Mortgage broker - ask me anything

ftb2020

Our offer with Santander is  valid until 30/10/2020 but our property isn’t ready until November so our broker told us he has chosen a new product with deadline to next year. He has sent my most recent payslip to them this was last week and I haven’t heard anything regarding a new offer yet. I have asked him how long this usually takes but he hasn’t got back to me- do you know what the current Santander timescale is on offer extension?

AndyMacG86

Afternoon,
Frustratingly, our mortgage offer expired just prior to our chain being ready to exchange.  Barclays (our incumbent lender) said no to the 6 month extension (as we didn't have a proposed exchange date), thus we are having to re-apply.
Our broker advises us Barclays currently have a 6 week turnaround time for new offers currently.  Do you have any intelligence around this?...

Dinpraad

haras_n0sirrah said:

Dinpraad said:

My full application for Natwest went in on the 14th September 2020. Natwest requested some clarifications below which have all be fulfilled.
When will Natwest make an offer? Will it before Valuation or after?

We need to clarify your clients solicitors details. 17/09/2020
Assessment await task	A valuation has been instructed and we are now awaiting your client's survey report.	17/09/2020 16:00
Assessment inprogress task	We are reviewing the original payslips that you submitted on behalf of your client and will contact you if we need any further information. For current processing timescales refer to http://intermediary.natwest.com	18/09/2020 17:23
Assessment inprogress task	We have received your client's employment contract / reference. We're reviewing this and will contact you if we need any further information. For current processing timescales refer to http://intermediary.natwest.com	18/09/2020 17:23
Assessment inprogress task	We are reviewing the original payslips that you submitted on behalf of your client and will contact you if we need any further information. For current processing timescales refer to http://intermediary.natwest.com	18/09/2020 17:23

You wont get an offer until after the valuation is done

Natwest has asked for proof of deposit. We are  short of £1200  from our existing savings which we will be paying into out joint account when we get paid end of this month. We do not exchange until the 19th of October. Will that be an issue?

vakgta2018

HI, thanks for doing this thread! WE have just had our offer accepted on a very competitive market and are therefore keen to get moving asap as our vendors may pull out if it takes too long. As a result I was wondering what happens if you apply for multiple mortgages? We want to for two reasons - 1) some are saying at the moment it might take minimum 30 days to get a decision, and 2) I have some defaults on my credit file so we're worried not everyone will accept us.
Will it affect the credit file and therefore make us even more of a risk? Is it possible to do this? If we wait 30 days to get a 'no' we're gonna be really stuck. And do lenders actually do physical valuations?

vakgta2018

Also (sorry!) would we get a lending decision before an offer?

haras_n0sirrah

vakgta2018 said:

HI, thanks for doing this thread! WE have just had our offer accepted on a very competitive market and are therefore keen to get moving asap as our vendors may pull out if it takes too long. As a result I was wondering what happens if you apply for multiple mortgages? We want to for two reasons - 1) some are saying at the moment it might take minimum 30 days to get a decision, and 2) I have some defaults on my credit file so we're worried not everyone will accept us.
Will it affect the credit file and therefore make us even more of a risk? Is it possible to do this? If we wait 30 days to get a 'no' we're gonna be really stuck. And do lenders actually do physical valuations?

Don't do multiple mortgages as too many applications will cause their own problems.- choose one broker who can help you and do one mortgage to the right lender. As a mortgage broker we would get a copy of the credit report upfront so we would factor any adverse into a recommendation. I did a mortgage for someone from here recently who tried for 2 months to get a mortgage via l&c and we got him an offer in 10 days as he specified he needed to move quickly so we chose a lender who would facilitate this. If you don't have a broker those of us who post here can be pm'd if you would like our assistance.
Do one application correctly rather than sending in a lot of applications and seeing if one will stick.

haras_n0sirrah

Dinpraad said:

haras_n0sirrah said:

Dinpraad said:

My full application for Natwest went in on the 14th September 2020. Natwest requested some clarifications below which have all be fulfilled.
When will Natwest make an offer? Will it before Valuation or after?

We need to clarify your clients solicitors details. 17/09/2020
Assessment await task	A valuation has been instructed and we are now awaiting your client's survey report.	17/09/2020 16:00
Assessment inprogress task	We are reviewing the original payslips that you submitted on behalf of your client and will contact you if we need any further information. For current processing timescales refer to http://intermediary.natwest.com	18/09/2020 17:23
Assessment inprogress task	We have received your client's employment contract / reference. We're reviewing this and will contact you if we need any further information. For current processing timescales refer to http://intermediary.natwest.com	18/09/2020 17:23
Assessment inprogress task	We are reviewing the original payslips that you submitted on behalf of your client and will contact you if we need any further information. For current processing timescales refer to http://intermediary.natwest.com	18/09/2020 17:23

You wont get an offer until after the valuation is done

Natwest has asked for proof of deposit. We are  short of £1200  from our existing savings which we will be paying into out joint account when we get paid end of this month. We do not exchange until the 19th of October. Will that be an issue?

If it is the end of this month (i.e. a couple of days) just wait until you have it and then send the full deposit proof

haras_n0sirrah

AndyMacG86 said:

Afternoon,
Frustratingly, our mortgage offer expired just prior to our chain being ready to exchange.  Barclays (our incumbent lender) said no to the 6 month extension (as we didn't have a proposed exchange date), thus we are having to re-apply.
Our broker advises us Barclays currently have a 6 week turnaround time for new offers currently.  Do you have any intelligence around this?...

That is unfortunate - all lenders are slow although 6 weeks seems a bit on the hefty side. Had an offer from barclays recently which was submitted on 4th sept and issued on the 17th (went through with no questions on underwriting)

haras_n0sirrah

ftb2020 said:

Our offer with Santander is  valid until 30/10/2020 but our property isn’t ready until November so our broker told us he has chosen a new product with deadline to next year. He has sent my most recent payslip to them this was last week and I haven’t heard anything regarding a new offer yet. I have asked him how long this usually takes but he hasn’t got back to me- do you know what the current Santander timescale is on offer extension?

santander is currently working on the 4th sept so they are just over 3 weeks to get to the underwriter. I am not sure if extensions go along the same track but just to warn you

SueF1

Wondering if you can clear something up that is confusing me as I know you said that Santander have a 2 stage UW process. 
Applied 26/08, few days later asked to send updated docs (date missed off accountants certificate) so broker uploaded same day. Valuation done 23/09 and broker says in the queue for UW. 
Does this mean I'm waiting the 2nd stage or the first stage of UW as broker said it's been and back already? I'm just confused as current Santander service levels say dealing with UW from 04/09- does this mean the 1st or 2nd stage as if it means the 2nd stage I'm in for a hell of a wait yet!