Anyone currently applying through Barclays? MA is off - need realistic timelines

520d2012

natalia555 said:

We are currently in the Barclays mortgage process, we had a desk top valuation scheduled for last week but they then changed their mind to do a physical valuation which is booked in for this Thursday. I am not surprised that they want to do a physical valuation as the property is a grade 2 listed cottage. We were told by our mortgage broker that on the system all the boxes appear to have been ticked so the offer all rides on the valuation. We are 76% LTV. When should we hope for an offer/decision? I am a nervous wreck, my daughter is supposed to be starting school in September and today we found out she has a place at the school in the new area but I don’t know whether to accept it or not And when to tell them we should know by! Any advice very gratefully received!

If it’s gone to physical valuation the chances of being approved are very good.
I would say the only thing that may be a issue is the valuation may come under.
Do you have spare cash that you could use to make up the difference if they value it say 10-20k less?
My valuation was on around 24 and O had a offer last week. Only got held up as I needed to provide more documentation.

macca2424

My valuation was last Thursday, apparently the report isn't back yet so still haven't heard anything about getting an offer. We've now hit 2 months since I submitted my application.

natalia555

macca2424 said:

My valuation was last Thursday, apparently the report isn't back yet so still haven't heard anything about getting an offer. We've now hit 2 months since I submitted my application.

Was yours a physical valuation? 

natalia555

520d2012 said:

natalia555 said:

We are currently in the Barclays mortgage process, we had a desk top valuation scheduled for last week but they then changed their mind to do a physical valuation which is booked in for this Thursday. I am not surprised that they want to do a physical valuation as the property is a grade 2 listed cottage. We were told by our mortgage broker that on the system all the boxes appear to have been ticked so the offer all rides on the valuation. We are 76% LTV. When should we hope for an offer/decision? I am a nervous wreck, my daughter is supposed to be starting school in September and today we found out she has a place at the school in the new area but I don’t know whether to accept it or not And when to tell them we should know by! Any advice very gratefully received!

If it’s gone to physical valuation the chances of being approved are very good.
I would say the only thing that may be a issue is the valuation may come under.
Do you have spare cash that you could use to make up the difference if they value it say 10-20k less?
My valuation was on around 24 and O had a offer last week. Only got held up as I needed to provide more documentation.

I really hope so! I don’t think it will come back as under value as the properties in the area are worth nearly twice as much and on zoopla it is valued higher as we managed to barter them down a fair bit (before the stamp duty reduction as I don’t think they would lower the price now) 
if it has gone to physical valuation I assume this means it all rides on the valuation being good and all the underwriting Must be complete? I am so nervous I feel sick! 

520d2012

natalia555 said:

520d2012 said:

natalia555 said:

We are currently in the Barclays mortgage process, we had a desk top valuation scheduled for last week but they then changed their mind to do a physical valuation which is booked in for this Thursday. I am not surprised that they want to do a physical valuation as the property is a grade 2 listed cottage. We were told by our mortgage broker that on the system all the boxes appear to have been ticked so the offer all rides on the valuation. We are 76% LTV. When should we hope for an offer/decision? I am a nervous wreck, my daughter is supposed to be starting school in September and today we found out she has a place at the school in the new area but I don’t know whether to accept it or not And when to tell them we should know by! Any advice very gratefully received!

If it’s gone to physical valuation the chances of being approved are very good.
I would say the only thing that may be a issue is the valuation may come under.
Do you have spare cash that you could use to make up the difference if they value it say 10-20k less?
My valuation was on around 24 and O had a offer last week. Only got held up as I needed to provide more documentation.

I really hope so! I don’t think it will come back as under value as the properties in the area are worth nearly twice as much and on zoopla it is valued higher as we managed to barter them down a fair bit (before the stamp duty reduction as I don’t think they would lower the price now) 
if it has gone to physical valuation I assume this means it all rides on the valuation being good and all the underwriting Must be complete? I am so nervous I feel sick! 

It’s difficult not to stress but hopefully will be ok. Like you say they may want to do a physical as it’s a grade II listed.
Good luck - let us know when you get the offer.
If you have a broker ask him to chase or at least find out what the issue is.
Mine did that for me and although all he said was there turnaround times were longer due to the current situation - at least I knew he asked and they had a good reason

berksman

berksman said:

They are definitely running behind...
We submitted our application on 14th July and hard credit search took place. Then on 16th they requested 3 months of business accounts from my wife. We supplied on the same day and at this point we were informed the process to review documentation by UW had extended to 4 working days. Then on 23rd July we heard from and they asked for more documentation (Memo of Sale for property we are selling). We're onto the 5th working day since then and still no updates. MB said communications are very difficult with Barclays at the moment.
Hoping we hear something by the end of today, as Agent is getting twitchy about the fact we don't have a valuation date yet

Latest update:
It took 7 days to book a desktop valuation, which took place on August 17th. We've just been told that there review period has now extended to 7 working days!? So have to wait until August 27th to hear if valuation has been approved and we can move to offer... really disappointing but seems like there is nothing we can do to expedite. How are other people getting on with Barclays?

Lorenzo94

I applied on August 7th directly with Barclays. I still haven’t received any update, only that it’s still in underwriting. Two days ago I received another email from Barclays where I had to log into submit it to review some isnurance documents.
The tracker is still in Start Application, with all the steps ticked except for “your declaration” and “your mortgage enquiry”.
No valuation date in sight, and I hope it gets done via desktop soon.
seriously the wait is killing me!

natalia555

berksman said:

berksman said:

They are definitely running behind...
We submitted our application on 14th July and hard credit search took place. Then on 16th they requested 3 months of business accounts from my wife. We supplied on the same day and at this point we were informed the process to review documentation by UW had extended to 4 working days. Then on 23rd July we heard from and they asked for more documentation (Memo of Sale for property we are selling). We're onto the 5th working day since then and still no updates. MB said communications are very difficult with Barclays at the moment.
Hoping we hear something by the end of today, as Agent is getting twitchy about the fact we don't have a valuation date yet

Latest update:
It took 7 days to book a desktop valuation, which took place on August 17th. We've just been told that there review period has now extended to 7 working days!? So have to wait until August 27th to hear if valuation has been approved and we can move to offer... really disappointing but seems like there is nothing we can do to expedite. How are other people getting on with Barclays?

Wow, the portal is now showing that they have received the physical valuation report today so I’m hoping we hear before 7 working days! I need to accept a school place for my daughter to start in September 😭

natalia555

We got a call from our mortgage advisor this morning saying that we got out mortgage approved and the offer will arrive in the post! Such a relief! That’s only 2 working days since physical valuation 😊😊

berksman

berksman said:

berksman said:

They are definitely running behind...
We submitted our application on 14th July and hard credit search took place. Then on 16th they requested 3 months of business accounts from my wife. We supplied on the same day and at this point we were informed the process to review documentation by UW had extended to 4 working days. Then on 23rd July we heard from and they asked for more documentation (Memo of Sale for property we are selling). We're onto the 5th working day since then and still no updates. MB said communications are very difficult with Barclays at the moment.
Hoping we hear something by the end of today, as Agent is getting twitchy about the fact we don't have a valuation date yet

Latest update:
It took 7 days to book a desktop valuation, which took place on August 17th. We've just been told that there review period has now extended to 7 working days!? So have to wait until August 27th to hear if valuation has been approved and we can move to offer... really disappointing but seems like there is nothing we can do to expedite. How are other people getting on with Barclays?

Mortgage offer now received, 7 days after desktop valuation. Very long and drawn out process but happy we got there in the end!