The short answer is No. A Santander mortgage valuation does not mean a mortgage has been approved at Santander. You should therefore not take a Santander mortgage valuation as a sign that your Santander mortgage has been approved.
A mortgage valuation will usually be carried out within 2 weeks from when it was ordered by Santander and Santander will usually receive the results of the valuation within 5 days but in most cases within 48 hours if it was an in-person valuation.
Once the mortgage application is completed we'll arrange for the property to be valued. The valuation is for our purposes, so we know the value of the property is adequate for the mortgage you need. Once we've received the valuation we can make you a formal mortgage offer, meaning your mortgage has been approved.
A mortgage valuation does not mean that a mortgage is approved. Getting a mortgage valuation does not automatically mean that a mortgage is approved. ... Hence, there may be some lenders who may make an offer before valuation. Still, this does not mean that the mortgage has been approved.
As mentioned previously, a Santander mortgage application can take about 3 weeks on average to process and be approved.
Countrywide Surveying Services has renewed its partnership with Santander to remain the bank's primary valuation provider for a further five-year period.
Santander are roughly as strict as other high street banks and building societies with their mortgage lending criteria. You might, however, find it particularly difficult to get approved by them if you have certain types of bad credit such as a default in the last 12 months or a recent CCJ.
Mortgage application declined by underwriter after valuation
As part of the mortgage application process your lender will conduct their own valuation of the property you are hoping to buy. This can lead to your application being rejected. This might happen if the surveyor has down-valued the property.
A property valuation leads to a mortgage offer, which usually takes around one week to receive from the lender. That's once the valuation is complete after being performed physically by a surveyor or using an online desktop valuation.
A lender may decline a mortgage after a valuation if the value you indicated on your mortgage in principle was far below or above the property's true value. A lender may have a loan to value range which is part of its lending criteria and could decline your mortgage after a valuation if it doesn't fit its criteria.
FAQs: Santander mortgage underwriting process
An underwriter can take between 15 mins and 4 weeks to make a decision but this is dependant on what type of credit you are after and the type of borrower you are. If you are a bad credit borrower then you can expect your mortgage application to take much longer.
After the valuation has been received from the surveyor, the lender's underwriter will have all the required information to come to a final decision and will then be able to provide a mortgage offer. At the point, the mortgage lender is willing to make an offer you will have it sent to through the mail.
When you submit a mortgage application most lenders will look to underwrite the financial position of the case before they instruct valuation (particularly if the valuation is at mortgage lender's cost rather than your own!).
All sections of the product transfer offer, together with the mortgage conditions, will form the terms of your mortgage. ... Once you've accepted the offer, you won't be able to cancel the transfer, request another mortgage deal or make any other changes to your mortgage until your new deal has started.
Will Santander do another credit check before completion? Santander may carry out another credit check before mortgage completion to ensure that you have not had any severe change in circumstances that may affect your ability to pay back your mortgage.
There are six distinct phases of the mortgage loan process: pre-approval, house shopping; mortgage application; loan processing; underwriting and closing.
When the lender receives the loan, it can take anywhere from four hours to two weeks for them to complete conditional approval. The valuation can take from two days to one week. Formal approval can take from one day to one week.
What happens after a mortgage valuation? After a mortgage valuation, the surveyor will give their opinion on the value of the property to your mortgage lender. If the surveyor agrees with the sale or remortgaging price your lender is likely to offer you the loan you've requested.
HSBC and Santander have both asked their mortgage underwriters to work weekends as pent up demand and the stamp duty holiday drive up business volumes. ... HSBC said it had focused on developing a new working approach over the last two years which now means underwriting can be carried out seven days a week.
Lenders might be 'put off' if you have unpaid debt, old credit cards, loans, a poor credit score, multiple home addresses, and financial ties to other people that have a weak credit score. ... Even if you paid this debt off on time, it can still affect the outcome when you apply for a mortgage.
You can hold up to 5 buy to let mortgages with Santander at any one time. Applicants must be aged between 21 and 70 at the time of the application. The maximum age at the end of the mortgage term is 75.
Property valuation and underwriting
After a valuation of your property, the underwriter will perform an in-depth review of your finances and other personal circumstances in relation to the loan. During this time the underwriter may request additional information to support your application.
When the valuation figure is higher than agreed sale price, the transaction will still go through at the agreed sale price if the buyer chooses to exercise the Option to Purchase. The idea is the moment seller issues OTP at agreed price, they are obliged to sell at that price.
A lender's valuation is specific to the property you're looking to buy. It's a survey that gives the lender an independent confirmation of the property's value – including checking the prices of similar properties sold in the area. ... Your mortgage lender may rely on a mortgage valuation arranged by the vendor.