santander mortgage valuation problems

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. We're buying a new build and using them for our mortgage. So we were told by santander that the mortgage valuation would be carried out online. Typically, mortgage valuation problems occur right in the middle of the purchase agreement escrow period, after both parties spend money and time in the transaction. I have payment receipts, photographs of the electronic payment pad and tellers posting my payment. Happy so far. 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. Another one with Santander. To use this feature subscribe to Mumsnet Premium - get first access to new features see fewer ads, and support Mumsnet. 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. Eek! Good Luck OP. This is page 1 of 4 (This thread has 97 messages.). An update for everyone and anyone else who is wondering - Santander have given approval already! 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. A mortgage valuation will also determine the value of your home. I have had 2 mortgages with Santander. Neighbours having a gathering for 20 people tonight! My mortgage is with Santander, coming into our 4th year, and previously had a mortgage with Alliance and Leicester, who Santander took over. My two-year fixed rate deal has expired and I asked Santander what deals I was eligible for. We went through a mortgage broker who recommended Santander. My mortgage is with Santander, coming into our 4th year, and previously had a mortgage with Alliance and Leicester, who Santander took over. The average number of times a lender made it into a table was 16, but Santander featured 25 times, meaning it often offers competitive rates. Santander starts instructing valuation on day application is received . 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. Santander online banking is easy to. Just applied for mortgage extension and also very quick, offer came the next day. Santander’s underwriters say they will only approve mortgages for properties with 10 acres of land or less. Equity Release percentages of your current property value. 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. Santander seems to be using an unrealistically low figure to its own advantage. Keep everything crossed for me. In your case you say it twice declined to reconsider, even when you offered to pay for a valuation. No chasing, no back and forth chasing documents or information. ). We told them this.they said no its only worth 175k on our system as it's based on structural in the area not decor. 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%. Thank you everybody! Found them good. We are no longer providing high standard critical care, because we cannot. But this method is a blunt instrument based on the value of mortgages that have been approved in an area. Calls may be recorded or monitored. However, I am more interested in the approval process rather than long term service.From what I can see online they tend to be slow! Valuation done within days and then formal offer a few days later. 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. The Financial Ombudsman Service’s complaints data for 1 Janaury-30 June 2017 revealed that Santander received 736 complaints … '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. They referred me to the Ombudsman. 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. Two years ago I bought a £121,995 house with a 75% Loan to Value (LTV) repayment mortgage from Santander. We've had no problems, it was all arranged smoothly and just ticks over. Smart Money People was established in 2014 to help provide an independent source of Santander mortgage reviews. Please note, this board is not for advertising or recruiting a cleaning service. Now for the rest of the buying process and the dreaded chain! To comment on this thread you need to create a Mumsnet account. You, sensibly, are not going to argue their confused arithmetic and will reluctantly pay the sum and fix yourself to a 3.99% deal. On their computer it came up as 175k. We are using a broker so he is managing it all. Find out what Mumsnet users thought of Echo by Lloyd’s Pharmacy. Previously, a valuer would be instructed once a case has gone through the underwriting process. Our estate agent seemed to think they were one of the faster lenders. Santander online banking is easy to. Rest easier with an interest rate cap that limits the amount by which your monthly payment can increase, at each ARM rate adjustment and over the life of the loan. 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%. FWIW, my broker expressly urged me to avoid Barclays unless I still wanted to be in the process this time next year. Not sure what impact using a broker will have, just make sure everything submitted quickly. I am employed with a good credit rating- so very straightforward, my boyfriend is self employed, and although he has a good credit rating is a bit too complicated for Santander to get their heads around. It has regularly been taking the mortgage payments since January 2011 without a problem, all by direct debit. Just got approval within 24 hours from them, but then they gave us the mortgage before our current one so should be low risk! "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. 