Barclays Mortgage Timeline 2022

adjm91

silvercar said:

Galux said:

Here is our frustrating mortgage timeline:
23 Feb - application submitted
11 Mar - valuation
18 Mar - EWS1 form requested
20th Apr - EWS1 form received
26 Apr - more documents requested
After much chasing..
1 Jun - mortgage offer issued

Further queries about ground rent & service charge for our leasehold flat...
5 Aug - just about to exchange and Barclays have said they need to reissue the mortgage offer because it's taken so long (as if that's our fault).

Our application took 3 whopping months. After further queries from Barclays and constant chasing, we have now been they need new payslip/bank statement to reissue the offer because so much time has lapsed (absolute joke). Just when I thought we were about to exchange. Our entire sale has taken almost 6 months because Barclays have been dragging their feet every step of the way. Has anyone else had any recent issues with Barclays taking disgustingly long? Absolute joke they are.

Our Barclays mortgage offer was valid for 6 months. Sadly we look like missing that deadline by 2 days and they won't extend.

Just came here to say I was in a similar position. My purchase has been delayed since December 2021, but due to it being a probate sale. I enthusiastically got my mortgage offer in January thinking the confirmation of sale from the courts would be quick... It wasn't (blame covid, apparently). The courts finally issued the confirmation, 3 days before my mortgage offer ran out. It was only when I was about to complete that my solicitor noticed a discrepancy on the mortgage offer and asked Barclays to reissue... They didn't and the offer expired. They refused to honour it. I have had to since apply for a new mortgage and I think my broker has gotten them to escalate it, because they are partly to blame for me not completing back in July! 

New Timeline

10/08 - Mortgage applied 
10/08 - Hard credit search 
17/08 - Valuation booked (hoping mortgage is offered swiftly after this)

Barclays wont extend your mortgage offer because interest rates have doubled since February... I think that's the sad truth of the matter, as I believe it is for me. 

M87

Hi 

Just a quick one really, we have a current mortgage with Halifax but have had a few issues with them so are looking to switch from them to Barclays for a new house purchase. We received an AIP for the requested amount £365,000 and the full application submitted by our broker.

Via the track it website I found out they had requested further information - effectively the underwriters had reduced the lending down to just under £320,000 stating there was undeclared borrowing (PCP Agreement with Santander at £421.00pm) and the balance on credit cards being higher than those declared, we did advise all of these would be closed or cleared in full. I checked my credit file and Santander had failed to update my credit file and it failed affordability for the requested balance by £314pm.
I have chased Santander to get this updated after many hours on the phone, and have got a letter of clearance which has now been submitted and accepted by Barclays, along with up to date statements showing the lower balance on an AMEX card.

They have now come back requesting more document:
- Proof of funds for stamp duty
- Costs for conveyancing 
- Mortgage ERC for current property 
- Moving costs 
- Signed commitment to repay existing debt (£247.00 is the current and true value, as we had cleared this down from £10,000 using savings prior to application but simply hasn't updated on our credit files by the point of submitting the application).

I have sent across all the new documents for submission by my broker.

I understand about the affordability, not borrowing beyond means etc. is it normal for the most recent documents to be requested ? 

Assuming all of that is sorted what is the next stages and how long does it typically take for them to formally issue a mortgage, they carried out a Automated Valuation at the stage of application which came back as the figure we have agreed to purchase for.

Thanks

a_random

Hi All,

I'm new to the forum and wanted to share my timeline to date:

• 22nd Aug - DIP
• 22nd Aug - Hard credit search
• 23rd Aug - Application submitted
• 24th Aug - Valuation booked (according to Track It)
• 31st Aug - Chased broker who advised all lenders are on a go-slow and have huge backlogs. Apparently Barclays are 7 working days behind on all applications. SLAs for intermediaries should be 5 working days but with backlogs this is now at least 12 working days.

Has anyone had any luck/updates in the past few weeks? Looking at some of the most recent posts things have slowed down when the valuation has been booked.

The pessimist in me suspects lenders are slowing things down intentionally as they wait for a new rate rise announcement in Sept. I'd be surprised if I get an offer before the next rate rise, and if it does drag out I'm not sure if I'll be able to proceed with my purchase which sucks big time.

a_random

a_random said:

Hi All,

I'm new to the forum and wanted to share my timeline to date:

• 22nd Aug - DIP
• 22nd Aug - Hard credit search
• 23rd Aug - Application submitted
• 24th Aug - Valuation booked (according to Track It)
• 31st Aug - Chased broker who advised all lenders are on a go-slow and have huge backlogs. Apparently Barclays are 7 working days behind on all applications. SLAs for intermediaries should be 5 working days but with backlogs this is now at least 12 working days.

Has anyone had any luck/updates in the past few weeks? Looking at some of the most recent posts things have slowed down when the valuation has been booked.

The pessimist in me suspects lenders are slowing things down intentionally as they wait for a new rate rise announcement in Sept. I'd be surprised if I get an offer before the next rate rise, and if it does drag out I'm not sure if I'll be able to proceed with my purchase which sucks big time.

