Barclays Mortgage Timeframe

alishac

Hi everyone, I know there have been a few threads and posts around this but I can’t see a recent one. 

We have reserved a new build property and are not in the process of applying for our first mortgage. We applied for our mortgage 31.3.21 and sent all of our documents to our mortgage broker. We signed the Barclays mortgage declaration 6.4.21. Yesterday our sales advisor at the new build development said our valuation has been booked in for 14.4.21. I have read that you often hear back about the mortgage offer in around 24 hours after the valuation. 

I can log in to Barclays Track It but it only shows the current status as the mortgage valuation pending. It doesn’t say the Start Application has been started even though it has, because we have completed all stages through our mortgage broker so I’m not relying on the Track It service to update us. 

Our mortgage broker is really good at keeping us updated and providing us with lots of information, she is brilliant. She has said it could be 3-6 weeks before we receive a mortgage offer. I am just wondering does the underwriting or valuation come first with Barclays? Will Barclays have reviewed our documents and application by now? We haven’t had any credit searches done yet by Barclays in regards to our mortgage application. 

I’m so nervous that we won’t get the house! We are first time buyers and not familiar with all this stuff. 

eve824

Well, I have never had a Barclays mortgage but I will say that the buyers at the bottom of our chain did and it nearly caused the entire chain to collapse due to Barclays being slow at EVERYTHING. I couldn't believe how poor they were actually. So I would say be prepared for quite a wait!

dungabeagle

I had my offer with Barclays back within 24 hours! 

We had an automated valuation as it wasn’t a new build but from my understanding the valuations could have taken up to 5 working days to be returned after being carried out(if it was needed) then another 5 working days to be reviewed by the underwriters.

If you Google “Barclays for intermediaries” you should be able to find the website that the brokers use which should give you timescales- I’ve just had a little look and it still says 5 working days. 

alishac

dungabeagle said:

I had my offer with Barclays back within 24 hours! 

We had an automated valuation as it wasn’t a new build but from my understanding the valuations could have taken up to 5 working days to be returned after being carried out(if it was needed) then another 5 working days to be reviewed by the underwriters.

If you Google “Barclays for intermediaries” you should be able to find the website that the brokers use which should give you timescales- I’ve just had a little look and it still says 5 working days. 

Thanks for the reply. I’ll have a google of that. So does it go to valuation first and then our documents are reviewed by the underwriters and the hard credit searches done? 

alishac

eve824 said:

Well, I have never had a Barclays mortgage but I will say that the buyers at the bottom of our chain did and it nearly caused the entire chain to collapse due to Barclays being slow at EVERYTHING. I couldn't believe how poor they were actually. So I would say be prepared for quite a wait!

Oh dear, that’s not good. There’s a mix of timeframes when looking at the other threads. Some people waiting just days for their mortgage offer, others who are waiting months. I’m hoping we don’t have to wait too long. Their website states 4-6 weeks. 

ele_91

Our offer was back within 24 hours too and we’ve changed property 3 times and new offer has come back within a couple of days. 

alishac

ele_91 said:

Our offer was back within 24 hours too and we’ve changed property 3 times and new offer has come back within a couple of days. 

Wow that’s quick! I really hope we hear back soon. Do you know if the underwriting or valuation come first with Barclays? We haven’t had any hard credit searches show up on our report yet, other than the one that Barclays did for our DIP. 

dungabeagle

alishac said:

Thanks for the reply. I’ll have a google of that. So does it go to valuation first and then our documents are reviewed by the underwriters and the hard credit searches done? 

From what I understand it’s neither one or the other- if they have time to fit in the valuation before the full documents have been assessed then there’s nothing stopping them from doing so! 

If you already have an application with them with a tracking number the hard credit check should already have happened- I got an email from credit karma (I think?) literally as the application was being submitted that Barclays had done a hard check! 

alishac

dungabeagle said:

alishac said:

Thanks for the reply. I’ll have a google of that. So does it go to valuation first and then our documents are reviewed by the underwriters and the hard credit searches done? 

From what I understand it’s neither one or the other- if they have time to fit in the valuation before the full documents have been assessed then there’s nothing stopping them from doing so! 

If you already have an application with them with a tracking number the hard credit check should already have happened- I got an email from credit karma (I think?) literally as the application was being submitted that Barclays had done a hard check! 

I wish it was made clear what they did. I like to know it all in depth haha. 

We have had one hard credit search from Barclays 20.3.21 which shows on Credit Karma and this was the date our DIP was done which was approved. I have read on other threads that Barclays are one of the few lenders that do the hard search with the DIP. We haven’t had any further hard credit searches so unsure if it’ll just be the one with the DIP that Barclays do? 

ele_91

I haven’t seen a credit search at all to be honest other than a DIP I did with Halifax in November, decided not to go with them though as Barclays had a better rate when it came to making an offer. We are a very straightforward case with a good deposit though; both salaried, in our jobs for several years, stable income and not borrowing near the upper limit. I imagine with more complex income it might take longer. Your broker should be able to get an update if you ask though, that’s why you use them.

alishac

ele_91 said:

I haven’t seen a credit search at all to be honest other than a DIP I did with Halifax in November, decided not to go with them though as Barclays had a better rate when it came to making an offer. We are a very straightforward case with a good deposit though; both salaried, in our jobs for several years, stable income and not borrowing near the upper limit. I imagine with more complex income it might take longer. Your broker should be able to get an update if you ask though, that’s why you use them.

Maybe I shouldn’t expect to see another hard search on there then, I’m not too sure. We are a simple case too. I’m a nurse in the NHS and my partner is in manufacturing so both stable jobs with decent salaries. We are borrowing much less than our DIP came back as and our mortgage broker says she is very confident we will be accepted and shouldn’t have any issues. I just can’t help but stress about it all and so worried we won’t be accepted.