Mortgage funds delayed

sarmia

Has anyone any experience with mortgage funds taking longer to draw down? Waiting for some remortgage funds from Nationwide but due to the current crisis it is not being classed as priority. 

Thrugelmir

With many companies having staffing issues, social distancing to contend with and office closures. Delays are a fact of life. Something that we may simply have to get used to. 

TuppenceWorth

I'm waiting on Barclays. Now in week three and still counting....

chris.heighton

Barclays have advised my solicitor 10 working days. My mortgage rekey was done in 5 working days (advised 10 working days) and my documents checked in 8 working days (advised 10 working days). The 10 working days is double the usual 5 working days for funds drawn down with Barclays.

@TuppenceWorth, have you been advised of a particular issue?

sarmia

Oh wow might be waiting a while then, only been a week.

TuppenceWorth

Chris...
Only being told that it's due to lack of staff in India.  My solicitor has been chasing regularly. When he has been able to get through (after hours on hold) the response has been that we just need to wait and although working to 10 working days, there is no guarantee. There has also been some incompetence with requests to re submit the CoT. Apparently it has been escalated and the delayed completions team have been notified. All to no avail...

Thrugelmir

TuppenceWorth said:

Only being told that it's due to lack of staff in India. 

India , where Barclays outsource much of their adminstration is undertaken, went into complete lockdown within 24 hours.............

Phantom_Hunter

Indian government has announced that they're relaxing some lockdown restrictions on certain industries including banking from 20/04. Fingers crossed this will start resolving some of the delays...
BBC news - Coronavirus lockdown guidelines: what has India changed under new rules?
Sorry links not working!

TuppenceWorth

So...
It would appear that Barclays found a good way of reducing the back log. Delete all requests in the inbox!!
After three weeks, they have said that the CoT needs to be re-sent...🙄

chris.heighton

I would have questions for your solicitor to be honest. Are they really chasing regularly?
I'm surprised its got to this stage when they are asking for the CoT to be issued (yet) again...

TuppenceWorth

Thanks Chris...
Its definitely Barclays that have been incompetent.
Today the solicitor sent the proofs of all previous requests and spoke to someone senior. The response was that the funds will come through today.
So that ws a result. Let's see what happens....