Woolwich affordability changes

amnblog

Anyone putting a mortgage application in with Barclays Woolwich that is tight on affordability needs to get it in this week.

Just a heads up as affordability is tightening some 4%

(H2B mortgages not affected, nor cases in progress)

kingstreet

That's a shame.

All the more justification for not using them.

marlasinger

Hi - can you please clarify what is meant by 'tightening some 4%'? Does that mean we would be likely to borrow 4% less than currently? Or are they increasing assumed outgoings by 4%?

Does their online calculator reflect this yet?

Thanks,
marlasinger

amnblog

I find them unavoidable KS

kingstreet

amnblog wrote: »

I find them unavoidable KS

Fortunately, we have only really got to use them on a 75% BTL on a newbuild flat.

ACG

They are avoidable but its not easy.

Until recently I used them a lot (bad system, but it felt very much like a nice and easy tick box exercise with them a lot of the time), but my account manager has left and im not using a company where I have to have underwriting conversations where we can not understand one another.

The month before my BDM left they had 5 cases off me. The month after she left, they had none. Unless I get a good proactive account manager again im not using them for anything other than straightforward cases.

antuk

Would the new criteria apply if i have an AIP from them already? I would hope that since that agreement was based on the current criteria it would carry through to the application?

amnblog

Yet the new criteria will apply unless the full application is in.

The deadline is Monday evening, but if I were your broker I would want everything in today to progress it.

amnblog

marlasinger wrote: »

Hi - can you please clarify what is meant by 'tightening some 4%'? Does that mean we would be likely to borrow 4% less than currently? Or are they increasing assumed outgoings by 4%?

Does their online calculator reflect this yet?

Thanks,
marlasinger

4% is our rough guess of how much lower the typical affordability calculation is likely to be on Tuesday morning.

BlueberryB

We are having a nightmare with woolwich just now ��
We put full application in on 10th June and was progressing fine we gave them everything they wanted, payslips from hubby's company etc, valuation was done on 17th July and hoped that would be it after that but NO!!
On the DIP they wanted 3 years SA302s which was given but now this week they have decided that is not enough and they want 2 years audited accounts!!! We only have 1 year as my hubby was self employed for years but only went Ltd in jan 2013 so we only have 1 full year as our year end is dec.
I am heartbroken, I am stressing out so much and my hair is falling out! Felt great and we were finally getting somewhere but now it's all swiped from under us.
Our broker is now looking at alternative lenders for us

amnblog

Yet another curve ball from a lender.

This is why I am constantly telling borrowers on here it is not just a question of 'picking a product'.

It is like trying to pick the right piece of the jigsaw when the lender is holding the box out of sight and the regulator is saying what the picture looks like.

Your case should be placeable, but it looks like there is more work.

Your broker is not alone, I have pulled two back from the abyss already this morning (not with Barclays - I have other issues with them).

One where the lender inexplicably started entering their own outgoings figures killing the affordability calculation, and another where the employer did not complete the reference correctly.