Barclays Mortgage Application On Hold With Audit Team For 11 Day

londonbromley

Thrugelmir said:

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. 

I think it's more that they are leaving the country (house has been purchased abroad) and want to get things moving. In a dire situation as I'm being told this particular department basically have no time frames and can take as long as they like! I don't even know how long these things usually take as I'm a first time buyer. 

Whats_your_forte

londonbromley said:

I don't even know how long these things usually take as I'm a first time buyer. 

Normally not this long. A week is the norm for an audit review. They may have come back to the broker for more info but as we cannot see a screenshot of their case tracker, I cannot comment.

For full disclosure, ask the broker to send you a screenshot of the outstanding case requirements from the Barclays system and then you'll see where the timeline has come from.

amnblog

The Broker can do nothing about this.
A Case Audit is part of the Lender's compliance regime where they check a certain amount of Cases to ensure correct procedures are being followed and everything is on file.
It is not about the individual case, it is a random selection.
All you can do is wait.

londonbromley

amnblog said:

The Broker can do nothing about this.
A Case Audit is part of the Lender's compliance regime where they check a certain amount of Cases to ensure correct procedures are being followed and everything is on file.
It is not about the individual case, it is a random selection.
All you can do is wait.

I totally get that, I'm in the financial industry so am aware of protocol. It just seems extremely unfair to put a mortgage application on hold for 11 days, not advise how much longer it could take or when I can expect to hear an update.

Thrugelmir

londonbromley said:

Thrugelmir said:

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. 

I think it's more that they are leaving the country (house has been purchased abroad) and want to get things moving. In a dire situation as I'm being told this particular department basically have no time frames and can take as long as they like! I don't even know how long these things usually take as I'm a first time buyer. 

When quoting 11 days. Remember to exclude weekends and allow for the fact that the referal will sit in a queue waiting to be picked up. Keeps matters in a better perspective. 

minimike2

It isn't really a suprise that the case was flagged for audit when your income was incorrectly stated on your application to Halifax.
It is very possible that the details were recorded on Hunter and now that you have applied elsewhere with different information this has now flagged. Could be down to the brokers mistake. Which judging by stories I have heard about Habito would not suprise me in the slightest. 

Dribiddi

I went through a similar process with them a couple weeks back. After 1 week I informed my broker if it dragged on another week I wanted him to find another lender...offer came next day