Barclays Dip Provitional Accept

Gjk87

Hi, Me and my partner are about to start a mortgage application on a new build using Help to Buy in Scotland, price 165000 would need mortgage of 132000. I earn 26000, she earns 20000, no dependants only credit union loan 1100 and car finance with a year to run as debt.

Now as I have some adverse credit we decided To go through a broker, after explaining my credit issues- default from June 2013 for £209 settled in Feb 2016, also some missed payments from 2013 plus some settled pdls from 2012/13. Since then I have a clean file everything up to date no missed payments or anything.

After hearing this the broker decided to get a dip through Halifax, passed no problem with a max lending of 193000.

Now after putting down a reservation fee for the new build we had our second meeting with the broker and he recommended going with Barclays as it would be cheaper, so again done dip, came back as a Provisional appcept max amount 134000 subject to underwriters stating-

R002- due to credit agency data
R086- special (local) scheme used

What worries me is the broker doesn't seem to know what these mean saying it should be fine and to put a full application in with barclays.

Has anyone on here any experience of this? because to me Halifax seems a safer bet with the dip results the broker thinks itl be fine as we have Halifax as a back up plan!! That's what's worries me the most as I would rather pay more and have a better chance of accepting.

Any advice would be much appreciated.

ACG

The R codes tend to mean refer. Refer is not necessarily a bad thing, it could be that the system can not process the case fully because of some information and it needs an element of human intervention.

R002 from memory normally means there is some adverse, but it is within criteria.
R086 I have no idea but can only assume the HTB.

Gjk87

Thanks ACG, just out of curiosity if i was your client would you recommend going ahead with Barclays? The thing worrying me is the broker saying Halifax will be th back up. Now my understanding is if i get rejected by Barclays itl be even harder to get accepted elsewhere.

ACG

I have no idea as I have not seen your factfind/credit reports so I can not really comment.

However, I would not be looking at alternatives because of those referral codes for any of my clients I placed with Barclays.

If you get declined by Barclays the only potential damage would be a possible second credit check. You would not get declined by Halifax because you had been declined by Barclays - there may be other reasons Halifax would decline you, but that would not be one of them.

Gjk87

Ok thanks for your help Acg really appreciate it. I think I will go ahead with the brokers recommendation and see how it pans out.

kingstreet

AFAIK you only ever get a provisional accept with Barclays on HTB.

A decline by Barclays makes no difference to any other application. let your broker determine the best route to take.