Following up on this, I called Barclays today who advised they had raised some queries with my broker who had to send over some additional documents, i suspect these were docs he didn't send over initially or Barclays missed them. These were sent back and are being reviewed. An "update will follow in due course via your broker" is what I was told. Not sure if that's good news or bad news... I guess I'll have to sit tight.

M87

Hi

In the same boat here, waiting on a positive update from Barclays. Going via a broker but the process seems so much longer than I remember when purchasing my 1st house using Halifax.

4th August AIP & Full Application:

11th August: Underwriter Request query 'undeclared debts/borrowing' I paid off a number of a car finance agreement, and 3 credit cards in anticipation of the application but this hasn't updated on my credit file. Max Lend dropped due to them believing I have these commitments but broker advises only missed out by £314 on affordability. The car finance was higher than this sum so she doesn't see an issue obtaining requested figure.
> Proof of clearance sent on 18th August to them.

23rd August: Underwriter Request query - Rejected one of the documents from above as It was an email from Santander consumer finance confirming clearance of car finance.
> New document send on 25th August 

31st August: Underwriter Request query - Wanting confirmation of how I will be clearing the outstanding debts, these were paid off using savings.
- Santander car finance - car sold and settled in full
- AMEX - Balance currently £0
- Sainsburys - Cleared and closed 
- Virgin - Cleared and closed 
I literally have no other debts, so its annoying that they are asking how these are being paid off as statements and letters of account closure have been supplied to them, and being a Barclays customer they can see me making the payment to these accounts.

Currently waiting on an update from them - 

M87

P.S. Does any know if Barclays run further credit checks before completion ?

RoseBerni

My son got his offer today from Barclays 
it’s taken about 6 weeks in total as Barclays wanted his P60 and he had trouble getting it and the original price when my son applied for was actually less when the housing association did their valuation so this took an extra week 

his broker said that each time she sent anything to Barclays they take five working days to review it 

Strangely they didn’t want his bank statements I don’t know if this is standard or not but I was surprised they didn’t want to see them . 

just his payslips and P60 and the usual ID stuff 

He used London & County Brokers 

silvercar

silvercar said:

Galux said:

Here is our frustrating mortgage timeline:
23 Feb - application submitted
11 Mar - valuation
18 Mar - EWS1 form requested
20th Apr - EWS1 form received
26 Apr - more documents requested
After much chasing..
1 Jun - mortgage offer issued

Further queries about ground rent & service charge for our leasehold flat...
5 Aug - just about to exchange and Barclays have said they need to reissue the mortgage offer because it's taken so long (as if that's our fault).

Our application took 3 whopping months. After further queries from Barclays and constant chasing, we have now been they need new payslip/bank statement to reissue the offer because so much time has lapsed (absolute joke). Just when I thought we were about to exchange. Our entire sale has taken almost 6 months because Barclays have been dragging their feet every step of the way. Has anyone else had any recent issues with Barclays taking disgustingly long? Absolute joke they are.

Our Barclays mortgage offer was valid for 6 months. Sadly we look like missing that deadline by 2 days and they won't extend.

We did in the end manage to complete.

Barclays will only extend a mortgage offer by 2 weeks. This is a hard rule. Initially they said that exchange had to happen before the original mortgage deadline, but we managed to persuade them to allow exchange after the original deadline. They then re-issued the mortgage offer with an extra 2 weeks validity. It had to be signed off by their valuers again. But we made it by the skin of our teeth.

a_random

M87 said:

Hi

In the same boat here, waiting on a positive update from Barclays. Going via a broker but the process seems so much longer than I remember when purchasing my 1st house using Halifax.

4th August AIP & Full Application:

11th August: Underwriter Request query 'undeclared debts/borrowing' I paid off a number of a car finance agreement, and 3 credit cards in anticipation of the application but this hasn't updated on my credit file. Max Lend dropped due to them believing I have these commitments but broker advises only missed out by £314 on affordability. The car finance was higher than this sum so she doesn't see an issue obtaining requested figure.
> Proof of clearance sent on 18th August to them.

23rd August: Underwriter Request query - Rejected one of the documents from above as It was an email from Santander consumer finance confirming clearance of car finance.
> New document send on 25th August 

31st August: Underwriter Request query - Wanting confirmation of how I will be clearing the outstanding debts, these were paid off using savings.
- Santander car finance - car sold and settled in full
- AMEX - Balance currently £0
- Sainsburys - Cleared and closed 
- Virgin - Cleared and closed 
I literally have no other debts, so its annoying that they are asking how these are being paid off as statements and letters of account closure have been supplied to them, and being a Barclays customer they can see me making the payment to these accounts.

Currently waiting on an update from them - 

That sounds painful! I hope your get a positive result.

We had our valuation on the 6th Sept. Track It hasn't been updated and my broker says to sit tight. They've apparently not asked for any further docs so I've just got to wait and see what happens. It's quite frustrating. 

When I purchased. My 1st house I had an offer within a week of applying. Barclays seem to be quite notorious for being slow and asking for more docs because they misplace them. 

a_random

M87 said:

P.S. Does any know if Barclays run further credit checks before completion ?

I don't believe they do unless there's a material change in your circumstances. I believe they run a hard search when they issue an AIP or when you submit your full application.