No AiP but happy to get your mortgage application

fred_88

Hi,
I requested an AiP from Barclays. We had a phone call as they needed more information and the guy said that due to my *circumstances* they are not able to issue an agreement in principle but once I have an offer accepted I can send my application and I could borrow 80% LTV.

Now my circumstances: I have been residing in the UK for 2 years and 3 months, and the employee said that is less than 3 years, but I noticed on the Barclays website it mentions 2 years as requirement and not 3.
Anyway, the employee said because of that, they can't issue an AiP but that doesn't mean that I cannot borrow. Once I have an offer accepted I was told to be in touch with him.
Now does the whole story make sense? Does it it mean if they don't give AiP then of course they won't lend when I apply?
How can I make sure they will lend before applying and doing the hard search on the credit?

Thanks

MFWannabe

Why have you applied direct to Barclays? 
Would you not be better using a broker that searches all available offers to you? 

Stenwold

I'd imagine it would be due to Barclay's AIP calculator having a set criteria built in which is more stringent than the Lending Policy allows, to ensure most cases that get an AIP then get an approved mortgage application. Anything that falls outside of the AIP criteria but within their Lending Policy would need a full mortgage application and underwriter to asses the case.

waribai

Yes, I had exactly the same conversation with Barclays. Can’t give you an AIP but do apply. My advice...go through a broker.

i) First and foremost, the Barclays interview is at least 2 hours and there is a very heavy pressurised sell of their insurance products. Also, their MA will have no idea of your credit report. So, any misunderstanding could result in your application being delayed.

ii) a good broker will take away the above stress but also should be able to tell you how realistic your chances are and how likely they are to lend you the requested amount. Because of their new lower lending caps, going direct you can go all the way through a 2-3 hour interview and simply be told that they can only lend you half the amount you requested.

iiii) Even more stressful is their IT which the MA asks you to upload documents to. It is horribly slow and unreliable. 
Going through a broker means you don’t have to encounter that and will save even more stress!

[Deleted User]

Brokers use a different, more modern, version of the Barclays system and I am 99% sure we can give AIP.   It will probably say something like 'accept subject to underwriter review' but as long as it passes the credit check and criteria has been checked prior to submission then thats as good as an accept anyway

ACG

It sounds like you did not pass the DIP but you have not failed the credit score.
Your application can be submitted and will be assessed on its merits. Always a risky decision to make but the times we have done this, I can think of more success stories than failures.