Morgage Offered

[Deleted User]

I'd wait - the offer is the most important thing. You don't want any hold ups, investigations or anything else at the moment. You also don't have the full facts for the complaint, yet.

if it's offered, you've not suffered any financial loss - although you have probably got a distress/inconvenience claim whatever happens.
If it's not offered, clearly you're going to go for upset as well as searches (although if you go on to get an offer elsewhere, it's highly unlikely they'd pay your searches back).

Search situation is a pain, but you only lose that money if you can't get an offer anywhere else. You're not at that stage yet.

It's certainly poor - I'd be furious - but like I said before, until the offer actually arrives (and you've checked it to make sure there's no errors which could cause a problem!) I wouldn't get too excited - even if they come back to you again in a few days and say it's offered! Unfortunately clients aren't always advised of that.

Barclays service standards are still saying 10 working days, but they recently re-introduced higher LTV products again a few days back - which would indicate they're getting more under control. So I'm wondering if that 10 working days is actually accurate. For example, I'd personally rather give a "long" date to to a customer (that you're sure you can meet) rather than give a short date that we miss and then customer is even more wound up by the broken promise!

Hope you get a positive resolution soon!

jenks48

Thank you.
I am upset by the whole experience the only reason I went onto pay the searches I would have waited for the offer but because I was told in an email they were having technical issues printing they would resolve shortly but please accept this as an offer I just thought I get the ball rolling
 Bad move and no I'm not getting to excited I've lost faith in the application going through with them..
Thanks for the advice and help..

minimike2

So it is requiring a full valuation on the property?

What is the property value and the LTV of the borrowing?

jenks48

Think it may have a desk top one..deposit of 10 percent on property..

minimike2

OK, you need to establish clearly, if it is an automated (AVM) valuation, or not - I am pretty sure at 90% LTV, if it has not been completed by AVM and it requires another form of valuation, that currently at 90% that will not be possible. What has your broker said about the situation as they should hold the information about what type of valuation it needs and what the current options are from your lender in terms of this.

jenks48

He thinks it will be a desk top valuation  due to me being in wales west housing I was eligible to buy the property through the equity share scheme where I raise a morgage for 70% with just over a 5% deposit not all lenders do this. With this scheme there is no fixed time to pay the 30,% back and no interest or rent on the 30% you can pay it back at any given time or when the property is sold. Hope that makes sense. New build property it is..I know there are lots of help yo buy schemes this was one where you had to have a connection to the area to be granted..

minimike2

He should find out if physical inspections have been carried out by the lender on any other properties on that development. If they haven't then I am 99% sure this will not be able to proceed until a valuer can get there. If they have, then it is very possible that it may be able to go ahead.

jenks48

Its is a new build site right opposite to where I live so valuations would have been done alot on these new builds in the last 6 months.whether with barclays I'm not sure. Only a two bed is it a chance I could still get an offer pending valuation. Broker seems to think they may do a desktop valuation.
I suppose it's just a waiting game. If this doesnt go through I won't give up as I've paid a reservation fee for the property plus the searches from there blunder. I'll have to look at other lenders. I pass on affordability as no loans commitments but the way things are it will be tougher. Barclays what a nightmare.. 
Thanks for the advice.