Barclays Valuation to Offer Timeframe

mini_lidi

Anyone have a rough idea on timescales between Barclays receiving the valuation and the underwriting process? 

Lostthegame

It depends person to person, but for reference my application with Barclays took 8 days from start to finish.

mini_lidi

Lostthegame said:

It depends person to person, but for reference my application with Barclays took 8 days from start to finish.

Great thank you! 

Our full application was submitted on Tuesday, valuation occurred today. So now we just sit and wait 

Bookgal88

My buyer is going through Barclays and it seems to be taking a very long time (we're in London). He apparently applied at the beginning of Jan and I (the seller) haven't been contacted to arrange access for the valuation yet (or do they do it desktop/AVM?). My seller told me he had "verbal approval" from Barclays, but I have no idea what he meant by that. Anyone had experience of them approving the mortgage verbally but then taking a while to get the formal offer out?

hippocrates1

Bookgal88 said:

My buyer is going through Barclays and it seems to be taking a very long time (we're in London). He apparently applied at the beginning of Jan and I (the seller) haven't been contacted to arrange access for the valuation yet (or do they do it desktop/AVM?). My seller told me he had "verbal approval" from Barclays, but I have no idea what he meant by that. Anyone had experience of them approving the mortgage verbally but then taking a while to get the formal offer out?

Sounds like just a DIP and not a mortgage offer

Bookgal88

hippocrates1 said:

Bookgal88 said:

My buyer is going through Barclays and it seems to be taking a very long time (we're in London). He apparently applied at the beginning of Jan and I (the seller) haven't been contacted to arrange access for the valuation yet (or do they do it desktop/AVM?). My seller told me he had "verbal approval" from Barclays, but I have no idea what he meant by that. Anyone had experience of them approving the mortgage verbally but then taking a while to get the formal offer out?

Sounds like just a DIP and not a mortgage offer

Agreed. I've heard of people receiving texts etc. saying the mortgage has been approved and the offer arrives in the post a few days later, so I was hoping this might have been the case here. But I think he's only at DIP stage. Sigh. The wait continues.

Minerva85

Bookgal88 said:

My buyer is going through Barclays and it seems to be taking a very long time (we're in London). He apparently applied at the beginning of Jan and I (the seller) haven't been contacted to arrange access for the valuation yet (or do they do it desktop/AVM?). My seller told me he had "verbal approval" from Barclays, but I have no idea what he meant by that. Anyone had experience of them approving the mortgage verbally but then taking a while to get the formal offer out?

Yes this is my situation. Applied for a mortgage in september. Was approved subject to valuation survey; the valuation raised an issue with damp and Barclays (or e surv their surveyors) insisted the work had to be rectified to lend. 2 months later sent in all the guarantee certificates to prove work was done. Got told it was fine and an offer would be sent out, then got told 2 weeks after that they had an issue with the paperwork. Sat here still waiting for an offer with Barclays mortgage advisor blaming their survey company e surv for delays. I find them unreliable, vague and they dont put anything in writing which doesnt help. An infuriating experience! 

mini_lidi

Thanks for the replies!
we received our offer today
Took 8 days from full application to offer 

ajharding1980

Does anyone know if Barclays do the valuation as a final stage?  It appears I've already had the hard credit check.  Do you think they've done the financial underwriting?   Or could the valuation come first? 

mini_lidi

ajharding1980 said:

Does anyone know if Barclays do the valuation as a final stage?  It appears I've already had the hard credit check.  Do you think they've done the financial underwriting?   Or could the valuation come first? 

Did you apply direct or via a broker?

They do a heard Search a lot earlier via a broker I believe. 

Lostthegame

ajharding1980 said:

Does anyone know if Barclays do the valuation as a final stage?  It appears I've already had the hard credit check.  Do you think they've done the financial underwriting?   Or could the valuation come first? 

My hard search with Barclays was done at the DIP stage.