Santander Mortgage Approved?

Brookelucy

Wondering if anyone has had the same experience. We had our formal offer received in the post from Santander on 25th February, all ready to go ahead with exchange etc but then had to tell them the deposit isn’t all being gifted (only my half was now) as it was first all coming from my mum and my partner is instead using his own money and also LISA (LISA was always being used to begin with). 

So now my 7.5% is gifted
my partners 7.5% is his own savings + LISA. 

This has gone back to the underwriter queue for them to “review” and we had an escalation from our solicitor saying we want to exchange Monday and Complete 22nd, still nothing from Santander even though they said an escalation will have a faster response. It’s absolutely horrible - we’ve paid for broker fee, solicitors deposit, and also the house insurance as per our mortgage offer. 

Anyone else had the same? Was it good news? I’m absolutely tearing my hair out, it’s nothing concerning if anything better our own money is being used!!! But WHY is it taking so long?! 

Firsttime2021

We’ve just had our application approved by Santander it’s gone back in the underwriting queue with a few amendments to add on due to the valuation 10k under luckily it doesn’t affect our LTV. 

If you look at Santander intermediates website they are running 2 days behind so you should hear soon 

Brookelucy

Thank you @Firsttime2021 it's just so frustrating. We were due to exchange and even when we had our solicitor escalate Santander have not a care in the world! Zero sense of urgency! I'd get it something massively changed, but it's just where out deposit for the 15% is coming from! It's been 2 weeks! 

Brookelucy

Adding to the above also @firsttime2021 - they marked our case as "priority escalation" on Monday. No idea what they're doing all day, and they're asking for further information on the LISA, which was uploaded all at the beginning! It was such a horrendous process to even get an AIP, and to have the formal offer, and now just be stuck in limbo is awful. You'd think they'd have a team that specialises in changes / updates following offer, rather than sending us all to the same queue as new applications! 

Firsttime2021

Got this through just now massive relief 

Brookelucy

@Firsttime2021 - so pleased for you!! Came on here to update the thread to say myself after several calls personally to Santander they have given the okay and we are now back on track to exchange tomorrow!! 

Athanasia

Has anyone been approved after repeated questions from the underwriters, or is it just a case of slowly preparing you for decline? First time buyer and immensely stressed.

K_S

@athanasia There's no good reason for a lender to "slowly prepare you for a decline", they'd just go ahead and decline it if that was their intention. As long as they are asking questions, the case is being looked at and you haven't been declined.

It might be that the case is complicated. If not, the repeated queries might be due to poor/incomplete packaging.

Athanasia

@K_S, thank you for your reply. It is a very stressful process. Brokers said I would  be declined but I applied directly with Santander, which got me through to this stage, and had actually given me a DIP for 20K more than I am asking. I am worried as the broker said my DTI ratio was high if you included my overdraft use (cleared every month, but dipped into again, no fees on it as it is a graduate account) , but Santander reps assured me it is not included in the affordability calculations. So now just waiting, both me and the vendor who I am worried may lose hope!

annetheman

K_S said:

@athanasia There's no good reason for a lender to "slowly prepare you for a decline", they'd just go ahead and decline it if that was their intention. As long as they are asking questions, the case is being looked at and you haven't been declined.

It might be that the case is complicated. If not, the repeated queries might be due to poor/incomplete packaging.

I've been worried about exactly this. Scouring the board. This is reassuring!