If you’re planning on using a mortgage to purchase a property, then you’ll need a mortgage valuation to determine the property’s true value and to prove to your mortgage lender you can afford the mortgage. We met with a broken last Monday (8th) and today have had confirmation that the mortgage has been approved subject to the valuation which is being done on Thursday. Happy so far. On their computer it came up as 175k. Just got approval within 24 hours from them, but then they gave us the mortgage before our current one so should be low risk! Registered in England and Wales. We are with them too. FWIW, my broker expressly urged me to avoid Barclays unless I still wanted to be in the process this time next year. Santander has moved to knock days off the application process by instructing the valuation on the day it receives a purchase application where the product comes with a free valuation. Literally in put our address and a figure would come up. Calls may be recorded or monitored. Apparently they don't do full valuations, just desktop ones - good thing I am planning on a proper survey! A Santander mortgage application could also take as little as 24 hours. Interest rates on Santander mortgages. For all other complaints: Call us free of charge from a UK landline or mobile on 0800 171 2171. Anyway this means that it has taken three days! I also deal with many lenders as part of my job as a conveyancing assistant where we are waiting for copies of mortgage offers, asking for redemption statements, submitting certificates of title and requesting funds. TONY HETHERINGTON: We can't get our €7,000 back from our Santander bank account in Spain. Valuation done within days and then formal offer a few days later. The bank uses the monthly Halifax house price index for speedy re-evaluation of a property when a customer wants to change a mortgage deal. During the transition of mortgage servicing from Santander to Dovenmuelle (DMI-Santander) my mortgage payment made on-time at my local Santsnder Branch were delayed by multiple days thereby creating inappropriate late fees. "Where it can be shown that the indexed valuation of a property is not a true reflection of its value, we will generally arrange for a physical evaluation to be carried out," says a spokesman. Just applied for mortgage extension and also very quick, offer came the next day. My first mortgage was with them in 2013 and it was unbelievably easy and fast to approval. The time it takes for a Santander mortgage application will heavily depend on the type of mortgage and the specific circumstances of the borrower. Santander UK plc. Santander and Pepper Money have joined Halifax and NatWest banks in pausing all physical property valuations while the country is locked down to keep valuers and homeowners safe from the spread of coronavirus. You can find your mortgage account number on your most recent mortgage statement, in the 'Account summary' section in online and mobile banking or on your mortgage offer documentation. 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! An update for everyone and anyone else who is wondering - Santander have given approval already! My mortgage is with Santander, coming into our 4th year, and previously had a mortgage with Alliance and Leicester, who Santander took over. 'Santander thinks £155,000 mortgage is less risk than £120,000' One couple wanted to reduce their mortgage by £35,000 during a process of downsizing. We're buying a new build and using them for our mortgage. Our new application is with a different lender as Santander are no longer offering the best rates (in our case, which isn't a standard purchase), Forgot to add - it's a different property this time. There were 8,912 complaints from Santander mortgage customers between July and December 2019.² That’s around 0.55% of customers and is lower than the 1.06% average across major lenders. 55% monthly payment Santander Retirement Mortgage; 50% loan to value lumpsum lifetime mortgages Together Money; 45% LTV monthly payment lifetime mortgage LV equity release Found them good. You, sensibly, are not going to argue their confused arithmetic and will reluctantly pay the sum and fix yourself to a 3.99% deal. We are now in disaster medicine mode. We are no longer providing high standard critical care, because we cannot. AB, Leiston, Suffolk. The value of the home you intend to use as security (collateral) There are various ways the mortgage lender can do this. The process up the that point was quick and they were very efficientLucky for us the sale fell through anyway. Mortgage lenders have mixed approach to how it handles cases of Japanese Knotweed. Telephone 0800 389 7000. We can resolve most complaints while you're on the phone. Santander says it cannot help the couple by giving them a fresh mortgage at a lower rate because they are over its age limit for lending How Len and Val … Both have been very quick! Keep everything crossed for me. @ImMrsBrightside I will PM you with my feedback as it is otherwise immediately outing to everyone I have been boring it with lately! Good Luck OP. Very quick in my experience. Registered Number 2294747. The cost of a mortgage valuation is based on the value and size of the property, and could be anywhere between £150 and £1,500 – so a free valuation can represent a significant saving on the cost of your mortgage. I am a control freak and patience is not one of my strong qualities - I want to know NOW damn it!Anyway, your feedback is really appreciated. Santander’s underwriters say they will only approve mortgages for properties with 10 acres of land or less. Glad you found the same! That is 78% of the property's value and so the available rates aren't favourable unless I pay £3,500 off the capital sum to bring the LTV back under 75%. Enjoy an affordable monthly payment, lower than a fixed-rate mortgage. In your case you say it twice declined to reconsider, even when you offered to pay for a valuation. Save money on interest payments if you plan to move or refinance within a few years. Thank you everybody!I feel like at least if I know the decision, either way, I can make a plan. Not sure if it is because of the valuation process, the broker I used or that they are just amazingly quick, but either way I am