40% deposit now required to get a mortgage!
Discussion
Barclays have withdrawn all mortgage products over 60% LTV in the wake of the Covid 19 crisis.
https://www.mortgagestrategy.co.uk/news/barclays-w...
Do we think most other high street lenders will be facing similar problems and be implementing the same soon?
https://www.mortgagestrategy.co.uk/news/barclays-w...
Do we think most other high street lenders will be facing similar problems and be implementing the same soon?
156651 said:
hyphen said:
Darkslider said:
I hope so, if this is a move that's going to extend to multiple lenders it'll scupper any FTB chances for some time.
Or prices will drop...Low interest rates may mean sellers can hang on though.
Nothing like a bit of scaremongering. 
Barclays are the only lender I'm aware of that have their underwriters and call centres in India, which has always been a nightmare and why I've refused to place any business with them for 15 years.
Everywhere else, it's largely business as usual........I submitted case at 9pm Sunday, offer issued 10:30am the next morning......
Keep calm and carry on, as they say......
Barclays are the only lender I'm aware of that have their underwriters and call centres in India, which has always been a nightmare and why I've refused to place any business with them for 15 years.
Everywhere else, it's largely business as usual........I submitted case at 9pm Sunday, offer issued 10:30am the next morning......
Keep calm and carry on, as they say......
hyphen said:
156651 said:
hyphen said:
Darkslider said:
I hope so, if this is a move that's going to extend to multiple lenders it'll scupper any FTB chances for some time.
Or prices will drop...Low interest rates may mean sellers can hang on though.
Don't think so. Sellers just won't sell.
Darkslider said:
'Amid office closures in India' I'd assume like many companies their call centres and underwriters and the like are based over there and now unable to function?
Barclays call centres are seemingly impossible to contact now. Wife was holding on for 2 1/2 hours last night then gave up.Edited by Darkslider on Wednesday 25th March 14:55
R.
Sarnie said:
Nothing like a bit of scaremongering.
Barclays are the only lender I'm aware of that have their underwriters and call centres in India, which has always been a nightmare and why I've refused to place any business with them for 15 years.
Everywhere else, it's largely business as usual........I submitted case at 9pm Sunday, offer issued 10:30am the next morning......
Keep calm and carry on, as they say......
Reassuring words there! As my above post I thought lenders basing offices in India was more common than it is. I'm pleased to hear this is looking like it will be isolated to Barclays and hopefully nobody else. Barclays are the only lender I'm aware of that have their underwriters and call centres in India, which has always been a nightmare and why I've refused to place any business with them for 15 years.
Everywhere else, it's largely business as usual........I submitted case at 9pm Sunday, offer issued 10:30am the next morning......
Keep calm and carry on, as they say......
I clicked on this thread because we are still playing to go ahead with a house extension later this year and will be funding it through additional mortgage.....
Barclays is now offering below 1% fixed rate for 2 years, and 5 year fixed at 1.47%.
In short the OP is just trolling, borrowing has never been cheaper.
Barclays is now offering below 1% fixed rate for 2 years, and 5 year fixed at 1.47%.
In short the OP is just trolling, borrowing has never been cheaper.
sl0wlane said:
I hear that it’s now very hard or impossible to have any kind of survey / QS done... so that has effectively put a pause on any new transactions... from a friend that runs a large mortgage broker.
Yep that’s right. I had a one booked for a BTL remortgage for yesterday morning. They’ve postponed until at least the 18th of April. I bet the value has dropped by the time they come out and I won’t get what I want.
Annoying thing is the mortgage guy I’m using forgot to tell his colleague to crack on so my file sat for over a week doing nowt.
If he hadn’t have forgotten to pass the info on, the valuation would have been done last week.
gangzoom said:
I clicked on this thread because we are still playing to go ahead with a house extension later this year and will be funding it through additional mortgage.....
Barclays is now offering below 1% fixed rate for 2 years, and 5 year fixed at 1.47%.
In short the OP is just trolling, borrowing has never been cheaper.
But is eligibility criteria stricterBarclays is now offering below 1% fixed rate for 2 years, and 5 year fixed at 1.47%.
In short the OP is just trolling, borrowing has never been cheaper.
marky911 said:
sl0wlane said:
I hear that it’s now very hard or impossible to have any kind of survey / QS done... so that has effectively put a pause on any new transactions... from a friend that runs a large mortgage broker.
Yep that’s right. I had a one booked for a BTL remortgage for yesterday morning. They’ve postponed until at least the 18th of April. I bet the value has dropped by the time they come out and I won’t get what I want.
Annoying thing is the mortgage guy I’m using forgot to tell his colleague to crack on so my file sat for over a week doing nowt.
If he hadn’t have forgotten to pass the info on, the valuation would have been done last week.
Some lenders can rely on AVMs but others don't so will cause some issues for some lenders.
gangzoom said:
I clicked on this thread because we are still playing to go ahead with a house extension later this year and will be funding it through additional mortgage.....
Barclays is now offering below 1% fixed rate for 2 years, and 5 year fixed at 1.47%.
In short the OP is just trolling, borrowing has never been cheaper.
I'd ask you to read not only my initial post properly, but the ones following it too. Trolling or scaremongering wasn't my intention in the slightest, which I'd hoped would come across in the questions I asked and then my responses.Barclays is now offering below 1% fixed rate for 2 years, and 5 year fixed at 1.47%.
In short the OP is just trolling, borrowing has never been cheaper.
As I'm in the middle of buying my first house I was concerned this was the tip of the iceberg and other lenders would be shortly following suit, I hadn't realised that Barclays was the only lender to base their offices in India. The majority of call centres I've had to contact in my time have all turned out to be out there so I wrongly assumed this would be a more widespread issue!
Apologies if the thread title made anyone's heart stop momentarily.
Gassing Station | Finance | Top of Page | What's New | My Stuff