View more on these topics

Barclays closes case booking system

Barclays is closing its online case booking system for intermediaries due to a technical issue.

The system will be closed from 5pm today until 8am on Monday, subject to all maintenance work being conducted successfully.

A spokeswoman for Barclays says: “This means that brokers will not be able to book cases over the weekend but they will still be able to submit and package any cases they have booked with us over the last five days.

“We apologise for any inconvenience this may cause.”

Last week Barclays reduced its funding tranches in an attempt to control demand, leaving many brokers unable to book funds.

The restrictions have not yet been lifted and earlier this week the lender increased rates on some of its fixed rate mortgages in a further effort to manage levels of business.

Recommended

2

The Mortgage Mole

It is all over It appears television funnyman Nick Hancock will not be giving up his day job anytime soon and returning to the world of mortgage broking.

Self-build is ready for high street attention

In 2011 Datamonitor predicted that self-build would be the best performer in terms of growth over the next five years, with gross lending rising to a startling £1.9bn by 2015.

MPC holds both QE and rates at March meeting

The Bank of England’s Monetary Policy Committee voted to keep interest rates on hold at 0.5% and to maintain the size of the asset purchase programme at its March meeting. The committee boosted the size of its asset purchase programme by £50bn in its February meeting, taking it to a total of £325bn. Vicky Redwood, […]

How to use wills to protect your clients’ wishes

March was Free Wills Month! Free Wills Month brings together a group of well-respected charities to offer members of the public aged 55 and over the opportunity to have their simple wills written or updated free of charge by using participating solicitors in selected locations around England and Wales. Research by the Law Society* highlighted that only 64 […]

Newsletter

News and expert analysis straight to your inbox

Sign up
Comments
  • Post a comment
  • Bobby 19th March 2012 at 9:43 am

    Thanks for the support people. I hope my ” final letter ” helps some people to think and see clearly. Obviously I do not want my personal details public as there are some personal details in the letter but I am sure many can relate to it. I think it is a very sad state of affairs and after a few false dawns the way it has gone this year confirms for me its over now. We offer a tremendous service and my hundreds of clients want to use me but can’t. Can you see a Bank ” advisor ” going to see a client on a Sunday morning at their home ? or at 8 pm during the week ? Its criminal we have been slaughtered and if we were miners there would be public protests on the streets but as we are just ” suits ” no one cares but the devastation on our industry and personally to finances, relationsips, health have been equally devastating but no one cares. The FSA are laughing in Canary Wharf as are the CEO’s of the lenders. Good luck to everyone.

    Bobby

  • T P 18th March 2012 at 1:22 am

    I have forwarded your letter to my MP, bobby. My circumstances are almost identical. I was one of the very first mortgage brokers, started 25 years ago; never did self-cert;never sold PPI; no arrears or repossessions ever; have lent my own money on occasion, to help clients pay a survey or whatever etc etc etc. Been surviving on savings for nearly five years. What right do they have to ban interest only, and how can they sleep at night. They should have regulated the cowboys and stopped the bad practices before the horse bolted. They continue to take obscene salaries, and continue to make things worse, not better.

  • john smith 16th March 2012 at 10:17 pm

    Bobby,I think you have summed it up perfectly and I think alot of brokers would follow you out of the market if they had an exit strategy. most of us are hanging on for dear life hoping things will change but it always feels like 1 step forward 2 steps back. lending will never return to pre 2008 levels and despite the lip service we receive from BDMs “we are committed to the intermediary market” blah blah this is probably as good as its gonna be for a few years.

  • Phil Shelford 16th March 2012 at 5:13 pm

    I feel for you Bobby as I too have seen my income fall by over 60k a year since 2007. I am one of the lucky ones though as I have today had a job offer away from this madness. I wish every broker left success but I honestly believe that broking is dying and sometimes you have to know when you are beaten. Good luck with the job hunting

  • Phil Shelford 16th March 2012 at 5:13 pm

    I feel for you Bobby as I too have seen my income fall by over 60k a year since 2007. I am one of the lucky ones though as I have today had a job offer away from this madness. I wish every broker left success but I honestly believe that broking is dying and sometimes you have to know when you are beaten. Good luck with the job hunting

  • Bobby 16th March 2012 at 4:45 pm

    Go and make a cup of read first as this is a long read.

    I have decided today to throw the towel in. Life is too short for this. Being a mortgage broker must be the hardest and most sould destroying job in the country now.

    My income is around 1/3 for the last 4 years of which it was pre 2008. the only reason I am still standing is my parents have plouged in around £ 30k to help me by and not to go bankrupt and lose my business and house.

    My income working 24, 7, 365 is around £ 20k gross and £ 10k net and I reckon most brokers are on this sort of level or less.

    Pre 2008 earning £ 40-£ 50k it was worth the hassle, compliance and lenders admin centre’s but at £ 20k it must certainly is not.