thrilled! Santander mortgages - your experiences please! It has regularly been taking the mortgage payments since January 2011 without a problem, all by direct debit. Of course what banks promise, and what they actually do, are often two different things. Another one with Santander. Two years ago I bought a £121,995 house with a 75% Loan to Value (LTV) repayment mortgage from Santander. Previously, a valuer would be instructed once a case has gone through the underwriting process. Japanese Knotweed mortgage problems can be expensive and make it difficult to sell your property. If you need help email Anna Tims at your.problems@observer.co.uk or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Thanks Yawning. Smart Money People was established in 2014 to help provide an independent source of Santander mortgage reviews. Santander online banking is easy to. Hi.Had a mortgage in principle from Santander. Santander mortgage reviews can help you to find out what other Smart Money People have to say about what could be your biggest ever financial purchase. I have since remortgaged for a better rate but would definitely use them again based on my experience. Do you have questions about creating positive bathroom habits and routines? In this regard, in 2008 we ended the loading fee for all pension products, and reduced mortgage loans rates from 9,49% to 8,99%. Thank you everybody! Santander is a good mortgage lender for Help to Buy Santander offers low deposit mortgages, which could be good for first time buyers Waiting for mortgage offer after receiving valuation report Chat to other Netmums about all things household cleaning, from how to tackle stains to how to often to steam clean the kitchen floor. To use this feature subscribe to Mumsnet Premium - get first access to new features see fewer ads, and support Mumsnet. A mortgage valuation will also determine the value of your home. “missold mortgage” Written on: 16/12/2019 by AleenaColeman41 (1 review written) in 2011 we went to a mortgage broker , he put us with Santander, got a fixed 2 year rate and was £486. Santander was the most complained about mortgage providers in the first half of the year, according to new figures from the Financial Ombudsman Service. Nice to hear some good stories as all I can find online says otherwise!Fingers and toes crossed... We applied to Santander got a AIP but when we started the official application they reduced the amount they would lend by £25k. Talk widget showing discussions of the day & trending threads, Subscribe to Mumsnet emails direct to your inbox. I have had 2 mortgages with Santander. A mortgage valuation involves a basic ch eck that the property is worth roughly what you’ve offered to pay for it, and exists purely for your mortgage lender’s benefit. We out the house on the market not long ago for 215k. I have payment receipts, photographs of the electronic payment pad and tellers posting my payment. No chasing, no back and forth chasing documents or information. Everything done over the phone and submitted electronically, online portal allows you to track progress. Santander seems to be using an unrealistically low figure to its own advantage. We are using a broker so he is managing it all. Learn more about this and other mortgage lenders at Bankrate.com. Santander starts instructing valuation on day application is received . ... it will most likely lead to your mortgage being declined after valuation, until a treatment programme has been implemented. I came on to say I found Santander very quick and easy to deal with. Eek! My two-year fixed rate deal has expired and I asked Santander what deals I was eligible for. If the mortgage valuation carried out by Santander had issues which need further clarification or checking then this could increase how long it could take for you to get a mortgage offer from when the mortgage valuation was done. The motive is more convenience than greed, although, in your case Santander is doing very nicely out of the discrepancy. A Santander retirement mortgage can be a very smart option for buying a new home with your pension income. Registered Office: 2 Triton Square, Regent's Place, London, NW1 3AN, United Kingdom. Please note, this board is not for advertising or recruiting a cleaning service. Not sure what impact using a broker will have, just make sure everything submitted quickly. Home’s appraised value: $250,000 Loan balance: $110,000 $250,000 – $110,000 = $140,000 Knowing your home value and loan balance can also help you calculate your loan-to-value ratio, which we’ll use to help determine if you’re eligible for a home equity line of credit and how much you qualify to borrow. This is because of the vast amount of upkeep required by … I had my mortgage with them in October. * Santander scorecard. When we had a mortgage it was with santander, no problems whatsoever. The conventional way is to hire the services of a surveyor to visit your property and perform a valuation. I have my mortgage with Santander, process very quick no complaints. Mortgage Brokers lose count of the amount of times estate agents chase us for a valuation booking the day after the client has submitted the mortgage application. Formal application submitted this morning and received a text to confirm. We went through a mortgage broker who recommended Santander. Problems galore , room not available , had to move twice during my stay , broken washer , staff useless. Just moved and moved mortgage with Santander. No problems whatsoever, very good service , i used them to buy my house and via a broker in 2016, valuation/offer all sorted in 2 days flat.no issues. To comment on this thread you need to create a Mumsnet account. Santander online banking is easy to. It’s not his fault he might have Coronavirus! Got ours through our broker - incredibly smooth, approval within 24 hours. We've had no problems, it was all arranged smoothly and just ticks over. It turns out Santander uses an "index-linked" valuation method which values my house at only £112,000. Was approved within 5 days including the valuation survey. My mortgage is with Santander, coming into our 4th year, and previously had a mortgage with Alliance and Leicester, who Santander took over. 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