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Mortgage lender took so long to decide it collapsed the chain

Our prospective lender, Barclays, has taken so long - over 2 months - to come to a decision that the vendors have now pulled out of the deal and put the property back on the market. Despite repeated assurances that they would get back to us by a certain day, nothing happened. Even after our broker escalated it to the highest level she could, with the assurance of a 4 hour response, we’ve heard nothing. We’ve supplied all supporting documentation they’ve asked for, and they’ve even asked us multiple times for documents we’d already supplied.

I can’t understand what is going on. Were being ghosted by our lender!

Have we got recourse here for compensation? We’ve probably lost out on the purchase of the ideal home for us - the opportunity cost can’t really be calculated. Even if a deal is forthcoming now, we’ve definitely burnt all the good will available. Were probably going to loose out on the sale of our current house as well, as our buyer is already at the end of this tether waiting to get the contract signed, and we’re in no position to do so as we now don’t have anywhere to move to.

Tl;dr - Barclays caused our house purchase and sale to collapse because they are incompetent

Comments

  • Doozergirl
    Doozergirl Posts: 33,775
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    In a word, no.

    2 months isn't great but it's not exactly forever. It was your vendor's decision to re-market.

    Perhaps it can be salvaged.
    Everything that is supposed to be in heaven is already here on earth.
  • muhandis
    muhandis Posts: 994
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    Barclays are s*h*I*t. Our offer was delayed by 2 weeks because of an "IT glitch". They then proceeded to send us an offer with the incorrect address which then took another 2 weeks to correct.

    Our broker warned us that they were slow, incompetent and impossible to chase, but unfortunately they were the only mainstream lender available for our BTL requirements. He said that he dreads placing cases with Barclays because it frequently ends up with unhappy clients who refuse to believe the reasons he gives on behalf of Barclays.

    I hope your broker at least gave you fair warning?

    To answer your question, I don't think you'll get any compensation for the issues caused by their incompetence.
    Rennarda wrote: »
    Our prospective lender, Barclays, has taken so long - over 2 months - to come to a decision that the vendors have now pulled out of the deal and put the property back on the market. Despite repeated assurances that they would get back to us by a certain day, nothing happened. Even after our broker escalated it to the highest level she could, with the assurance of a 4 hour response, we’ve heard nothing. We’ve supplied all supporting documentation they’ve asked for, and they’ve even asked us multiple times for documents we’d already supplied.

    I can’t understand what is going on. Were being ghosted by our lender!

    Have we got recourse here for compensation? We’ve probably lost out on the purchase of the ideal home for us - the opportunity cost can’t really be calculated. Even if a deal is forthcoming now, we’ve definitely burnt all the good will available. Were probably going to loose out on the sale of our current house as well, as our buyer is already at the end of this tether waiting to get the contract signed, and we’re in no position to do so as we now don’t have anywhere to move to.

    Tl;dr - Barclays caused our house purchase and sale to collapse because they are incompetent
  • Socajam
    Socajam Posts: 1,238
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    Here's a thought: Did Barclays call you or did you go to them for a mortgage?

    Why not look for a short term rental, put your stuff in storage and sell your house. Yes, it is inconvenient, but that's life because some times nothing goes according to plan.
  • bobwilson
    bobwilson Posts: 595 Forumite
    You want to sue someone for taking their time to decide whether or not they want to lend you money? Imagine if a new law was made to make it illegal to take your own time making decisions regarding your own money. Interesting what this world has come to...!
  • BrassicWoman
    BrassicWoman Posts: 3,201
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    Other mortgage lenders were available.
    2021 GC £1365.71/ £2400
  • wesleyad
    wesleyad Posts: 754
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    We found barclays pretty rubbish as well. Our broker was on to them almost daily for a simple BTL remortgage that took months. One of the more amusing hold ups was not accepting bank statements for proof of address and rental income.. The bank statements were from Barclays ;p
  • Comms69
    Comms69 Posts: 14,229
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    Rennarda wrote: »
    Our prospective lender, Barclays, has taken so long - over 2 months - to come to a decision that the vendors have now pulled out of the deal and put the property back on the market. Despite repeated assurances that they would get back to us by a certain day, nothing happened. Even after our broker escalated it to the highest level she could, with the assurance of a 4 hour response, we’ve heard nothing. We’ve supplied all supporting documentation they’ve asked for, and they’ve even asked us multiple times for documents we’d already supplied.

    I can’t understand what is going on. Were being ghosted by our lender!

    Have we got recourse here for compensation? We’ve probably lost out on the purchase of the ideal home for us - the opportunity cost can’t really be calculated. Even if a deal is forthcoming now, we’ve definitely burnt all the good will available. Were probably going to loose out on the sale of our current house as well, as our buyer is already at the end of this tether waiting to get the contract signed, and we’re in no position to do so as we now don’t have anywhere to move to.

    Tl;dr - Barclays caused our house purchase and sale to collapse because they are incompetent


    No. Barclays are not obliged to accommodate you. They can take as long as they want in reaching a decision in a voluntary agreement like this.
  • Lokolo
    Lokolo Posts: 20,861
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    Barclays were awful to me last summer. They put in the incorrect address (20 Roadname, rather than 20 Flat, Roadname). They even carried out two valuations as the change in address triggered their systems to get another valuation. The valuation had the correct address, the mortgage offer didn't.

    It took 6 phonecalls from myself, 3 from broker, and 4 months to resolve. They did refund the mortgage fee because of my complaint though.
  • AdrianC
    AdrianC Posts: 42,189
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    Rennarda wrote: »
    Have we got recourse here for compensation?
    No.

    Barclays simply couldn't decide whether they wanted to lend to you or not. What if they'd said no?

    There are plenty of other lenders. You could have gone with any of those when it started to appear this one was being slow. Even once you'd got the decision, the sale could have fallen through for any of a myriad of other reasons, anyway.

    Even by the low general standards of banks, that particular one really are a waste of oxygen, and in a class of their own.
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