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    • woolythoughts
    • By woolythoughts 13th Oct 16, 10:04 PM
    • 82Posts
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    woolythoughts
    Barclays product switch - not sure what happens now.....help?
    • #1
    • 13th Oct 16, 10:04 PM
    Barclays product switch - not sure what happens now.....help? 13th Oct 16 at 10:04 PM
    Hi

    Two years ago my husband took out our mortgage on a 2 year fix at 2.75%. It was borderline affordability and needed the help of a good broker mainly because of issues in my past and not being able to go on the mortgage yet I'm the higher earner.

    anyway, the fix is coming to an end. We've decided on the 7 year fix at 2.34% which suits us and our risk profile. There is no way we could re-mortgage with Barclays or anyone else as he hasn't worked any over time this year (to avoid paying his ex wife more CSA) and out other commitments have gone up. However its not an issue once you take me into the equation so we are comfortable.

    Done the online application and it said submitted successfully and to expect the paperwork in 7-9 days.

    I guess I'm just concerned that it seems too easy.

    would there be any circumstances where, once you get to this stage, its declined. Our LTV is 65% which is less than the 80% minimum and we've not missed or been late on any payments.
Page 1
    • kingstreet
    • By kingstreet 13th Oct 16, 10:07 PM
    • 30,036 Posts
    • 15,965 Thanks
    kingstreet
    • #2
    • 13th Oct 16, 10:07 PM
    • #2
    • 13th Oct 16, 10:07 PM
    A customer retention product with the same lender is usually done without status or affordability checks.

    If this is the case with your lender and product, there is no decision being made. You've chosen, it's done.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • amnblog
    • By amnblog 13th Oct 16, 10:28 PM
    • 8,859 Posts
    • 3,374 Thanks
    amnblog
    • #3
    • 13th Oct 16, 10:28 PM
    • #3
    • 13th Oct 16, 10:28 PM
    Don't panic if you do not hear in 7 to 10 days.

    We have seen clients wait 10+ working days for the offer to come out, in one case nearly three weeks.

    As Kingstreet outlines above, this is an administrative, not an assessment process.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • getmore4less
    • By getmore4less 14th Oct 16, 10:28 AM
    • 26,308 Posts
    • 15,812 Thanks
    getmore4less
    • #4
    • 14th Oct 16, 10:28 AM
    • #4
    • 14th Oct 16, 10:28 AM
    They have lower rates for 65% LTV 1.98% £999 fee

    Have you checked the fee no fee against your mortgage size?
    2.79% £0 fee
    2.34% £999 fee
    • woolythoughts
    • By woolythoughts 18th Oct 16, 1:18 PM
    • 82 Posts
    • 68 Thanks
    woolythoughts
    • #5
    • 18th Oct 16, 1:18 PM
    • #5
    • 18th Oct 16, 1:18 PM
    ok, so he's now received an email saying that they need further information and cannot proceed online.

    This now has me worried. He's in work at the moment so can't make the call.
    • amnblog
    • By amnblog 18th Oct 16, 3:37 PM
    • 8,859 Posts
    • 3,374 Thanks
    amnblog
    • #6
    • 18th Oct 16, 3:37 PM
    • #6
    • 18th Oct 16, 3:37 PM
    Have a broker manage this for you.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • SavingSteve
    • By SavingSteve 18th Oct 16, 4:40 PM
    • 476 Posts
    • 205 Thanks
    SavingSteve
    • #7
    • 18th Oct 16, 4:40 PM
    • #7
    • 18th Oct 16, 4:40 PM
    This is a product switch surely? Why would you involve a broker?
    • amnblog
    • By amnblog 18th Oct 16, 9:50 PM
    • 8,859 Posts
    • 3,374 Thanks
    amnblog
    • #8
    • 18th Oct 16, 9:50 PM
    • #8
    • 18th Oct 16, 9:50 PM
    The Bank says they cannot proceed online. What's plan B?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • woolythoughts
    • By woolythoughts 19th Oct 16, 7:18 AM
    • 82 Posts
    • 68 Thanks
    woolythoughts
    • #9
    • 19th Oct 16, 7:18 AM
    • #9
    • 19th Oct 16, 7:18 AM
    All sorted.


    Despite sending the paperwork to the mortgaged property they had his address as being the house we lived in when we applied for it.

    Have to go into a branch to change the address
    • browsingid
    • By browsingid 19th Oct 16, 8:48 AM
    • 58 Posts
    • 15 Thanks
    browsingid
    Hah, Barclays did the same to me with the addresses. I went into a branch and then got into the farcical situation of them not updating my records without recent evidence of my 'current' address - i.e. the one I lived in when I applied for my mortgage.

    The guy behind the counter couldn't seem to understand that I had no way of proving the address they had on record with a driving licence or bank statement from the last three months... because I hadn't actually lived there for over sox months. It was ridiculous. Hope you don't have the same problem.
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