Barclays Bad Underwriters

Wongus

I am just wondering how usual this type of scenario occurs? And how much business firms lose from having underwriters who lack basic common sense and understanding. 

I am undergoing a re-mortgage application, I supplied a payslip, there was a question on the breakdown of my salary, I answered (add up the two amounts to get to the total), they then requested a letter from my employer confirming salary, which I supplied. Now they are asking for further payslips to confirm salary. At this point I decided to withdraw my application as I don't see this being the end of the frivolous information request. Between each point of contact there were a few days, so far it has been 20+ days and they still haven't been able to satisfy themselves on my salary   

dimbo61

All lenders have a legal duty to do checks and establish  if the customer can afford the mortgage.
A few years ago I was asked how much I paid for a haircut, any expensive hobbies etc.
Your the one asking to borrow money.
The days of self certification  mortgages and 120%LTV loans, Interest only residential mortgage are long gone.

ACG

There is a big hole in my wall from where I bang my head - specifically for Barclays cases. 
I dont use barclays anymore, my blood pressure cant take it. Its 50/50 on whether it flies through or you end up with offshore and going round in circles with ridiculous pointless requests. 

Wongus

dimbo61 said:

All lenders have a legal duty to do checks and establish  if the customer can afford the mortgage.
A few years ago I was asked how much I paid for a haircut, any expensive hobbies etc.
Your the one asking to borrow money.
The days of self certification  mortgages and 120%LTV loans, Interest only residential mortgage are long gone.

That's an interesting take on it, from my perspective it is really bad business to have underwriters who lack common sense. My mortgage is low LTV <50%, I am paying a £1000 fee, I am a straight forward case, I have provided a payslip and a letter from my employer, yet they are asking for another payslip to see exactly the same information. Mortgages are extremely profitable for firms, you'd think they would make an effort to secure the good cases. You don't want to upset customers who can go elsewhere?! 

Wongus

ACG said:

There is a big hole in my wall from where I bang my head - specifically for Barclays cases. 
I dont use barclays anymore, my blood pressure cant take it. Its 50/50 on whether it flies through or you end up with offshore and going round in circles with ridiculous pointless requests. 

Has it led to many complaints in your experience?

born_again

Some require 3 months payslips.

ACG

Wongus said:

ACG said:

There is a big hole in my wall from where I bang my head - specifically for Barclays cases. 
I dont use barclays anymore, my blood pressure cant take it. Its 50/50 on whether it flies through or you end up with offshore and going round in circles with ridiculous pointless requests. 

Has it led to many complaints in your experience?

I am not sure how to word the answer to that without potentially opening myself up to something.