Joint borrowers - sole proprietor, why is it so complicated??

BertieN

Hi all. 
Application with Barclays (direct) for a joint borrower, sole proprietor mortgage with 40% Ltv.
14 Aug - full application sent
15ish Sept - further enquiries about income, all answered on the day
??? Still held at decision stage

What could possibly be happening? Barclays advisor is useless. I know this kind of mortgage is more complicated from a legal stand point but 2 and a half months?? Seriously!? Also ltv is really low, it makes no sense as the bank are absorbing such low risk. 

Any insights on what to do or how much longer to expect to wait?

Thank you 

haras_n0sirrah

Barclays are either great when it goes right but if it goes wrong they can be a nightmare to sort out
I dont know about direct but we brokers have bdm's we can contact to help us sort it out - does anything like this exist for the direct channel?

BertieN

Just the 'advisor'. They only have access to case notes, nothing else. It is far from ideal. Do you or any others have any suggestions as to how best to escalate? 

Also worth asking about timelines for this kind of mortgage, and escalations where necessary.

Thrugelmir

Complications depend on the application. What's not straightforward about it? 

[Deleted User]

a Joint Borrower Sole Proprietor case with Barclays is no more difficult than a normal joint case with Barclays (apart from 1 extra piece of paper).   The common denominator and why these cases tend to fall down is Barclays.   If it makes you feel any better they would have made just as much of a mess if it was a normal case.

kingstreet

Deleted_User said:

If it makes you feel any better they would have made just as much of a mess if it was a normal case.

Heh, Heh.

BertieN

Deleted_User said:

a Joint Borrower Sole Proprietor case with Barclays is no more difficult than a normal joint case with Barclays (apart from 1 extra piece of paper).   The common denominator and why these cases tend to fall down is Barclays.   If it makes you feel any better they would have made just as much of a mess if it was a normal case.

What should I do to speed things up guys. Thank you all for the banter and good spirits 😊

BertieN

Thrugelmir said:

Complications depend on the application. What's not straightforward about it? 

Nothing, the whole thing is standard. No weird sources of income, and affordability checked literally months ago, as soon as the application was put through. 
Also, the ltv level (30%) is so low you'd think from a risk point of view the bank would be quick to approve.
Honestly, I have no idea what's going on but we need to speed things up and am starting to get really anxious. 

Thrugelmir

BertieN said:

Thrugelmir said:

Complications depend on the application. What's not straightforward about it? 

Also, the ltv level (30%) is so low you'd think from a risk point of view the bank would be quick to approve.

Banks are far less interested in equity than affordability.  Debt recovery is an expensive and time consuming exercise. Lenders first objective is to minimise the risk of repossession to the lowest possible denominator. 

BertieN

Thrugelmir said:

BertieN said:

Thrugelmir said:

Complications depend on the application. What's not straightforward about it? 

Also, the ltv level (30%) is so low you'd think from a risk point of view the bank would be quick to approve.

Banks are far less interested in equity than affordability.  Debt recovery is an expensive and time consuming exercise. Lenders first objective is to minimise the risk of repossession to the lowest possible denominator. 

Fair, in this case, affordabiliy is certainly not a problem, without going into much detail. What I really need help on is how to best navigate Barclays and get the process moving. There is a real risk of losing the deal otherwise. 2 and a half months since applicaion is way too long.

GrahamL67

Hi Bertie,
Did you ever get through the process with Barclays?
I'm looking to go JBSP and wondered if it's worth trying them.
Thanks.