self employed, my husband has. Joinery it’s only him. We are a limited company. We are so fortunate our business grew through covid. We started our application with Santander 1/10/20 our MB told us a few days ago our application is with the uw and we will have an update next week. 

We had to provide our accounts, sa03 form, the business bank statements and our personal statements off 3 months. And a letter from the accountant. We had the bbl and the 1st Seiss. We are laying down 17% deposit, and trying to borrow 3.5 our salary. I have seen SE people in here getting approvals. I know how awful the stress is, it’s so consuming. We originally went with Aldermore and after 11 weeks they gave us an offer then retracted it as they changed there criteria and we no longer matched. 

So we’ve been trying to get a mortgage for 15 weeks now, it’s just so so mentally hard. 

mowgliisaG

85c said:

mowgliisaG said:

Any self employed people who have offered mortgages by Santander??? What kind of questions did they ask/look for??

Hi, 
we are both self employed, my husband has. Joinery it’s only him. We are a limited company. We are so fortunate our business grew through covid. We started our application with Santander 1/10/20 our MB told us a few days ago our application is with the uw and we will have an update next week. 

We had to provide our accounts, sa03 form, the business bank statements and our personal statements off 3 months. And a letter from the accountant. We had the bbl and the 1st Seiss. We are laying down 17% deposit, and trying to borrow 3.5 our salary. I have seen SE people in here getting approvals. I know how awful the stress is, it’s so consuming. We originally went with Aldermore and after 11 weeks they gave us an offer then retracted it as they changed there criteria and we no longer matched. 

So we’ve been trying to get a mortgage for 15 weeks now, it’s just so so mentally hard. 

15 weeks is ridiculous!!!
Our business is in the healthcare sector, originally impacted but has since recovered, but only to about 80% of pre Covid. Wonder if that will have a negative impact. 

Definitely it’s mentally hard and stressful. Our LTV is 62.5% and asking for 4.45x salary. 

mowgliisaG

skybluez said:

Just been declined after a four week and two day wait.

Our situation was that as my husband is still furloughed, we could only apply on my two incomes (I'm FTE but have good additional SE income as a freelance teacher). Their reason was that they wouldn't take into account the SE income as last year was a 'profit' and the year before was a 'loss' (although there is obv clear net income from both). Don't know why they had to take four weeks and a chase from our MB to decide and communicate that...!

Really frustrating as my credit score is excellent, we're only asking for 57% LTV as we have equity and a good deposit, I didn't take SEISS, my income is BETTER than it was prior to Covid and I'm set to have a good year again.  

Our MB is appealing and says this usually takes five days or so. They've asked for my projected income on letter-headed paper from my accountant to proceed with this. Nothing else requested at this time. 

Sorry to hear you’ve been declined. Hopefully an appeal will prove successful. So 2019 was profit and 2018 a loss?? How come they accepted you at AIP?? Also could they then not offer a reduced amount?

[Deleted User]

skybluez said:

Just been declined after a four week and two day wait.

Our situation was that as my husband is still furloughed, we could only apply on my two incomes (I'm FTE but have good additional SE income as a freelance teacher). Their reason was that they wouldn't take into account the SE income as last year was a 'profit' and the year before was a 'loss' (although there is obv clear net income from both). Don't know why they had to take four weeks and a chase from our MB to decide and communicate that...!

Really frustrating as my credit score is excellent, we're only asking for 57% LTV as we have equity and a good deposit, I didn't take SEISS, my income is BETTER than it was prior to Covid and I'm set to have a good year again.  

Our MB is appealing and says this usually takes five days or so. They've asked for my projected income on letter-headed paper from my accountant to proceed with this. Nothing else requested at this time. 

Sorry to hear that. Good luck with the appeal.

skybluez

mowgliisaG said:

skybluez said:

Just been declined after a four week and two day wait.

Our situation was that as my husband is still furloughed, we could only apply on my two incomes (I'm FTE but have good additional SE income as a freelance teacher). Their reason was that they wouldn't take into account the SE income as last year was a 'profit' and the year before was a 'loss' (although there is obv clear net income from both). Don't know why they had to take four weeks and a chase from our MB to decide and communicate that...!

Really frustrating as my credit score is excellent, we're only asking for 57% LTV as we have equity and a good deposit, I didn't take SEISS, my income is BETTER than it was prior to Covid and I'm set to have a good year again.  

Our MB is appealing and says this usually takes five days or so. They've asked for my projected income on letter-headed paper from my accountant to proceed with this. Nothing else requested at this time. 

Sorry to hear you’ve been declined. Hopefully an appeal will prove successful. So 2019 was profit and 2018 a loss?? How come they accepted you at AIP?? Also could they then not offer a reduced amount?

No idea how the AIP was approved but not the mortgage itself. Essentially both were profit to my overall income, but 2018 was recorded as a loss as my expenditure for my overall work scenarios balanced. 2019 was a profit yes, there is a clear increase. No alternative was offered, so who knows! 

mowgliisaG

skybluez said:

mowgliisaG said:

skybluez said:

Just been declined after a four week and two day wait.

Our situation was that as my husband is still furloughed, we could only apply on my two incomes (I'm FTE but have good additional SE income as a freelance teacher). Their reason was that they wouldn't take into account the SE income as last year was a 'profit' and the year before was a 'loss' (although there is obv clear net income from both). Don't know why they had to take four weeks and a chase from our MB to decide and communicate that...!

Really frustrating as my credit score is excellent, we're only asking for 57% LTV as we have equity and a good deposit, I didn't take SEISS, my income is BETTER than it was prior to Covid and I'm set to have a good year again.  

Our MB is appealing and says this usually takes five days or so. They've asked for my projected income on letter-headed paper from my accountant to proceed with this. Nothing else requested at this time. 

Sorry to hear you’ve been declined. Hopefully an appeal will prove successful. So 2019 was profit and 2018 a loss?? How come they accepted you at AIP?? Also could they then not offer a reduced amount?

No idea how the AIP was approved but not the mortgage itself. Essentially both were profit to my overall income, but 2018 was recorded as a loss as my expenditure for my overall work scenarios balanced. 2019 was a profit yes, there is a clear increase. No alternative was offered, so who knows! 

What documents, if any, did they ask you for? Business bank statements? Are you ltd or sole trader?