Visual - video title appears – ‘After your mortgage appointment – What happens next?’
Todd, a Barclays mortgage adviser, standing in a Barclays branch: Hi! My name is Todd and I work in the Barclays mortgage team.
John, from Barclays mortgages, standing in a Barclays branch: So your mortgage application is being submitted by your adviser. That's great! Applying for a mortgage with Barclays is really quite straightforward.
Todd: Mortgages can sometimes seem complicated, but we'll help you make it as easy as possible.
Michaela, a Barclays mortgage adviser, standing in a Barclays branch: We've introduced Track It to keep you up to date along the way.
John: Now, you can check how your application is progressing 24 hours a day, 7 days a week. So how does it work?
Visual – A quick animation of the process: an application form appears, followed by a man with a speech bubble, a desktop PC and a mobile phone, a tablet featuring the Track It log in page and then the web address www.barclays.co.uk/trackit
After we have received your application, you'll be sent your 10 digit mortgage application number, by email or text. Then all you need to do is enter that number and your current post code into our Track It facility at barclays.co.uk/trackit.
Michaela: If you like we can also send you updates via text message or email.
John: Once your mortgage interview is over and we've submitted your application to our underwriters with all your documents, what happens next?
Visual - An animation of an application form and a mortgage underwriter sitting at a desk using his computer. This is followed by a house with stacks of money next to it.
The first step is for one of our mortgage underwriters to check your application. Once approved, they will instruct the valuation on your property to go ahead. The valuation is for Barclays to get an independent view of what the property is worth in the current housing market.
Todd: At the same time, and if your application is to purchase a property, your solicitor will be checking that there isn't anything wrong with your new home, or the land it is built on, from a legal perspective. They do this by carrying out legal searches relating to the property, things like Local Authority searches and planning permission checks.
John: Whilst all this is happening, if you have applied for any Life or Life and Critical illness cover, make sure you respond to any requests from the insurer for documents or information as soon as possible.
Michaela: Being quick to reply will really help ensure that your cover is in place the moment you exchange contracts.
Todd: Once the underwriter is happy to agree your mortgage and the valuation of your property is accepted, you'll get your mortgage offer!
John: If you are applying for a further advance, you simply need to sign, date and return the mortgage offer in the supplied envelope and send it to us. But only do this if you want the funds released.
Tanzeela: This can be an exciting part of the process, but if you are buying a property or re-mortgaging from another lender, there is still some way to go before the application is complete.
Todd: So, what happens next?
Visual – A quick animation of a house with ‘mortgage offer’ text below, followed by a solicitor waving and then a mortgage deed document. A solicitor and customer sit at a desk and discuss fixtures and fittings.
Unless you're simply applying for further funds, once you've received your mortgage offer your solicitor will ask you to sign the mortgage deed. At the same time if you are purchasing a property they'll chat to you about any fixtures and fittings that can be left in the property or bought from the seller.
Tanzeela: After this, you will need to wait for your solicitor to arrange a date for the exchange of contracts.
John: Exchanging contracts means you formally agree to buy the property and pay the deposit.
Todd: This is when the seller and the buyer become committed and the sale becomes legally binding. You must make sure you have Buildings Insurance in place on the property from this date.
Visual - An animation showing a sold sign, followed by a laptop showing funds being transferred electronically, a solicitor sitting at a desk, the title deeds document and finally a house complete with keys and couple holding hands.
The day of completion is when your solicitor sends the funds to the seller and the ownership of the property transfers to you. This is a very exciting day when you get to collect the keys to your new home and start moving in.
Tanzeela: If you are re-mortgaging from another lender or applying for further borrowing, this is the day that your new mortgage starts, and any extra funds applied for, are released.
Todd: At Barclays, we want to continue to support you even after your mortgage has completed. For example, we will automatically register you for our Online Banking service.
John: So, once your mortgage has completed, you can use our Online Banking service or mobile app to check your mortgage details.
Michaela: You can look up your balance and any transactions you've made, and check your mortgage rate along with its remaining term. If you want, you can also set up regular overpayments or make one-off reductions on your mortgage.
Visual - An animation of a man waving saying with ‘Try the Cloud It service’ in a speech bubble. This is replaced by a customer sitting at a desk with documents going to and coming from the cloud next to them.
Another way we can help make life easier is with our free Cloud It service. Here you can store, view and manage your important documents safely and securely on line.
Tanzeela: So for example, this is where we'll automatically store all your mortgage statements, payment notices and notifications of your deal coming to an end.
John: You can then easily access all these documents anywhere, any time via our Online Banking or mobile app.
Todd: So is that it? Almost, but not quite! Don't forget that when your existing mortgage deal comes to an end, you can easily switch to another one of our mortgage products. It's simple - if you don't want any advice you can do this using our online rate switch facility, if you’re comfortable doing so. Or if you would like some advice, you can speak to one of our mortgage advisers or to an independent mortgage broker.
John: So that’s a summary of what happens after your mortgage application is submitted. If you'd like more information on our products and services please visit barclays.co.uk/mortgages.