Last chance saloon - Barclays

TheTruemans

Hey everyone!
Hope you’re having a great bank holiday weekend, Just wanted to share our mortgage experience and see if anyone has any advise or similar experience.
Me and my wife are buying our first home, We have viewed, offered and accepted. We found a mortgage broker and originally we were having a joint mortgage, due to my adverse credit and previous DMP our only option was with Kensington with a shocking rate and fee. Our solicitor recommended an IMA who suggested my wife solely takes out the mortgage, so we proceeded down this route initially being refused a DIP with NatWest, we then tried Nationwide, the DIP was accepted and full application in on the 12th May. 

We found out yesterday that due to our “Financial Association” the application was declined! - Gutted 
We have now gone back to our original broker with the details and within 6 hours, got a deal from Barclays, DIP accepted, desktop valuation completed and we will submit the full application Tuesday (Yay for bank holidays) 
Our broken is confident that this will be approved and we will have an offer due to the way Barclays underwrite credit association. 

This really is our last chance saloon and by god is stressful. 

Any advise, similar situations etc would be greatly appreciated.
Fingers crossed. 

Wes121708

Fingers crossed for you.
We were in a situation whereby our broker put us forward for a mortgage and was really confident after a dip was accepted however it was declined straight away and thank God it was! We ended up changing brokers and getting such a better deal. We've gone through about 5 weeks and four different lender's. Ended up getting accepted with two lender's!
This forum has been so helpful and I really don't think we would be in this position now without it! 

[Deleted User]

Done one with barclays in last few weeks due to this.  They dont care about associations.

Also, if desktop valuation has been done then it sounds like application is already submitted 

TheTruemans

Hey, so we spoke to our broker at the weekend and they said that the DIP was approved, The valuation was also complete and approved and that we’ve been credit checked and passed ok. Apparently we will find out from the underwriter this Friday. So pleased with how fast the turn around was with Barclays. 

Touch wood this will be our final big hurdle!

RJM90

Hope you get the mortgage! Keep us posted! 

TheTruemans

Thanks for your message!
Not sure weather to get a little excited but we my wife just received an email from Barclays saying “Welcome to Barclays online banking account number ending....” She already has a HTB ISA with Barclays and the account number ending matches. 

Probably just getting ahead of ourselves but not sure why we’ve had this letter through.

TheTruemans

Jesus, Mary, Joseph & The ‘wee’ Donkey the wait is finally over!

Friday was pretty tense with no further news from our MB or Barclays...
However woke up to a text this morning that our Mortgage offer had finally been approved! 

Thanks again everyone for your help and support! 

chasingfreedom

Wes121708 said:

Fingers crossed for you.
We were in a situation whereby our broker put us forward for a mortgage and was really confident after a dip was accepted however it was declined straight away and thank God it was! We ended up changing brokers and getting such a better deal. We've gone through about 5 weeks and four different lender's. Ended up getting accepted with two lender's!
This forum has been so helpful and I really don't think we would be in this position now without it! 

If its not too personal what was the reason for your decline? We've had a similar situation got DIP's but then fail the full application and other than a low deposit and high outgoings (which they know at DIP) no apparent reason given. Who did you end up being accepted with in the end?

chasingfreedom

TheTruemans said:

Jesus, Mary, Joseph & The ‘wee’ Donkey the wait is finally over!

Friday was pretty tense with no further news from our MB or Barclays...
However woke up to a text this morning that our Mortgage offer had finally been approved! 

Thanks again everyone for your help and support! 

Congratulations

TheTruemans

chasingfreedom said:

Wes121708 said:

Fingers crossed for you.
We were in a situation whereby our broker put us forward for a mortgage and was really confident after a dip was accepted however it was declined straight away and thank God it was! We ended up changing brokers and getting such a better deal. We've gone through about 5 weeks and four different lender's. Ended up getting accepted with two lender's!
This forum has been so helpful and I really don't think we would be in this position now without it! 

If its not too personal what was the reason for your decline? We've had a similar situation got DIP's but then fail the full application and other than a low deposit and high outgoings (which they know at DIP) no apparent reason given. Who did you end up being accepted with in the end?

Hi @chasingfreedom

All we were told by our MA was that it was due to our financial association and it’s the way Nationwide score people, so if one has fair credit and the other good it can make a bigger affect on the application.
We went back to our original mortgage broker who is absolutely incredible and got accepted with Barclays. She even last week got our fixed term rate reduced again.
We’re now at the latter stages of conveyancing and have been told we could be completing by the end of this month!