Mortgage application timescales

[lulabelleread]

Hoping you can all bring your experiences (and make me feel less anxious about mine taking ages).

Have applied for a mortgage via Barclays end of Jan, via financial advisor. Valuation of house happened 18/02, at the valuation the surveyor said it would be with Barclays the next day... nothing. On Monday 22/2 they said Thursday then Thursday 25/2 they said there had been a scanning error and mine was caught up in thousands, that had to be manually rectified.

Then they said they had everything and would give an answer friday, still nothing even over the weekend (FA has checked). Can anyone give timelines on the timescales of theirs? Is this normal for valuation to offer in covid times?

We got a mortgage with HSBC. Took a few days to get a decision. However, we had to keep hassling them. Every step of the process there was a glitch, an error or something. So for a process that took 7 working days we could have been waiting for months had we not kept calling them to move our application on.

Ours was confirmed the same day as the valuation via text. Took a week to get the formal paperwork. We use an independent mortgage broker and would expect him to chase if any issues (as he did with our previous mortgage). Is it a similar agreement with your FA?

Should say that ours was last month. 18 Jan.

Yes he's chased every day and just had "tomorrow" "or Thursday close of play", then we had "friday close of play", but still nothing. Seems Barclays are missing their self imposed deadlines and the sellers are stressing as the chain wants to get done ASAP and this is holding it up. Feeling so frustrated and worrying it's going to go on for ages!

I juat did a mortgage extension with Natwest.

It was all very quick except the valuation because the surveyor cancelled because of snow and then I had to contest the valuation because it was undervalued (I live in the middle of nowhere about 3 houses anywhere near by have sold in the last 10 years and 1 house nearby has dropped itrs price 3 times and been on the market for 3+ years. Makes valuations a finger in the air exercise).

Anyway, it was the underwriter who issued the authorisation for valuation. That meant the mortgage had essentially been approved prior to the valuation (i.e. affordability okay, paperwork okay, etc). After we eventually received the valuation it took a couple more days. Had to go back to the underwriter because the amount we were borrowing had reduced and then offer next day.

I would expect things to move very quickly once the valuation is received (assuming its not lower than expected)

Good luck!

Yeah that's what I'm worrying about now with an undervaluation as it's delayed and FA said that could be it. Shall see what today brings!

Hope the rest goes well with your purchase! I can't remember it being this stressful last time 😂 although that was 4 years ago so different times now.

If it helps, I found out about my undervaluation within 24 hours of the surveyor visiting, so it doesn't necessarily delay the process. No reason for them not to tell you ASAP and find out how you want to proceed. More likely just delayed in the system somewhere.

Thanks, we aren't actually purchasing, just extending our mortgage to do an extension. Though at this point moving might have been the better/cheaper choice! Sigh!

I'm just nervous about it taking so long the seller pulls out (we are their third buyer as previous 2 have fallen through for various reasons) and the upper chain is pushing. Although in reality it's only been 6 weeks or so since offer so still pretty fast Totally get how frustrating it is for them just waiting!
Good luck with your extension!!

Complain to Barclays using their official complaints procedure. I have found that banks suddenly manage to sort everything out when you go down that route.

Obviously only complain if you have a reasonable complaint, which it sounds like you do (scanning error).

Thanks will ask FA and see if that's something he thinks we can do. He says that every time he tries to contact them they won't talk on the phone and only online chat because of Covid which means we're going in circles not ever speaking to the same person or getting an answer!

I'm trying not to chase him throughout the day too much as I know he's working on it but I've got the twitch to constantly chase... thank goodness for work and puppy distractions!

We went with Halifax applied Monday 22nd Feb, valuation took place on Friday 26th Feb and we got our mortgage offer through today. It's been so easy and stress free. Would definately use a broker again. I would raise a complaint as thats an extremely long wait

Spoke to FA last at 3ish and he said he's already raised and complaint and still we have nothing. Why do I get the feeling I'll be sitting here tomorrow in the same position 😬 doubt there will be no further update today as it's so close to close of play for the day 😨

Raised a complaint* sorry!

@lulabelleread Have you heard back yet? Our valuation was over a week ago, there was an error with the paperwork which has delayed things. Really hoping we find out soon, we also keep being told we'll know in the next 48 hours

@PrincessConsuela12 No, but I've been in constant communication via email with a member of the Barclays mortgage team online now who has been super communicative. Saves me spending another 7 hours on hold... They are saying they hope tomorrow? But yesterday we had a letter from our EA saying if it's not sorted by tomorrow ready to exchange then we lose the house, so it seems they've only started moving because of this. Still waiting though!! No idea if we will make the deadline or not which is just making me thoroughly miserable.
Sorry to hear yours is delayed too, did they say what had happened with the paperwork?

@PrincessConsuela12 the update in between that was that Tuesday & Wednesday I spent a total of 7 hours on hold, ended up in Barclays branch to see if they could help crying out of frustration with the sellers sellers saying they were going to pull out. Managed to get the update that it was all there but that the valuation hadn't been ticked to be added to the documentation so 24 hours to do that (this was Tuesday) and then yesterday the letter and today the emails.

@lulabelleread oh goodness that sounds horribly stressful, I feel for you. Fingers crossed you get your confirmation in time.

Our error was because of the valuation paperwork, they had been given the old reservation form which had incorrect details on. New information given yesterday so it's a waiting game

@PrincessConsuela12 ah hope that gets sorted soon then!! I just don't know how there can be so many mistakes on stuff like this 😬 luckily I'm back to work in person tomorrow so less time to stress all day about this!!

We went with Halifax the offer took 24 hours with a desktop valuation. Our independent mortgage advisor recommended them even though they cost more & a higher interest rate, so we went for a shorter fixed time and will switch in a couple years.

Thank you @lulabelleread.

It baffles me! They don't seem to speak to each other either so everything takes twice as long

ITS JUST COME THROUGH 😭😭😭

Such a relief to finally have it, although I'm on a work meeting desperately trying to not be too distracted 😂 hope everyone else's come through soon. If you want any contact details for Barclays anyone struggling with them let me know

@PrincessConsuela12 also I totally agree. In an email I received it said stuff about how they know they need to recruit more people etc and departments unable to offer support to each other!