Barclays Let to Buy

t2havock

Have an open Barclays Let to buy application through L&C 2.7.21
Have an open Residential mortgage application, open simultaneously with TSB. (Waiting for valuation 14.7.21)
After Barclays' fact finding (slow drip requesting documentation over the last 4 days, which we have provided promptly) they have requested Residential mortgage offer - which we won't have till (optimistically ) week of 19.7.21.
Broker advises this is normal.

Incidentally this is the second time we are doing this dance. (the whys are a sore topic, so skipping over).
We did the same process with Virgin/TSB in October 2020 but Virgin were sensible enough to know that if we do a let to buy that we won't have this ready to give them with the initial packaged documents so requested KFI and then requested to see the residential offer when they were at the point of offering, by which time we had got our TSB offer. Simples.

I'd be grateful if anyone has gone through a similar process and what are their experiences.

1. Does Barclays park the application till they see the TSB offer so nothing will happen for another 3 weeks at best
2. Do they continue processing - instruct the valuation and so on so that like Virgin they just offer on sight of the TSB offer?
  
I'm sure this would become obvious over the next fee days if we don't see a valuation instruction but just thought I'd ask the community. 

K_S

@t2havock Can't comment on Barclay's/your-case specifically but other lenders who have the same LTB criteria (need sight of mortgage-offer for onward resi purchase) will usually be happy with alternate proof.

For example, BM ask for a letter from the conveyancer addressed to them confirming that the property being purchased is with a mortgage, the future residential address and the purchase price. They then proceed to issue the offer.

If you are in a hurry, then might be worth asking your broker to check if there's anything else they will accept in its place. With Barclays it's hard to sometimes get a clear answer so if it's just a matter of waiting 10-12 days till the TSB offer is issued, that might be the easier option.

t2havock

@K_S Thank you. That's very helpful. Will investigate if this is an option!