Barclays Mortgage

cegirl30

Currently going through a first time buyer mortgage application. (joint borrower sole proprieter with sister)

06/12/21 - application sent to barclays via mortgage 
07/12/21 - mistake on sister's bank name so they required us to get that rectified. Independent legal advisor form had to be sent for sister.

10/12/21 - Valuation is being done.

I'm really nervous and hoping they will approve. Currently 3 months into my grad job, managed to save up for a deposit during uni. 

dimbo61

So you have found a property ?
Why are you buying with your sister ?
Are you both going to live in the property ?
This means you have both used your FTB status ( not really important unless you have HTB LISA ISA ? )
Have you both agreed what will happen if one of you wants to buy your own home later on ?
Equity 50/50 or different if your putting in the deposit 

[Deleted User]

dimbo61 said:

So you have found a property ?
Why are you buying with your sister ?
Are you both going to live in the property ?
This means you have both used your FTB status ( not really important unless you have HTB LISA ISA ? )
Have you both agreed what will happen if one of you wants to buy your own home later on ?
Equity 50/50 or different if your putting in the deposit 

None of the above questions are relevant to OP's questions, you are just being nosey

OP - Barclays are very straightforward for JBSP from an underwriting perspective.  Systems sometimes get messy but the actual assessment will just be checking the payslips match the information keyed and thats pretty much it.  They dont usually ask for bank statements, only ask for p60 if using a lot of variable income. 
The valuation being booked doesnt mean much as thats done automatically when application is submitted.  

Make sure you get the ILA form back to them asap as they wont be able to issue the offer without it, and then arrange the ILA appointment for a few weeks later to give time for all the paperwork to reach the independent solicitors. 

Barclays underwriting is very system driven so if you are at this point then no reason so panic, you are passing all the checks so far

[Deleted User]

dimbo61 said:

So you have found a property ?
Why are you buying with your sister ?
Are you both going to live in the property ?
This means you have both used your FTB status ( not really important unless you have HTB LISA ISA ? )
Have you both agreed what will happen if one of you wants to buy your own home later on ?
Equity 50/50 or different if your putting in the deposit 

Also its just plain incorrect, the whole point of a JBSP mortgage is that only 1 person holds the ownership of the property so only OP will be buying the property. Equity cant be split 50/50 as sister doesnt own anything, she cant lose her ftb status if she still has one as she isnt buying anything

cegirl30

Deleted_User said:

dimbo61 said:

So you have found a property ?
Why are you buying with your sister ?
Are you both going to live in the property ?
This means you have both used your FTB status ( not really important unless you have HTB LISA ISA ? )
Have you both agreed what will happen if one of you wants to buy your own home later on ?
Equity 50/50 or different if your putting in the deposit 

None of the above questions are relevant to OP's questions, you are just being nosey

OP - Barclays are very straightforward for JBSP from an underwriting perspective.  Systems sometimes get messy but the actual assessment will just be checking the payslips match the information keyed and thats pretty much it.  They dont usually ask for bank statements, only ask for p60 if using a lot of variable income. 
The valuation being booked doesnt mean much as thats done automatically when application is submitted.  

Make sure you get the ILA form back to them asap as they wont be able to issue the offer without it, and then arrange the ILA appointment for a few weeks later to give time for all the paperwork to reach the independent solicitors. 

Barclays underwriting is very system driven so if you are at this point then no reason so panic, you are passing all the checks so far

Oh right I see, so far both me and my sister has provided our 3 months pay slips and 3 months bank statement. My sister has been in her job for 3 years (part time) mine is a full time job but I've only been at this job for 3 months. Yes my broker had sent the ILA form on 10.12 (Friday). The only reason I am panicking is incase they think that me being in 3 months employment is too short (unreliable). 

cegirl30

dimbo61 said:

So you have found a property ?
Why are you buying with your sister ?
Are you both going to live in the property ?
This means you have both used your FTB status ( not really important unless you have HTB LISA ISA ? )
Have you both agreed what will happen if one of you wants to buy your own home later on ?
Equity 50/50 or different if your putting in the deposit 

To answer your question

1. Yes I have found the property
2. I am buying with my sister because my income alone cannot afford the property with my 10% deposit so adding her meant I was able to borrow more.
3. No only I will be living at the property.
4. I believe as this is a joint borrow sole proprietor she will have not used her FTB status.
5. Yes we have.
6. The property is solely mine and I am putting in the deposit. We have already discussed that.

cegirl30

Deleted_User said:

dimbo61 said:

So you have found a property ?
Why are you buying with your sister ?
Are you both going to live in the property ?
This means you have both used your FTB status ( not really important unless you have HTB LISA ISA ? )
Have you both agreed what will happen if one of you wants to buy your own home later on ?
Equity 50/50 or different if your putting in the deposit 

Also its just plain incorrect, the whole point of a JBSP mortgage is that only 1 person holds the ownership of the property so only OP will be buying the property. Equity cant be split 50/50 as sister doesnt own anything, she cant lose her ftb status if she still has one as she isnt buying anything

You're absolutely right!

cegirl30

Also will Barclays only send out the paperwork to the independent solicitors if my application is looking good or likely to be approved? I Ideally don't want to be spending unnecessary money on an ILA for them to reject me after. Just overthinking probably. I guess it's got to be done. My ILA will only charge me once they receive paperwork from the Barclays and before they send it back after their call.

[Deleted User]

cegirl30 said:

Also will Barclays only send out the paperwork to the independent solicitors if my application is looking good or likely to be approved? I Ideally don't want to be spending unnecessary money on an ILA for them to reject me after. 

Doesn't matter.  You need to do it if you want the mortgage so you just crack on and hope for the best. 

[Deleted User]

Barclays send the paperwork to your sisters solicitors to give ILA at the same time they issue the offer to your solicitors.  The ILA solicitors need to return a pack to confirm they have given advice.  This is usually done well in advance of the rest of the transaction being ready.  The broker will be able to see when this has been returned as it will be ticked off the case requirements on the portal

cegirl30

Deleted_User said:

Barclays send the paperwork to your sisters solicitors to give ILA at the same time they issue the offer to your solicitors.  The ILA solicitors need to return a pack to confirm they have given advice.  This is usually done well in advance of the rest of the transaction being ready.  The broker will be able to see when this has been returned as it will be ticked off the case requirements on the portal

Thank you so much for your help Hope to hear from them soon, will let you know on the outcome!