Morgage Approved

minimike2

jenks48 said:

S

Latest on my application underwriter reviewed the case but it fails on affordability..we then speak to someone at barclays and the broker goes through it and they then realise it doesnt fail on affordability it's all to do with the equity share..and how their inputting it 

The broker inputs this information, not your lender. So has your broker made a mistake on the application?

jenks48

Ok thank you.

jenks48

minimike2 said:

jenks48 said:

S

Latest on my application underwriter reviewed the case but it fails on affordability..we then speak to someone at barclays and the broker goes through it and they then realise it doesnt fail on affordability it's all to do with the equity share..and how their inputting it 

The broker inputs this information, not your lender. So has your broker made a mistake on the application?

No it's the way the Equity Share is imputed. There is no rent or interest paid on the 30% equity share so we have had to send over proof of this to the underwriter . The admin team are agreeing with the broker too. It's when it gets to the underwriters.. just have to see what they come back with. 

minimike2

Seeing a copy of the equity share contract is pretty standard - I would have expected them to have put that in with the application originally. It may be that your broker hasn't dealt with this type of case before. 

jenks48

minimike2 said:

Seeing a copy of the equity share contract is pretty standard - I would have expected them to have put that in with the application originally. It may be that your broker hasn't dealt with this type of case before. 

Yes we have we have now sent it over for the 5th time. All the admin team in new builds agree one chap is disagreeing with the underwriter as it fully states no rent or interest is paid on the scheme. So it's been pushed back to be esculated yet again. Wait and see what there final offer is..  bit of a nightmare 

jenks48

Update on my morgage application with Barclays ..another 5 days of waiting...what an absolute shambles Barclays have been. Asked the broker to amend something on the equity share as he was right in the first place and now back to the queue again for 5 days waiting again. I really cannot believe how badly this has gone. Week 8.
Anybody else waiting like this?

Carl2510

Nope wish I was at this stage, literallly had my house on market for 3 weeks before lockdown came and now standstill it sucks!

jenks48

Application has been sent back to broker to be remodel for the 7th time basically saying the equity share that has been allocated to me there is rent and interest. This is not correct we have sent this info over and it states this underwriter is not having any of it. You cant get to speak to an underwriter. The new build team are agreeing with the broker so we are just going around in circles  what a shambles barclays have been with this application. Another 5 days of waiting.
The reason my thread has said Approved is becuase:
It was sent in an email from the underwriting department that my morgage was approved and offered but no that was another mistake.
Anyone else having problems as this is so unfair...we are now on week 10.

jenks48

I dont get why an underwriter would put the equity share into the affordability calculations when it states this is a new scheme through the housing association I rent off...there is no rent or interest to be paid...you can pay it back at anytime. So all where getting is application needs to be taken out that part then we get told to add it in
Anyone else has issues like this?

haras_n0sirrah

if this is an equity share scheme then they will put a 3% interest charge even if you aren't paying it.
I do a lot of equity loans with barclays.