Hi, long time lurker here 😊Looking for reassurance/ insights from anyone with experience, please! (apologies for long post)
Husband & I received DIP from Santander 6 weeks ago. 45% LTV, good credit ratings, I’m self-employed and he’s in solid employment. Both pandemic-proof professions. Broker encouraged us to use Santander as they ‘only look at most recent year’s s/e records’. This was good for us as I have been running my business successfully for 9 years - but my 2018/19 records dipped significantly as I had a health problem (chronic migraine- now very well managed by Botox after much trial-and-error – thank you NHS!)
Inevitably, Santander did in fact want to know why my 2019 profits were so crap, so I provided a detailed explanation, making clear that I opted to take some time off work to focus on finding the right treatment, and that we could manage fine on husband’s income. I also qualified for contributions-based ESA, which I clamed for some of that time. Santander also asked for my earnings for the year before that, 2017/18, which are good, and back up my explanation that 2018/19 was just a rogue year for my health and nothing to do with my business itself suffering.
In fact, my business has always flourished- as a freelancer I am offered, on a weekly basis, more work than I could ever manage- so am in the fortunate position of being able to pick and choose how much or little I take on. I explained this to Santander, as well as telling them that I have worked nonstop throughout the Covid Crisis. They have yet to ask me for recent business account statements- I’m hoping that my broker would have submitted them as part of our application as I’m aware this is something they’re wanting in the current climate…
Firstly, do those with any experience of this reckon my explanation will be seen as adequate by Santander? I’m worried that they will think if I have had a significant spell of poor health I’m a risk.
Secondly, should I be worrying about the time scales? I sent them this additional info two weeks ago and have still heard nothing. Chased with broker today who said:
‘We have just received an email confirming the case has been sent to the Mortgage Centre, this is usually the final steps of the assessment’.
I have no idea what this means? I would hope it’s been with the ‘mortgage centre’ the whole six weeks?! I had assumed we were at the underwriting stage as they've been asking for more info... In all the (thousands!!) of mortgage-related posts I’ve anxiously trawled through here I’ve yet to see any that mentions the ‘Mortgage Centre’… Does anyone know what that is, and whether this is likely to mean they won’t ask us anything else now? The thought of going to the back of the queue for ANOTHER two weeks is horrifying!
Don’t want to hassle broker any more as they are becoming a bit irritable with my questions and don’t seem to want to elaborate. They keep citing covid-delays all round (which I completely understand) but things do seem to be taking way longer for us than the averages suggested on the Santander website. Valuation was August 13th and we’ve had no word from that either…
Can any old hands help a newbie out with your thought please? We have an offer in on the house of our dreams, we’re holding up the chain and the clock is ticking! This really has been the most anxious and gut-churning process of my entire life… never again!!
Thanks in advance 😊