Can I reserve a mortgage I want prior to having the required paperwork for Santander

bigstevex

Want to try and reserve a Santander mortgage before it gets pulled today but I need 3 payslips with my fixed overtime on, won't have the 3rd payslip for another 4 weeks.  Am I resigned to the fact I can't reserve the product I want now to avoid the rate rises?  It's 4.33% 5 year fix remortgage.

K_S

@bigstevex Not sure what you mean by 'reserve' but assuming that you're with a different lender and looking to re-mortgage to Santander, the only way to secure a rate is to submit a full mortgage application.

Direct app - I've no idea how the direct process works, you may be able to submit an application and delay the process for 4 weeks, I've no clue whether that's possible.

Broker app - I might do it for a client I know very well but generally speaking I doubt most brokers would submit a full application based on a payslip that will be issued 4 weeks from now. And in any case, it's probably too late in the day as the Santander systems are already creaking from all the brokers trying to get applications in by this evening.

bigstevex said:

Want to try and reserve a Santander mortgage before it gets pulled today but I need 3 payslips with my fixed overtime on, won't have the 3rd payslip for another 4 weeks.  Am I resigned to the fact I can't reserve the product I want now to avoid the rate rises?  It's 4.33% 5 year fix remortgage.

bigstevex

K_S said:

@bigstevex Not sure what you mean by 'reserve' but assuming that you're with a different lender and looking to re-mortgage to Santander, the only way to secure a rate is to submit a full mortgage application.

Direct app - I've no idea how the direct process works, you may be able to submit an application and delay the process for 4 weeks, I've no clue whether that's possible.

Broker app - I might do it for a client I know very well but generally speaking I doubt most brokers would submit a full application based on a payslip that will be issued 4 weeks from now. And in any case, it's probably too late in the day as the Santander systems are already creaking from all the brokers trying to get applications in by this evening.

bigstevex said:

Want to try and reserve a Santander mortgage before it gets pulled today but I need 3 payslips with my fixed overtime on, won't have the 3rd payslip for another 4 weeks.  Am I resigned to the fact I can't reserve the product I want now to avoid the rate rises?  It's 4.33% 5 year fix remortgage.

Correct, we’re with Leeds BS at moment.  I’m sure I read something a while back about being able to reserve a product, I think it was Nationwide.  Maybe it was an old topic, guess I’ll have to go with the market flow, I have until august 31st before existing 1.94% rate runs out.

K_S

@bigstevex Nationwide does have a process that allows brokers to reserve a product for 90 days for clients at DIP stage without submitting a full application. Unfortunately Santander (like most other mainstream lenders) doesn't.

bigstevex said:

K_S said:

@bigstevex Not sure what you mean by 'reserve' but assuming that you're with a different lender and looking to re-mortgage to Santander, the only way to secure a rate is to submit a full mortgage application.

Direct app - I've no idea how the direct process works, you may be able to submit an application and delay the process for 4 weeks, I've no clue whether that's possible.

Broker app - I might do it for a client I know very well but generally speaking I doubt most brokers would submit a full application based on a payslip that will be issued 4 weeks from now. And in any case, it's probably too late in the day as the Santander systems are already creaking from all the brokers trying to get applications in by this evening.

bigstevex said:

Want to try and reserve a Santander mortgage before it gets pulled today but I need 3 payslips with my fixed overtime on, won't have the 3rd payslip for another 4 weeks.  Am I resigned to the fact I can't reserve the product I want now to avoid the rate rises?  It's 4.33% 5 year fix remortgage.

Correct, we’re with Leeds BS at moment.  I’m sure I read something a while back about being able to reserve a product, I think it was Nationwide.  Maybe it was an old topic, guess I’ll have to go with the market flow, I have until august 31st before existing 1.94% rate runs out.