Recent experience of application process for Barclays / Virgin / Santander?

stator

Hi All,

Anyone used one of the above banks for a mortgage recently?

I'm thinking specifically about a Help To Buy (Mortgage Guarantee) high LTV mortgage.

My last application was with Post Office / BOI and went extremely swiftly and painless. Two phone calls and one applciation form and everything was sorted, no lengthy interview, no budget / expenditure analysis. Unfortunately their rates are no longer the cheapest on the market (for a 5 year fix)

So anyone want to share how the process went with any of the three cheapest? Barclays , Virgin and Santander all have 4.99% on a 5 year fix, so it's between them.

jhsam

we have used Santander but through a broker with the 95% LTV mortgage Guarantee - as it was through a broker he obviously knew what he would need to satisfy them quickly so I supplied all the stuff to the broker on the Thursday, he submitted full application on Friday AM, they contacted him as had a question on a tax rebate on on of the wage slips, all sorted and processed by friday COB. Tuesaday Valuation was done, Wed Full Offer issued (via broker) and Monday of the following week the full Offer arrived through the post, so all in all VERY smooth process and took (if you include the postal time) 7 working days from application to official paper offer received.

They don't really have any fees either on the MG products (some but minimal) so it's quite a good deal.

amnblog

Good luck with that then

stator

jhsam wrote: »

we have used Santander but through a broker with the 95% LTV mortgage Guarantee - as it was through a broker he obviously knew what he would need to satisfy them quickly so I supplied all the stuff to the broker on the Thursday, he submitted full application on Friday AM, they contacted him as had a question on a tax rebate on on of the wage slips, all sorted and processed by friday COB. Tuesaday Valuation was done, Wed Full Offer issued (via broker) and Monday of the following week the full Offer arrived through the post, so all in all VERY smooth process and took (if you include the postal time) 7 working days from application to official paper offer received.

They don't really have any fees either on the MG products (some but minimal) so it's quite a good deal.

Thanks for sharing

jhsam

amnblog wrote: »

Good luck with that then

ambiguous :think:

ACG

Barclays - hit and miss. Can be a nightmare but can also fly through (apparantly).
Virgin - Not a massive user of these but they tend to be a little more efficient that barclays.
Santander - Never used, heard many...many bad experiences. They appear to go after a different to market to me so we have never crossed paths.

audioslim

Here is my experience with Barclays. I hope it makes you all think twice

Following separation from my Partner I approached my mortgage company Barclays about either A) Buying her out or Seeing how much they would lend me. I had an agreement in principle and could choose either option. I decided that we would sell the house and move on.
I duly put the house up for sale (unfortunatley with an agent/contract with 'Able Willing etc clause') and a few months later (after the initial DIP had expired) we agreed a sale and I found a property I wished to buy. Again for a second time I went through the decision in principle process and again was accepted.
Completed/Signed all the forms and returned them to Barclays.
Barclays then passed application through to the underwriters and the application was declined. The application was declined citing a problem with missed payments on a credit card some 3 years earlier (during a dispute with MBNA, note no defaults took place). Financially I am easilly able to pass the affordability tests and it is purely the dispute with MBNA which has caused this decline at full application time
I have been with Barclays for the present mortgageicon for 17 years (never missed a single payement etc), and other than the MBNA episode have an exemplary credit history. I haven cleared quite a lot of outstanding debt (car loans etc) prior to the second decision in principle being granted, so am in an even better position than I was at the first application

I'm now potentially left with a bill for £3500 pound for failed sale of my property (not to mention a battle with ex partner) and solicitors costs if I pull the plug on my house sale (not to mention the purchasers loosing their survey money etc) or having to move out/effectively be homeless with a 15 year old son, and potentially into rented accommodation if other mortgage lenders follow the same track as Barclays did.

To say that I currently despise Barclays for this decision would be an understatement. They were fully aware about my credit history (as I disclosed this dispute with MBNA to them at both DIP applications) and their actions in all of this is nothing short of negligent.

I will be fighting this all the way to the Ombudsman and beyond. Mortgage lenders should not be able to change their mind from a DIP to full application due to these reasons. They have not shown due diligence at the various stages of the application.

I hope this post acts as a warning to others thinking of applying to Barclays for a mortgage. There are other lenders who also failed to show due diligence at the DIP stage. I would never have put my property up for sale had I know at the initial DIP that I would be declined.

Simon

stator

Thanks everyone

amnblog

They can all be brilliant.


They can all be a problem.


That does not help - but that is the way it is.