    Mortgage volumes will continue to shrink to virtually nothing. New mortgages will be around 30000 a month, 75000 needed for a functioning market and re mortgages will drop below 20000. The SVR rises will not create a re mortgage bonanza as some deluded commentators have suggested as 8 out of 10 people who may want to re mortgage will not be able to because of ridiculous over the top criteria, a computer says no mentality and no appetite to lend. Self employed, self cert, any minor and I mean minor adverse, any ltv over 75% and an effective banning of interest only and 8 out of 10 millions mortgage borrowers will not be able to move.

    This will mean lenders will just service their mortgage books and their mortgage prisoners on whatever svr they choose to charge them. This is ideal for lenders as their profits will go up and no more having to pay any proc fees.

    The banks will dual price us out of the market on new mortgages and dual service and dual lend, meaning the clients will get a better rate, quicker admin and borrow more if they go through the bank than us.

    The lenders are on a path of complete annihilation of the intermediary sector.

    Even Halifax product transfers now require fresh underwriting which means they will probably say no and force them to stay on the svr and again , higher profit margins and no proc fees.

    Insurance is all good and well but holds a clawback liability for 4 years usually and God only knows what will happen next year with equalisation, a fresh batch of clawbacks ?

    My sanity, health and income have been destroyed and due to all this I am 3 months behind on my own mortgage and in a DMP. The sick joke is the FSA will probably regard me as ” not fit to trade ! ” No person in the land could stand a 60% drop in income for 4 years.

    Accord pulling all their rates, Abbey and their ridiculous new criteria, Woolwich and their reduced tranches and not being possible to book a rate, I could go on.

    I have been very hard working and conscientious all my working life as a broker and have helped thousands of people in the last 20 years with good, honest advice and great service but I have had enough now.

    I will take the weekend to plan my exit strategy but it is looking bleak for a new career at the moment so all in all things have hit rock bottom.

    Good luck to all my fellow brokers. If mortgage strategy would care to make this the letter of the week I could at least console myself with a bottle of Whisky !

    Bobby

  • A Griggs 16th March 2012 at 4:43 pm

    I’ve been in financial services for over 10 years and Woolwich have never had a good name with the many brokers I know and probably never will the way they conduct their business !! Its a shame as the Woolwich do have some good deals from time to time but the service, systems and time delays just put brokers off using them. It also makes brokers look bad when you have to go back to clients with bad news every step of the way.

    Woolwich should be a direct only lender to save all the bad press it gets from brokers.

  • bobby 16th March 2012 at 4:07 pm

    I am a very good broker of 20 years and have done wonders for my clients but I just can’t do this anymore. Any broker who wishes to carry on I wish you well but I think things will continue to get worse and the intermediary sector will slowly die. Its very sad but when I am so fed up I tell my clients to go direct, because I can’t secure the rate, which you can be sure they would do it they went into a Barclays branch, and lose business I know its time to throw the towel in. A brave fight, maybe stupid, maybe foolhardy and maybe the clever ones were the ones who left the industry 4 years ago and saved themselves the hassle, stress and expense of trying to survive.

  • jools 16th March 2012 at 4:04 pm

    The writing has been on the wall for a while.
    Lenders don’t have very big lending targets this year, so they’ve morphed into quotas.
    Lend too much in the first 2 months of a quarter and shut down in the 3rd month.
    With such low quotas and a strengthening demand for funds from lenders with decent criteria (this is why Woolwich are overrun with apps) we’re back searching out lenders who actually want to lend and a run for the hills attitude from the lenders if they find themselves cheapest in the market. The next few weeks will see lenders increasing prices across the board to avoid applications – until all the others do it too, then they have to do it again and so forth until the inevitable email saying “we whole heartedly support the intermediary market but we’re pulling out for a bit” – it’s 2008 all over again.
    But it’s ok, Sants is on his way and there’s the govt backed NEWBUY scheme to keep us busy – oh no hang on it’s via developers only. DOH

    Better get practicing………Would you like fries with that sir?

  • Paul 16th March 2012 at 3:46 pm

    What i have personally found is that, Yes, Case booking is a pain on occasion… But its nothing new! Its not as if this happens all year round either. This is the 1st time this year that this has happened. We would be just as unhappy if they let any old case run through and ended up with a 20-30 day timescale to look at a case! Everytime i speak to the intermediary centre, They are great. Not a complaint.. Ever! They can also help on occasions where we fail, Never have i been turned away from that centre with absolutely no help whatsoever.. We need to take note of the good things and not concentrate on the bad

  • Paul 16th March 2012 at 3:44 pm

    What i have personally found is that, Yes, Case booking is a pain on occasion… But its nothing new! Its not as if this happens all year round either. This is the 1st time this year that this has happened. We would be just as unhappy if they let any old case run through and ended up with a 20-30 day timescale to look at a case! Everytime i speak to the intermediary centre, They are great. Not a complaint.. Ever! They can also help on occasions where we fail, Never have i been turned away from that centre with absolutely no help whatsoever.. We need to take note of the good things and not concentrate on the bad

  • Phil Shelford 16th March 2012 at 3:10 pm

    Bobby you are right mate, enough is enough. After 12 years as a broker the time has come to move on. I wish you all well in your fight to keep afloat. Only when we are no longer around will the public and providers realise how much value we actually add.

