Barclays reducing there lending LTV and I've just applied

soupy600

Hi everyone,
So over a week ago I applied for a 75% LTV mortgage with Barclays and was due to arrange surgery at start of the week which has now been stalled. So after seeing Barclays now temporarily stopping LTV mortgages more than 60%. Where do I stand? Will I be ok ad my application is already processing?

https://www.moneysavingexpert.com/news/2020/03/banks-and-building-societies-begin-cutting-mortgage-lending-leve/

soupy600

So for anyone in the same boat as me I got this reply from my mortgage advisor. 

No don’t worry the mortgage application has been applied for so that means the mortgage product we have selected is still reserved for you

 

Thrugelmir

May stall anyway. If the surveyors aren't working. 

NoisyGiraffe

I'm in the same position as you Soupy.

My application was submitted with Barclays last week, then amended due to an error with my DOB and once this was sorted they said they were no longer willing to do 95%, only 90%. On Friday I was asked to confirm which product I wanted to go with and this amendment was submitted on Monday morning. Not heard anything from my broker since so I'm reassured by your second post!

Is yours a normal valuation? Mine came up as an automated one. 

soupy600

NoisyGiraffe said:

I'm in the same position as you Soupy.

My application was submitted with Barclays last week, then amended due to an error with my DOB and once this was sorted they said they were no longer willing to do 95%, only 90%. On Friday I was asked to confirm which product I wanted to go with and this amendment was submitted on Monday morning. Not heard anything from my broker since so I'm reassured by your second post!

Is yours a normal valuation? Mine came up as an automated one. 

Normal valuation? Sorry not sure what you mean

NoisyGiraffe

soupy600 said:

Normal valuation? Sorry not sure what you mean

Sorry I didn't phrase that well! I guess I meant a standard valuation. My broker explained that Barclays allow about 20% of applications to have a desktop valuation done and the rest are done by a surveyor going out to the house as normal. 

soupy600

NoisyGiraffe said:

soupy600 said:

Normal valuation? Sorry not sure what you mean

Sorry I didn't phrase that well! I guess I meant a standard valuation. My broker explained that Barclays allow about 20% of applications to have a desktop valuation done and the rest are done by a surveyor going out to the house as normal. 

Ah got you. Yeah when I spoke to my solicitor and he said its just a valuation and not really a survey. He recommend get one. I was anyway 

NoisyGiraffe

Yeah, I'll be getting a proper survery done too. I was hoping the desktop valuation might speed up the process for getting the mortgage offer, but given what's going on now I don't think that's going to be the case! 

minimike2

NoisyGiraffe said:

I'm in the same position as you Soupy.

My application was submitted with Barclays last week, then amended due to an error with my DOB and once this was sorted they said they were no longer willing to do 95%, only 90%. On Friday I was asked to confirm which product I wanted to go with and this amendment was submitted on Monday morning. Not heard anything from my broker since so I'm reassured by your second post!

Is yours a normal valuation? Mine came up as an automated one. 

At 90% LTV I very much doubt the property will qualify for an automated valuation. Added to the fact your broker typed in your DOB wrong, I wouldn't have a lot of confidence in what you are being told here. Would love to be wrong though, but I have never heard of an automated valuation at such high LTV.

[Deleted User]

minimike2 said:

NoisyGiraffe said:

I'm in the same position as you Soupy.

My application was submitted with Barclays last week, then amended due to an error with my DOB and once this was sorted they said they were no longer willing to do 95%, only 90%. On Friday I was asked to confirm which product I wanted to go with and this amendment was submitted on Monday morning. Not heard anything from my broker since so I'm reassured by your second post!

Is yours a normal valuation? Mine came up as an automated one. 

At 90% LTV I very much doubt the property will qualify for an automated valuation. Added to the fact your broker typed in your DOB wrong, I wouldn't have a lot of confidence in what you are being told here. Would love to be wrong though, but I have never heard of an automated valuation at such high LTV.

My last 3 95% cases have had automated valuations wtih Barclays.   The broker will get a message during the application keying if it required a physical valuation or if automated one was successful.   You'll need to ask the broker what the message was

NoisyGiraffe

My last 3 95% cases have had automated valuations wtih Barclays.   The broker will get a message during the application keying if it required a physical valuation or if automated one was successful.   You'll need to ask the broker what the message was

Once she had keyed everything in she went to print off or save the application and showed me that it came up as "No valuation required" and she said this is the wording Barclays use when it's an automated valuation. Screenshot of this below.
When does the automated valuation get done? I thought I was waiting on that now.