Santander mortgage timeline

85c

mowgliisaG said:

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. 

I know it’s been awful. We’ve actually just put a deposit down on a holiday let incase our mortgage doesn’t come through as the people are ready to exchange on the house we are selling. We are hopeful with Santander as I’ve read lots of SE are getting mortgage offers. 

fastbs

We were told last Wednesday our mortgage was approved subject to valuation. Valuation was done on 23/10 and we were told to expect to hear something this week, however this hasn’t happened. Hoping to hear something next week.

mowgliisaG

fastbs said:

We were told last Wednesday our mortgage was approved subject to valuation. Valuation was done on 23/10 and we were told to expect to hear something this week, however this hasn’t happened. Hoping to hear something next week.

fastbs said:

We were told last Wednesday our mortgage was approved subject to valuation. Valuation was done on 23/10 and we were told to expect to hear something this week, however this hasn’t happened. Hoping to hear something next week.

Self employed @fastbs?

fastbs

mowgliisaG said:

fastbs said:

We were told last Wednesday our mortgage was approved subject to valuation. Valuation was done on 23/10 and we were told to expect to hear something this week, however this hasn’t happened. Hoping to hear something next week.

fastbs said:

We were told last Wednesday our mortgage was approved subject to valuation. Valuation was done on 23/10 and we were told to expect to hear something this week, however this hasn’t happened. Hoping to hear something next week.

Self employed @fastbs?

OH is but not impacted by COVID. I’m full time employed... guessing the fact my OH SE is why we are maybe delayed!

85c

So does anyone know if the new lock down will effect our applications, we are with the underwriter due an update next week. People are ready to exchange on the house we are selling, we are so desperate now! 

Meh123

85c said:

So does anyone know if the new lock down will effect our applications, we are with the underwriter due an update next week. People are ready to exchange on the house we are selling, we are so desperate now! 

I really don’t know, but I’d assume anyone who has just been furloughed again could be in a tricky situation, same as people who have had mortgage offers but not completed.
It’s possibly the cruelest scenario ever, to be sat in that UW queue, almost at the end and to no longer fit their lending criteria .... although they did fit it 24hrs ago. 

Hope everyone’s OK, because this situation is quite simply horrific and so incredibly unfair. I sense a lot of mortgage brokers will be getting calls tomorrow from panicked applicants.

NatNat77

It's a nightmare, we're approved subject to valuation which is booked on the 9th so we're not safe either. Not sure if that, and surveys that are booked, will be able to go ahead after Thursday. Our buyers survey on our house is booked on Friday. If council staff are placed back on furlough the searches which are already taking forever will take even longer. Hopefully it'll work out for us all and with any luck they'll extend the stamp duty deadline. As if this process wasn't stressful enough already! 

85c

NatNat77 said:

It's a nightmare, we're approved subject to valuation which is booked on the 9th so we're not safe either. Not sure if that, and surveys that are booked, will be able to go ahead after Thursday. Our buyers survey on our house is booked on Friday. If council staff are placed back on furlough the searches which are already taking forever will take even longer. Hopefully it'll work out for us all and with any luck they'll extend the stamp duty deadline. As if this process wasn't stressful enough already! 

I read today that valuations will still be able to take place so you should be fine. 

Meh123

NatNat77 said:

It's a nightmare, we're approved subject to valuation which is booked on the 9th so we're not safe either. Not sure if that, and surveys that are booked, will be able to go ahead after Thursday. Our buyers survey on our house is booked on Friday. If council staff are placed back on furlough the searches which are already taking forever will take even longer. Hopefully it'll work out for us all and with any luck they'll extend the stamp duty deadline. As if this process wasn't stressful enough already! 

I’m pretty sure valuations can take place. Husband is a builder and has contracts in England and they are all still able to be on site and work. 

NatNat77

I knew the construction industry could still work (my husband also works in it) but valuations and home surveys surely don't fall under that category as they involve entering private homes and aren't exactly essential are they, even though you can't do them from home. But if 85c has seen they can still go ahead I'll take a chill pill lol, do you have a link where you read that 85c?