Barclays product switch - not sure what happens now.....help?

woolythoughts

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.

kingstreet

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.

amnblog

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.

getmore4less

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

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

Have a broker manage this for you.

SavingSteve

This is a product switch surely? Why would you involve a broker?

amnblog

The Bank says they cannot proceed online. What's plan B?

woolythoughts

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

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.