Barclays Mortgage Application On Hold With Audit Team For 11 Day

londonbromley

Just a bit of a back story, have gone through the brokers Habito. Initial mortgage application with Halifax had an incorrect salary (increase was marked as bonus) so they reduced their AIP by £6,000. Habito said not to worry as Barclays are offering a much higher lending rate. Application was submitted with Barclays on January 28th. 
Then on January 30th, they requested consent to obtain a reference from my husbands work which was given that day. Then on February 10th, I was told the application has been picked up for a random internal audit and the application has been put on hold (after a call with Barclays, they confirmed this was actually on February 7th). 
11 days later, today, my broker has advised they have received an email from Barclays advising it is still in review and they can't given a further update or timescales and I just have to "sit tight".
The sellers are pushing for an update as offer was accepted on January 13th and a valuation still hasn't been done!
Has anyone had this experience before or know why it is taking so longer for the application to be released from the audit team? 

Thrugelmir

londonbromley said:

The sellers are pushing for an update as offer was accepted on January 13th and a valuation still hasn't been done!

Have you explained that you had to switch lenders after two weeks and start the process again? 

Whats_your_forte

Hello. Are you sure if a valuation is needed? 4 of my Barclays cases in the last month all used electronic valuations. 

Your broker should be able to see sight of this on case tracking. Most valuations are also instructed at the point of submission ie this runs concurrently with the underwriting.

Audits don't take that long. Your broker should be able to escalate this with their Relationship Manager if they were more customer focused (sorry but we get a bashing in the Habito adverts and it's sounding Hell AND Habito rather than OR*) 

*their advert

londonbromley

Thrugelmir said:

londonbromley said:

The sellers are pushing for an update as offer was accepted on January 13th and a valuation still hasn't been done!

Have you explained that you had to switch lenders after two weeks and start the process again? 

Yes it's all been explained, even the fact there has been discussion of the sellers putting the house back on the market as they are desperate to leave the country. Broker said there is absolutely nothing they can do and when I call Barclays, I get told to speak to my broker. Even went into the branch today and they said they can't even look at the file as I'm with a broker. 

londonbromley

Whats_your_forte said:

Hello. Are you sure if a valuation is needed? 4 of my Barclays cases in the last month all used electronic valuations. 

Your broker should be able to see sight of this on case tracking. Most valuations are also instructed at the point of submission ie this runs concurrently with the underwriting.

Audits don't take that long. Your broker should be able to escalate this with their Relationship Manager if they were more customer focused (sorry but we get a bashing in the Habito adverts and it's sounding Hell AND Habito rather than OR*) 

*their advert

Apologies, valuation was done the same day the application was submitted, I mean survey. Sellers are panicking as this still isn't booked in so know the lender has not provided a mortgage offer. 

Whats_your_forte

Valuation/Survey are in effect the same for lending purposes. 

Sometimes vendors will never see a surveyor but lender is happy to provide the offer. This is called a desktop survey and they use electronic data to come to their decision as in effect it is a free report. The 4 cases I did last month, not one of the vendors saw a surveyor

londonbromley

Whats_your_forte said:

Valuation/Survey are in effect the same for lending purposes. 

Sometimes vendors will never see a surveyor but lender is happy to provide the offer. This is called a desktop survey and they use electronic data to come to their decision as in effect it is a free report. The 4 cases I did last month, not one of the vendors saw a surveyor

Yes, Barclays valuation was completed the day of the application by desktop. The estate agent is questioning why I haven't booked in a private building survey (obviously because I haven't received a mortgage offer and the application has been on hold for 11 days). This is now causing red flags with sellers. 

Whats_your_forte

Red flags for possibly no reasons as agents seem to winding people up for no real purpose.

Get 'Hash-bito' to escalate the matter with the Barclays BDM and you should have an answer in 48 hours.

Good luck

londonbromley

Whats_your_forte said:

Red flags for possibly no reasons as agents seem to winding people up for no real purpose.

Get 'Hash-bito' to escalate the matter with the Barclays BDM and you should have an answer in 48 hours.

Good luck

My response from the broker was "Hi ****, Unfortunately I can't be more specific than we hope to hear the next update soon. With the internal check, they do not give timescales and they do not accept escalations so we just have to sit and wait.

Kind regards"

Whats_your_forte

Sorry to hear this but as the broker is also willing to sit back, not too sure what else I can say. 

Thrugelmir

londonbromley said:

Whats_your_forte said:

Valuation/Survey are in effect the same for lending purposes. 

Sometimes vendors will never see a surveyor but lender is happy to provide the offer. This is called a desktop survey and they use electronic data to come to their decision as in effect it is a free report. The 4 cases I did last month, not one of the vendors saw a surveyor

 The estate agent is questioning why I haven't booked in a private building survey (obviously because I haven't received a mortgage offer and the application has been on hold for 11 days). This is now causing red flags with sellers. 

Perhaps the vendors think that you'll revise your offer price (downwards) once you've conducted your own survey.