Barclays mortgage application

Swarbrick1234

Hi all, first time poster, but long time lurker (thanks to everyone that does post for the useful info I have benifitted from)
Did full mortgage application direct through Barclays last Tuesday which went through as a 'straight accept' but hadn't heard anything at all since....text mortgage advisor this morning and he said everything including the valuation is complete and accepted and I will receive an offer letter within 5 working days.
Does that mean the whole process is finished? If so it has been a hundred times easier than I expected.
Also was wondering why it take 5 days to get the letter but less than that to do the whole rest of the process if that makes sense?
Many thanks in advance

Exodi

When you say 'Does that mean the whole process is finished?', I hope you're aware that you still need to instruct solicitors, searches, survey, etc?

It's not commonly that quick as a physical valuation takes place but if you have a low LTV it may not be as important. Who knows why they take 5 days to send a letter, that said, it's a drop in the ocean compared to the months you'll now spend on the conveyancing.

minimike2

Exodi wrote: »

It's not commonly that quick as a physical valuation takes place

Not always.

Desktop valuations are more commonplace these days.

OP - Yes, from a lender perspective but as Exodi says it is all now down to the legal work through your solicitor. The lender will send the mortgage offer to them to allow the work to commence and they should also be in touch with you with some questions.

amnblog

For certain loan to value cases the major lenders can do an automatic valuation check as soon as the case is submitted.

Barclays can sometimes offer within within 24 hours of submission.

(Only if all the ducks line up, no one should go running to them assuming they are the solution to getting an immediate offer)