In this brief guide, we will discuss the question “does valuation mean a mortgage is approved at Santander?”

Does valuation mean a mortgage is approved at Santander?

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.

Santander can still reject your mortgage application even though a mortgage valuation has been carried out and even though you have incurred a mortgage valuation fee.

Some mortgage lenders may conduct a mortgage valuation before they give you a mortgage offer to ensure that the property that they want to lend on can be used as suitable security for your mortgage. 

If Santander carries out a mortgage valuation prior to approving a mortgage (hence providing you with a mortgage offer) and realised that the property is of non-standard construction or that they do not lend on this type of property then they could withdraw their mortgage offer if they have already made one or not make one at all.

A  Santander mortgage valuation doesn’t necessarily mean a  mortgage is approved as it isn’t necessarily the last stage of the mortgage application process. 

In fact, the last stage of the Santander mortgage application process from may be the transfer of funds to your conveyancer who then sends these funds to your mortgage lender.

One of the last stages of the Santander mortgage application process would be the exchange of contracts, at this point you can be assured that your mortgage is almost complete but until you have completed on the mortgage Santander can still withdraw its mortgage offer. 

To ensure you are never in a position where it is likely that Santander will withdraw their mortgage offer you may want to use a mortgage broker who has experience of dealing with Santander and providing them with the information they need so you can get a firm mortgage offer and complete on your mortgage in a suitable time.

In summary, a Santander mortgage valuation does not mean a mortgage is approved. Regardless of if it is done before or after a mortgage offer is received. 

It is simply just a part of the Santander mortgage process and mortgage lenders can work in different ways so it is better not to take this as a sign of any real progress until you have exchanged contracts or have received the mortgage funds from Santander or any similar mortgage lender.

How long does it take to get a Santander mortgage offer after a valuation?

You could get a Santander mortgage offer within minutes after a valuation has been carried out depending on if it was a desktop valuation or an onsite valuation. An on-site valuation could mean you get a mortgage offer within a few days. A desktop valuation could mean you could get a mortgage offer within hours.

Can a Santander mortgage be refused after valuation?

Yes, Santander 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. Santander 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.

In this brief guide, we discussed the question “does valuation mean mortgage is approved at Santander?”. If you have any questions or comments please let us know.

John Bate

John has 22 years of experience in financial services. This spans across financial research, financial services (As a qualified mortgage broker and underwriter), financial trading and sales at global investment banks. While working as a publishing research analyst, he covered European bank credit and advised institutional clients on investment strategies at both JP Morgan and Societe Generale. John has passed all three levels of the CFA (Chartered Financial Analyst) programme.