Debt consolidation remortgage

BigBus2017

So far with Barclays debt consolidation mortgage its been a rollercoaster ride and MB had to get the BDM involved. 

22nd Sept: Application submitted same day both soft and hard search. 

23rd Sept: Application doesn’t meet lending criteria due to affordability from the debt. The commitments was included in the application to be repaid using the additional borrowing. (That is the purpose for the borrowing). 

MB requested to send a PCV. 

3rd Oct: Desktop valuation carried out and valuation approved. 

4th Oct: Underwriters request for Barclays Debt declaration to be sent again. 

6th Oct: KYC team not happy with ID, (Passport) same ID used to get the original Mortgage (£230k). Now for £70k is not good enough. MB submits the same ID again however this time ID verified. 

11th Oct: Underwriters want to investigate and request more info regarding cycle2work commitment (£80pm) which has 5 more payments left. 

Total borrowing including the new additional borrowing £303k
income over £100k
disposable Income: £2.5kpm

And they want to investigate why my payslip has Cycle2work payment. It’s almost they never seen a salary sacrifice payment of £80pm from cycle2work. Its just legal tax saving. 

london21

BigBus2017 said:

So far with Barclays debt consolidation mortgage its been a rollercoaster ride and MB had to get the BDM involved. 

22nd Sept: Application submitted same day both soft and hard search. 

23rd Sept: Application doesn’t meet lending criteria due to affordability from the debt. The commitments was included in the application to be repaid using the additional borrowing. (That is the purpose for the borrowing). 

MB requested to send a PCV. 

3rd Oct: Desktop valuation carried out and valuation approved. 

4th Oct: Underwriters request for Barclays Debt declaration to be sent again. 

6th Oct: KYC team not happy with ID, (Passport) same ID used to get the original Mortgage (£230k). Now for £70k is not good enough. MB submits the same ID again however this time ID verified. 

11th Oct: Underwriters want to investigate and request more info regarding cycle2work commitment (£80pm) which has 5 more payments left. 

Total borrowing including the new additional borrowing £303k
income over £100k
disposable Income: £2.5kpm

And they want to investigate why my payslip has Cycle2work payment. It’s almost they never seen a salary sacrifice payment of £80pm from cycle2work. Its just legal tax saving. 

Good the application is in, I work within KYC/Financial crime.

Just answer all the requirements/requests and will be sorted soon.

Some of the requirements might seem basic/common sense but there are requirements to be checked and completed.