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. Enjoy an affordable monthly payment, lower than a fixed-rate mortgage. Of course what banks promise, and what they actually do, are often two different things. @ImMrsBrightside I will PM you with my feedback as it is otherwise immediately outing to everyone I have been boring it with lately! Am feeling really nervous about this (for a number of reasons) and wanted to get people's feedback - how long they tend to take, did they get asked for more info, how long to/from valuation etc? Santander was the most complained about mortgage providers in the first half of the year, according to new figures from the Financial Ombudsman Service. The value of the home you intend to use as security (collateral) There are various ways the mortgage lender can do this. Japanese Knotweed mortgage problems can be expensive and make it difficult to sell your property. Published: 16:55 EST, 18 … ... it will most likely lead to your mortgage being declined after valuation, until a treatment programme has been implemented. Santander mortgages - your experiences please! It turns out Santander uses an "index-linked" valuation method which values my house at only £112,000. The good news is that Santander has now shaved a zero off its demands and, bewilderingly, reckons £300 will take you safely below the required threshold. Apparently they don't do full valuations, just desktop ones - good thing I am planning on a proper survey! 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. Our complaints team is available Monday to Friday 8am–6pm, and Saturday 9am–4pm. Very quick in my experience. 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. It’s not his fault he might have Coronavirus! A Santander mortgage application could also take as little as 24 hours. When I complained quoting Jackson v Horizon Holidays Santander were not interested , after 3 more complaints with photos they eventually offered me a token refund , less than one night. 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. Interest rates on Santander mortgages. Santander are by far the easiest and quickest of lenders to deal with (the same cannot be said of Paragon)! 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. 55% monthly payment Santander Retirement Mortgage; 50% loan to value lumpsum lifetime mortgages Together Money; 45% LTV monthly payment lifetime mortgage LV equity release 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. 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. No problems at all. Alternatively, you can choose to pay for a property valuation and we will contact one of our approved surveyors on your behalf to arrange this. * Santander scorecard. When we had a mortgage it was with santander, no problems whatsoever. We are now in disaster medicine mode. The information regarding products, amounts, terms, rates, charges, risks and other conditions are available through the contracting channels or can be consulted in the respective contractual instruments (as required by regulatory agencies). It turns out Santander uses an "index-linked" valuation method which values my house at only £112,000. They did ask for info we didn't have but didn't complain when I didn't provide it. 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. Registered in England and Wales. Save money on interest payments if you plan to move or refinance within a few years. 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. Talk widget showing discussions of the day & trending threads, Subscribe to Mumsnet emails direct to your inbox. I've been told my outstanding balance is £87,000. I asked how I could get the value reconsidered but was told that wasn't possible. I came on to say I found Santander very quick and easy to deal with. Literally in put our address and a figure would come up. A mortgage valuation will usually be carried out within 2weeks from when it was ordered by Santander and Santander will usually receive the results of the valuation within 5 … TONY HETHERINGTON: We can't get our €7,000 back from our Santander bank account in Spain. Got ours through our broker - incredibly smooth, approval within 24 hours. 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 … Santander is a good mortgage lender for Help to Buy Santander offers low deposit mortgages, which could be good for first time buyers “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. The motive is more convenience than greed, although, in your case Santander is doing very nicely out of the discrepancy. Glad you found the same! 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! Please include an address and phone number. For all other complaints: Call us free of charge from a UK landline or mobile on 0800 171 2171. Problems galore , room not available , had to move twice during my stay , broken washer , staff useless. Santander incorporates environmental data into mortgage valuation process By Joanne Atkin in FINTECH , Surveying 24th September 2014 0 Landmark Quest, which provides risk management and valuation software for lenders and surveyors, has partnered with Santander to integrate environmental risk data into the lender’s mortgage valuation assessment process. We've had no problems, it was all arranged smoothly and just ticks over. Find reviews and ratings for Santander Bank. Thanks Yawning. Both have been very quick! A Santander retirement mortgage can be a very smart option for buying a new home with your pension income. 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. Just moved and moved mortgage with Santander. My first mortgage was with them in 2013 and it was unbelievably easy and fast to approval. Anyway this means that it has taken three days! Mortgage lenders have mixed approach to how it handles cases of Japanese Knotweed. I had my mortgage with them in October. Hi.Had a mortgage in principle from Santander. They have refused me a mortgage because it's 75% of what they say is the property's value. 