  • bobby 16th March 2012 at 12:49 pm

    Tried my first case for a year ” no more funds left “. I think I will tell the client to go direct, ok, I will lose a proc fee but life is too short for all this stress now. Time to wave the white flag after a brave and prolonged battle. Any broker left in this industry is either mad, on drugs or drink, a masochist or quite possibly all 3.

  • Dazed and Confused 16th March 2012 at 11:52 am

    It really is a shame that the Woolwich/Barclays call them what you will, have sunk to the depths that they have now reached. A good few years ago, I remember extolling the virtues of the Barclays case processing sysytem having taken a case from application through underwriting and on to clients moving into their new home in under 4 weeks. It is now something of an achievement to even get a case acknowledged as being processed inside 4 weeks.

    Still, I guess that is progress…shift your call centres half way around the globe, centralise everything else and claim that you ae enhancing your service levels!

    Don’t call us we will call you!

  • colin 16th March 2012 at 11:39 am

    some of the comments about Woolwich are not deserved, granted they ve had their fair share of issues service wise, but at least we had a level playing field from a rate perspective with no dual pricing, however what have now is dual sandards….the ranches can fill their boots on marketleading deals whilst brokers might get lucky to get funds for the odd case if they can stay awake to midnight.

    A complete PR faux pas……if you don t want to lend dont have the rate, that way everyone knows where they stand.

    Taking it down due to a technical issue sounds like an effort to save face.

  • Kevin Vella 16th March 2012 at 11:15 am

    Barclays have not been strong in the last 5 years of providing an effective and consistent good level of service to brokers. I like most have examples of this. This does beg the question why this has not been improved over time. Majority of lenders have improved and tweaked their service delivery where Barclays have not.
    I regularly speak to their TBDM team and they are helpful and knowledgeable, products are also well priced so why the neglect to systems and processes.
    This fund booking fiasco what is this all about? If Barclays are struggling with funds, pulling or increasing rates would stem applications as other lenders demonstrate from time to time.
    It doesn’t make sense, what do we not know?

  • Jon T 16th March 2012 at 11:02 am

    To Anonymous 10:09am – err, no, they haven’t improved. They’re still a lender with awful service standards and an incredibly patronising television advert.

    As far as I can tell, their service has always been diabolical, and I’ve been in this industry for 8 years. At least they’re consistent.

  • Laurie 16th March 2012 at 10:24 am

    Treating customers fairly – their direct customers only of course. David Finlay should get on the shop floor and get to grips with his business.

  • Paul Mitchell 16th March 2012 at 10:09 am

    Barclays fund booking system and indeed general overall procesing is awful. I vowed never to use them again if i could find a comparable product elsewhere after the last case i submitted. The clients were existing Woolwich mortgage customers and Woolwich put them through the mill. What should have been straightforward mortgage processing ended up being an extremely protracted and stressful affair with repeated requests for the same information previously supplied, resulting with disgrunted clients ready to leave Woolwich as soon as their product expires.This was around a year ago, can anyone advise if the service standards have improved?

  • David 16th March 2012 at 10:08 am

    So the Hierarcy at Barclays run off with their millions of pounds each of ill gotten gains and the customers can go to hell. Sounds about right for the banking mandarins. When will anyone ever put a stop to the madness!We have been trying to book funds just after midnight

  • John Lacy 16th March 2012 at 10:00 am

    I think the real problem that the funds booking fiasco is causing is that in real terms brokers have lost one of the key players in the fight against direct to lender deals.
    We need ALL of the intermediary lenders to have good products and efficient processing or more of us will go to the wall

  • max 16th March 2012 at 9:59 am

    this is really funny, a lender who doesnt want to lend shutting down a funds booking system that funds are never available for. they should just pull out of intermediary lending until they are able to priovide any form of service. how compliant is it to say to a client “there is a product with woolwich, but i wouldnt rcommend that as i cant be bother setting my alarm to get up at midnight every night to try to book the funds for you”

    we’d be as well changing the business name to “2headed mortgage brokers” as that is what the client will think

    go away until youre ready to lend

  • anon 16th March 2012 at 9:53 am

    Wow! Another step in the wrong direction for Barclays! Keep up the bad work guys!

  • colin 16th March 2012 at 9:52 am

    why wait till 5pm ??……i couldn t get any money at 12.36am via my network!!!!!!!

  • Mark 16th March 2012 at 9:52 am

    It’s only ever been open from 00.00.00 to 00.00.01 each day for the past week anyway…

  • Phil Shelford 16th March 2012 at 9:51 am

    Judgung by all the negativce comments regarding their funs booking system over the last week or i dont see anyone noticing the difference.