Morgage Application

jenks48

Any advice on this would be a great help.
Morgage Application put into Barclays at the beginning of March
There was a mixed up by then they approved and offered my morgage but then came back they made a mistake wasnt mine. (Crying)
Underwriters are due to go through my application with the lower deposit. Will the lower deposit still stand as I know most lenders have took them off. They are also aware of their blunder. Application went in beginning of March/end of Feb

Any ideas? 

MovingForwards

Yes, it's based on what options were available at the time of the application being submitted, not what they were after.

jenks48

Thank you for the reply thats one good thing I was worried in case it was wiped
One bit of positive advice.
Thanks 

jenks48

Do you have any idea what the time scale with Barclays is? If they can't do a desk top valuation, will the application just sit there on hold or would it get declined? Just been so stressful waiting...I'm  it sure what to do or is it just a waiting game.

MovingForwards

I've no idea on timescales, I'm sure one of the brokers commented on another thread you have posted in.

I think they just sit there, waiting in the pile needing physical valuations. 

jenks48

Ok thank you....

sjc93

jenks48 said:

Do you have any idea what the time scale with Barclays is? If they can't do a desk top valuation, will the application just sit there on hold or would it get declined? Just been so stressful waiting...I'm  it sure what to do or is it just a waiting game.

I work for an IFA and we struggled to re-submit a case for the past week as the application limit was being reached within literally five minutes... They're extremely overstretched, as is every other bank/mortgage provider at the moment with what's going on.

I know it's difficult and easier said than done, but as long as your application has been submitted, the current underwriting timescales were 10 working days last week. 

If Barclays are unable to do a desktop valuation then unfortunately it will be delayed until the Lockdown is over.

jenks48

Thank you yes it's been submitted and I've been told 10 days...all I was worried about because I had a rate with a low deposit they may scrap that but have been informed if it was and option when submitted it still stands. So if no valuation can be done it just goes on hold then until the crisis is over? 

Thanks for the advice.

sjc93

jenks48 said:

Thank you yes it's been submitted and I've been told 10 days...all I was worried about because I had a rate with a low deposit they may scrap that but have been informed if it was and option when submitted it still stands. So if no valuation can be done it just goes on hold then until the crisis is over? 

Thanks for the advice.

If the application was submitted, then Barclays will have to honour the product/rate that they have given you. 10 working days is quite a speedy turnaround considering what's ongoing at the moment with COVID-19.

If the valuation cannot be done, then the application will go on hold. If the valuation can be done, then the 10 working day turnaround will still stand. Barclays should have informed you of the next steps - I know when I went through my mortgage application a couple weeks ago, YBS did all the background checks and then the valuation was the last part of the application process.

jenks48

It may be longer but they made a blunder sent an email to my broker confirming approved and put to offer but it was a  mistake my case number and name but not intended for me by that time I had paid the searches ( silly i know but because my broker had informed me it had been approved offer pack shortly once they sort technical issues out I thought be ok to pay the solicitor) Anyway my application is supposed to be looked out in the next 10 days. I think I have got on my brokers nerves so he has told me not to message email he will let me know any news. I feel really disheartened that I thought it got to offer.
 So I've no idea whether a valuation has been done to scared to email the broker and I feel really let down that Barclays made a blunder. 
Good yours is going through.
Sorry for going on I know I have to wait it out...

jenks48

sjc93 said:

jenks48 said:

Thank you yes it's been submitted and I've been told 10 days...all I was worried about because I had a rate with a low deposit they may scrap that but have been informed if it was and option when submitted it still stands. So if no valuation can be done it just goes on hold then until the crisis is over? 

Thanks for the advice.

If the application was submitted, then Barclays will have to honour the product/rate that they have given you. 10 working days is quite a speedy turnaround considering what's ongoing at the moment with COVID-19.

If the valuation cannot be done, then the application will go on hold. If the valuation can be done, then the 10 working day turnaround will still stand. Barclays should have informed you of the next steps - I know when I went through my mortgage application a couple weeks ago, YBS did all the background checks and then the valuation was the last part of the application process.

Sorry I may have message twice previous message..