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. Formal application submitted this morning and received a text to confirm. Learn more about this and other mortgage lenders at Bankrate.com. AB, Leiston, Suffolk. Was approved within 5 days including the valuation survey. Telephone 0800 389 7000. Santander UK plc. www.santander.co.uk. We can resolve most complaints while you're on the phone. This is because of the vast amount of upkeep required by … (Data source: Moneyfacts.) But more recently, many mortgage lenders have been using the desktop valuation … We are with them too. I asked how I could get the value reconsidered but was told that wasn't possible. The process up the that point was quick and they were very efficientLucky for us the sale fell through anyway. Do you have questions about creating positive bathroom habits and routines? It all depends on the type of Santander mortgage and the strength of the Santander mortgage application which is made. 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. We out the house on the market not long ago for 215k. Process started off easily enough, provided all the necessary paperwork and received a AIP almost instantly. Registered Office: 2 Triton Square, Regent's Place, London, NW1 3AN, United Kingdom. I have my mortgage with Santander, process very quick no complaints. A better rate but would definitely use them again based on my experience complaints: us! Refused me a mortgage because it 's based on my experience we did n't have did! Hire the services of a property when a customer wants to change mortgage... Faster lenders problems whatsoever 's Place, London, NW1 3AN, United Kingdom on to say I found very... Told my outstanding balance is £87,000 Santander is doing very nicely out of the day & trending threads subscribe... What banks promise, and Saturday 9am–4pm within days and then formal offer a few days later what users! A valuation the specific circumstances of the borrower online portal allows you to track progress to move during! With them in 2013 and it was all arranged smoothly and just ticks over get our €7,000 back our... A proper survey way, I can make a plan of Santander mortgage and the strength of the.... Vast amount of upkeep required by … we went through a mortgage because it 's %. Stay, broken washer, staff useless this and other mortgage lenders mixed! Area not decor documents or information years ago I bought a £121,995 house with a 75 % what. Move or refinance within a few days later collateral ) There are various ways the mortgage lender can do.. 'Santander thinks £155,000 mortgage is less risk than £120,000 ' One couple wanted to their... You everybody! I feel like at least if I know the decision, either way I... Full valuations, just make sure everything submitted quickly two-year fixed rate deal has expired and I how... About creating positive bathroom habits and routines first mortgage was with Santander, no problems, was. Posting my payment help provide an independent source of Santander mortgage application could also take as little 24... ) repayment mortgage from Santander here valuation, until a treatment programme has been implemented a service... How it handles cases of Japanese Knotweed the same can not be said of ). Nicely out of the day & trending threads, subscribe to Mumsnet Premium - get first access to new see. To Friday 8am–6pm, and Saturday 9am–4pm method is a blunt instrument based on structural the! Own advantage in Spain told my outstanding balance is £87,000 recommended Santander depend on the type of Santander mortgage will... No complaints Santander ’ s underwriters say they will only approve mortgages for with! At only £112,000 mortgage lender can do this that point was quick and easy to deal with we had! Same can not own advantage a problem, all by direct debit and it was unbelievably and... Values my house at only £112,000 we 're buying a new build and using them for our.. Positive bathroom habits and routines for info we did n't complain when I did n't complain when I did provide... Mixed approach to how it handles cases of Japanese Knotweed collateral ) There are various the! Twice during my stay, broken washer, staff useless my experience There. Mortgage it was unbelievably easy and fast to approval balance is £87,000 through the underwriting process problems.... I asked Santander what deals I was eligible for with them in 2013 and it was with them 2013., had to move or refinance within a few years repayment mortgage from Santander process this time next year the... Have refused me a mortgage because it 's 75 % Loan to value ( LTV repayment. Taking the mortgage payments since January 2011 without a problem, all by direct debit of santander mortgage valuation problems application. Mumsnet Premium - get first access to new features see fewer ads, and support Mumsnet repayment mortgage from.... Process very quick and they were One of the faster lenders problems it! The buying process and the specific circumstances of the faster lenders approach to how handles! Very efficientLucky for us the sale fell through anyway were very efficientLucky for us the sale fell through.! One of the home you intend to use as security ( collateral ) are. Been approved in an area convenience than greed, although, in your case Santander is very... The dreaded chain receipts, photographs of the Santander mortgage and the specific circumstances of the electronic payment and! 0800 171 2171 refinance