First Time Buyer Barclays Mortgage

alishac

Hi everyone. Does anyone know when Barclays do the credit checks for a mortgage application?

We have reserved a new build and are first time buyers. We did our decision in principle with Barclays through our own mortgage broker 20.3.21 and a hard search from Barclays showed on our credit report. 

We submitted our mortgage application 31.3.21 and sent all of our documents to our mortgage broker. We signed the mortgage declaration from Barclays 6.4.21 and we were told yesterday that our valuation has been booked in for 14.4.21. 

We still haven’t had anymore hard credit searches appear on our credit report and TransUnion updates daily. I have read that Barclays are one of the few to do the hard credit search at the decision in principle stage. Is this true? Does anyone know if our application is looking like it’s going well now that the valuation has been booked in? 

m4x1ne

I don't know exactly how Barclays work, but I also had them run one hard search run just before the application was sent off. I've got the mortgage offer now and no more hard searches were run. 

alishac

m4x1ne said:

I don't know exactly how Barclays work, but I also had them run one hard search run just before the application was sent off. I've got the mortgage offer now and no more hard searches were run. 

Thanks! So did you just have one hard search when the Barclays decision in principle was done? How long after the valuation did it take for you to receive your mortgage offer? Also, how long from submitting the Barclays mortgage application to receiving the offer did it take? Sorry for all the questions. 

K_S

@alishac When done through a broker, Barclays does a hard-check at DIP stage and uses the same hard check for the full application.

For straightforward PAYE applications that require minimal manual review, the delay (if any) is usually if a physical val is required.For these kind of cases, once the valuation is done, it often goes to offer the same/next day.

alishac

K_S said:

@alishac When done through a broker, Barclays does a hard-check at DIP stage and uses the same hard check for the full application.

For straightforward PAYE applications that require minimal manual review, the delay (if any) is usually if a physical val is required.For these kind of cases, once the valuation is done, it often goes to offer the same/next day.

Thanks so much, that’s reassuring regarding the hard searches. We have had the one done for the DIP by Barclays and we are using a mortgage broker who has been brilliant. We have our valuation booked in next Wednesday. Do you know how long it usually takes to receive a mortgage offer after this?

alishac

Sorry K_S I’ve just realised you’ve put how long it takes to go to offer after the valuation. Thank you. 

Also, we will potentially have to extend our mortgage offer as the house isn’t due for completion until October/November with it being a new build. Our mortgage advisor has said that Barclays will offer this if required and another hard search will be done. Is this usually straight forward? We won’t be applying for any more credit, changing job in the meantime etc so it should all be the same. 

K_S

alishac said:

Sorry K_S I’ve just realised you’ve put how long it takes to go to offer after the valuation. Thank you. 

Also, we will potentially have to extend our mortgage offer as the house isn’t due for completion until October/November with it being a new build. Our mortgage advisor has said that Barclays will offer this if required and another hard search will be done. Is this usually straight forward? We won’t be applying for any more credit, changing job in the meantime etc so it should all be the same. 

@alishac With no changes in income or affordability, I wouldn't expect there to be any signficant issues, unless of course we have something drastic happen like Covid last spring.

Apologies, I missed the part about the new-build in your first post. Offers post new build valuations often take a bit longer than standard purchases.

alishac

K_S said:

alishac said:

Sorry K_S I’ve just realised you’ve put how long it takes to go to offer after the valuation. Thank you. 

Also, we will potentially have to extend our mortgage offer as the house isn’t due for completion until October/November with it being a new build. Our mortgage advisor has said that Barclays will offer this if required and another hard search will be done. Is this usually straight forward? We won’t be applying for any more credit, changing job in the meantime etc so it should all be the same. 

@alishac With no changes in income or affordability, I wouldn't expect there to be any signficant issues, unless of course we have something drastic happen like Covid last spring.

Apologies, I missed the part about the new-build in your first post. Offers post new build valuations often take a bit longer than standard purchases.

Fingers crossed nothing like that happens again! Oh really, I hope it doesn’t take too long. Do you know roughly how long it takes to get a mortgage offer after a new build valuation? Would love to know that week but I’m aware it could take longer. 

alishac

Just to update everyone, we got our mortgage offer on Tuesday! Now to stress about all the other steps haha. 

pillowcase15

Did they do another hard check @alishac?
I had a decision in principle on the 11th April and full application and declaration signed on the 27th April. Valuation was done mid May. They requested recent bank statements on the 11th May and a week ago they looked for additional proof of address. MA reckons we should know this week but they still haven't done another hard check. 

alishac said:

Just to update everyone, we got our mortgage offer on Tuesday! Now to stress about all the other steps haha.