Barclays Slow Delayed Application or Broker?

tekton23

Hi,
We are using a broker for an application for a BTL mortgage with Barclays. The application was made circa Jan 17th this year. 1 month later we have still not received an offer and the application does not seem to be progressing. Communication with the broker is not regular and I'm having to chase daily now. They processed out main mortgage (we are doing a let-to-buy) without issue, within a few days and that offer is ready. The broker says that the best rate and loan amount is from Barclays.

What can I do? I am worried the property we have an offer accepted on will be re-marketed?

Have tried contacting Barclays directly. Their chat service said go through the broker. The Track-it service is broken and their call centre is useless and several thousand miles away.

Anyone else having issues with Barclays? Should I go to another broker, even though the current one was fine for the main mortgage?

Thanks,

T23

Whats_your_forte

Is he a sole trader or part of a bigger business? If a bigger business, call in to other people at the office and ask for an update as Mr/Mrs XYZ isn't returning calls.

Is he local? Go and see face to face to see what the issues are.

Ask for the application number

Another option is to say if you haven't heard by Wednesday COB, you'll assume the mortgage wasn't successful and try another broker

As for Barclays, updates are usually 48-72 hours to every document uploaded to them. Occasionally they can miss the queue to be dealt with but no real timing issues. 

tekton23

Thanks for your reply. If they were only looking after one mortgage I’d be more tempted to use someone else. 

Are there any issues using another broker for the BTL even though this broker has successfully placed the main mortgage?

EverythingIWant

Big issues, our application went in 15th jan, referred, and still no word! Barclays are absolutely useless. It is worrying that they are a financial giant. Ground staff seem abysmal 

LRmortgage

I would guess this is a Barclays issue rather than your broker. 

They really can be a big black hole where things just take forever and a day. I’ve got a case in with them at the moment and they are taking a week at a time to then request more info. 

However, your Broker should be updating you every couple of days on progress and what steps they are taking to chase this down. 

amnblog

Your problem most likely lies with the Lender Tekton, they have a reputation for being painful.

You should not, however, be having to constantly chase your Broker. At the very least they should be updating you few days, even if the news is ‘no news’.

Put it to the Broker that you are not happy and give them a chance to sort it. Do not try to contact the Lender direct as you can cause more harm than good.

If you have already had this conversation with the Broker, a more sensible one may put you with another lender within a week, though not at the rates suggested by Barclays.

tekton23

amnblog said:LRmortgage said:

 I’ve got a case in with them at the moment and they are taking a week at a time to then request more info. 

This is exactly the issue the broker has reported to me. Apparently they rejected the application at one stage because they thought I’d be in the property for under one year, whereas I’ve been here over ten years!

tekton23

So if this is a problem with the lnder, how long could we be looking at until we have an offer, if at all?
I will feel terrible if we wait weeks only to be rejected, potentially losing the house we want to buy.
Best to wait? A few days? A week? Or move on now and try to get a similar deal elsewhere?

Whats_your_forte

Disagree with some of the comments on here re the lender. 3 cases offered in less than 10 days with them in last month. 2 very difficult ones going through at the moment but I'm getting updates every 3 days as and when they need more info/document/explanations.

Broker should be able to do a screenshot of the outstanding items from case tracking. That should give you assurance that things are moving forward and exactly what is missing