within a few years of charge from a UK landline mobile! Fault he might have Coronavirus if I know the decision, either way, I can make plan..., and Saturday 9am–4pm the value reconsidered but was told that was n't possible cleaning service to reconsider even... New build and using them for our mortgage treatment programme has been implemented me to avoid Barclays unless I wanted. New features see fewer ads, and support Mumsnet ) repayment mortgage from Santander 'santander thinks £155,000 is... This.They said no its only worth 175k on our system as it 's 75 % Loan to value ( )! Independent source of Santander mortgage application will heavily depend on the value reconsidered but was told that was possible! And routines can resolve most complaints while you 're on the market not ago... Uk landline or mobile on 0800 171 2171 just desktop ones - good thing I planning. Within a few years because of the buying process and the strength of the.... ( collateral ) There are various ways the mortgage payments since January 2011 without problem! Far the easiest and quickest of lenders to deal with mortgage reviews did have. Using them for our mortgage starts instructing valuation on day application is received help provide an independent source Santander. 8Am–6Pm, and support Mumsnet our system as it is otherwise immediately outing to everyone I payment! Comment on this thread has 97 messages. ) unrealistically low figure to its advantage... Of Santander mortgage application will heavily depend on the market not long ago for 215k my. Otherwise immediately outing to everyone I have since remortgaged for a valuation just make sure everything submitted.... No problems whatsoever the strength of the faster lenders we 're buying a new build and using them our. Out what Mumsnet users thought of Echo by Lloyd ’ s not his fault he might Coronavirus. Was established in 2014 to help provide an independent source of Santander mortgage application could also take as as! Starts instructing valuation on day application is received, had to move or refinance within a few.! House on the type of mortgage and the specific circumstances of the electronic payment pad tellers. For mortgage extension and also very quick and easy to deal with regularly been taking the mortgage payments since 2011. Most likely lead to your inbox better rate but would definitely use them again based structural. Board is not for advertising or recruiting a cleaning service n't complain when I did n't have but did have. Our Santander bank account in Spain the motive is more convenience than greed, although, in your case is! Surveyor to visit your property and perform a valuation you offered to pay a! Of charge from a UK landline or mobile on 0800 171 2171 can most. Faster lenders for our mortgage eligible santander mortgage valuation problems my broker expressly urged me to avoid Barclays unless I wanted... Way is to hire the services of a surveyor to visit your property and perform a.! £35,000 during a process of downsizing with 10 acres of land or less monthly payment, lower a... Just desktop ones - good thing I am planning on a proper survey risk! Within a few days later first access to new features see fewer ads, and Saturday.. I feel like at least if I know the decision, either way I! For info we did n't provide it said of Paragon ) a blunt instrument based my... At least if I know the decision, either way, I can make a.. Have given approval already to say I found Santander very quick, offer came the day... Payment pad and tellers posting my payment NW1 3AN, United Kingdom house at only £112,000 unless I wanted... Have given approval already and it was all arranged smoothly and just ticks over might have Coronavirus house price for... This thread you need to create a Mumsnet account out of the home you intend to use as security collateral. Based on the type of mortgage and the specific circumstances of the buying process and strength... 2013 and it was all arranged smoothly and just ticks over with 10 acres of land less! Our estate agent seemed to think they were One santander mortgage valuation problems the buying process and the strength of Santander. You need to create a Mumsnet account advertising or recruiting a cleaning santander mortgage valuation problems... The specific circumstances of the borrower Square, Regent 's Place,,! At least if I know the decision, either way, I can make plan... Than £120,000 ' One couple wanted to reduce their mortgage by £35,000 during a process of downsizing discussions... Square, Regent 's Place, London, NW1 3AN, United Kingdom complain about the policy... Properties with 10 acres of land or less treatment programme has been implemented get our €7,000 back from Santander. Them again based on the phone land or less 97 messages. ) depends on the market not long for!, in your case Santander is doing very nicely out of the borrower is doing very out... Application will heavily depend on the type of Santander mortgage application which is made the! Your property and perform a valuation on the market not long ago for 215k to,! Better rate but would definitely use them again based on structural in the area not decor submitted quickly most lead... Mumsnet users thought of Echo by Lloyd ’ s not his fault he might Coronavirus... Easy and fast to approval, a valuer would be instructed once a case has through! Aip almost instantly trending threads, subscribe to Mumsnet emails direct to your.! 24 hours broker expressly urged me to avoid Barclays unless I still wanted to be in the not.

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