Re-Mortgage desk valuation failed - Wait or try another lender?

AJ84

Hi all,
My application is in limbo at the moment due to valuation and unsure where to go from here.
Long story short, I have a AIP/DIP approved in Jan with Barclays but they pulled their 60% + LTV last month just when we were meant to submit for a formal application.
We (Broker involved) decided to go for HSBC who were giving the LTV required and at a lower rate.  All good so far.  DIP/AIP went through and a formal application submitted.  This was approved pending valuation of property.  This however failed in terms of desk top valuation and so is now in a holding state for physical.  This at the moment is not possible due to Covid.
In the meantime, Barclays has come back with their 60+% LTV.  In the background we're still awaiting a RICS valuation for the help to buy state -this is the reason the LTV is a bit higher because we're buying out the 20%.

What I don't get is in Credit Karma and Clear Score, neither of them are showing a HSBC search.  I do however see a Hard search from Barclays in early Feb in Credit Karma (Created 21/4) and no hard searches using Clear Score (Created last few days)
The scores in both also seem the same.
The answer from the broker is going for Barclays would mean full application + paperwork + would leave footprint.

So questions:
1. Do we wait for HSBC to start physicals again?  Do we re-apply for Barclays?
2. Is HSBC more stringent than other lenders and that is why the desktop val has failed?
3. Does the HSBC search appear a lot later than others?  CK informed me of the scan straight away so I'm surprised I can't see HSBC.
4. Is there a way to get the status from HSBC directly or would it have to be via broker who has the reference numbers etc
5. Am I just being impatient and should just wait it out?

I have been asking a lot of questions and I think I'm either annoying the broker or they're snowed under with queries due to the virus but either way I have a constant uneasy feel on where we are with it but it is our first re-mortgage since buying the property so a lot of it is new to us.  Broker is advising to stick with it as Barclays is slightly higher rate (only by a difference of £20 p/m which I don't mind!) and to avoid additional footprint.

Thanks in advance!

AJ84

So I decided to pay the £15.99 for experian and it looks like HSBC is on there afterall - but only for identify and an unspecific search - The barclays one has the amount to borrow and experian states this may impact credit score whereas the HSBC ones are they will not impact credit score suggesting its just a soft search

csgohan4

HSBC are one of the strictest lenders, due to the current situation, how long is a piece of string, you need to wait like everyone else

Your choice regarding wanting to apply for barclays, but assuming your above 60% LTV, a physical valuation will likely need to be done or you may get an undervalued one which you have with HSBC, but will also mean another credit file foot print

I'm still waiting for my mortgage offer since End of March with Barclays, no valuation done yet, so join the queue

minimike2

Point of note : The "free" credit report services are not the same as a statutory report (paid for).
The free reports will show everything which is known for sure relates to you with a high level of certainty. 
Statutory reports will show everything which is *believed* to be relating to you, but the level of certainty may not be as high. This is why people will often see a difference between the two types of report.

Anyone wishing to get a statutory report can do so for £2 - No need to pay the high prices for the paid-for subscription services.

csgohan4

minimike2 said:

Point of note : The "free" credit report services are not the same as a statutory report (paid for).
The free reports will show everything which is known for sure relates to you with a high level of certainty. 
Statutory reports will show everything which is *believed* to be relating to you, but the level of certainty may not be as high. This is why people will often see a difference between the two types of report.

Anyone wishing to get a statutory report can do so for £2 - No need to pay the high prices for the paid-for subscription services.

Sadly the OP didn't read the guide on CRA and paid the full whack anyways as they couldn't wait. 

AJ84

Sorry I forgot to say I signed up for the 14.99 but it was a trial so I will cancel it before it charges!
Thanks for the replies - I'll wait it out

amnblog

Bit baffling. If you are buying out the H2B loan why are you applying for mortgages before you have a RICS Valuation to tie down your buy out cost?

AJ84

Thats what our broker told us we had to do - it was the same broker as the ones who got us the initial mortgage so we just followed their advice.

[Deleted User]

The stat reports are free now 
They no longer ask for £2 
Probs too much hassle to collect the two pounds !