Monthly updates

Vicky

Welcome to our second Mortgage monthly providing you with insight into the Barclays Mortgage team and letting you hear firsthand from colleagues who support you and your customers through their mortgage application journey.

I'm Vicky Windsor. I've been with Barclays for 17 years and a Business Development Manager since 2017. I cover the central London area.

Let's start with our key service levels for the last month. In November, on average our operational service level agreement or SLA that's the number of days it took us to review a new application or additional documentation was within two days.

Our average time to offer for residential application was ten days. And our average live chat feedback score was 4.8 out of 5. That's a really strong set of results for a period that included a spike in application volumes, primarily driven by product repricing.

In the last months, I've been talking to brokers about potential stabilisation of swap rates and growth in house price inflation and the linked impact on the first-time buyer market. As well as their plans and optimism for 2025.

Speaking of 2025, I can't believe that Christmas is upon us already. This is the time of year we see a peak in mortgage completions and many of us take time off work. So please use our online case tracking system to stay updated on the current status of your mortgage application and any outstanding requests for documentation or information.

Should you need any assistance our UK-based Intermediary Support Team is on hand every day apart from Christmas day, Boxing day and New Year's day. Including the live chat support service which you can access from the Intermediary Hub homepage.

The live chat service also has some new options including the ability to connect directly with our New Build Support Team. And don't forget, there are just also a few days left to enter our advent countdown competition with a chance to win some exciting daily prizes.

Now it's time to meet a mortgage master. This week we're hearing from someone who is key to our business.

Michael

Hi everybody, I’m Michael Clarke I'm a Product Policy and Regulatory Manager for Barclays Bank. My job is a bit of a mouthful. What that really means and what people generally refer to me as is the Head of Mortgage Policy.

I really have to focus on what it is that we can do to really make sure we have a compelling offering for both our customers and our mortgage brokers that we work with.

I get a real sense of satisfaction out of my job when we're able to help more people onto the housing ladder, or to purchase their dream homes.

So over the last 12 months, we've been making a number of exciting changes to our mortgage policy. Sadly, we won’t have time to talk about all of those today but there's three that really stand out for me that I would like to talk about in a little bit more detail.

Back in April of this year, we made a change to our minimum time in the UK for our customers who do not have permanent rights to reside. These customers can take up to a 90% loan to value mortgage with Barclays provided they’ve spent just one year in the UK. And this has proved to be really popular across the market with our application numbers increasing significantly since we're able to launch it.

In May of this year, we launched our NHS bank staff policy. This is great news for people working for the NHS who are doing additional hours because what we're able to do is to take their last three months income multiply that by four to give them an annual figure and we take all of that income into account when we're considering the affordability for the case.

This means that for those people who do work in the NHS whether it's their core work through bank, or they're doing it as additional hours they're going to get enhanced affordability and really be supported on that home ownership journey.

At around the same time, we also updated our policy for limited company contractors, and this is where we can use their day rate to work out their affordability. We now allow that assessment take place up to 90% loan to value.

We're also now able to accept where they've got multiple contracts or where there's multiple people who own the limited company. The only condition of that is that they do need to be named on the mortgage application.

This has been really popular since we launched it and helped us help lots more customers. Looking ahead to next year, we've got loads more exciting stuff to come down the track.

We're looking to develop the scope of what types of income we can accept to support the right client and make that journey even more magical for them. We also have our new application system. This is going to create the opportunity for us to do things a little differently including things like dual stress testing. And that means for customers taking a five year fixed product they're going to benefit from even greater borrowing power when they choose to take a mortgage with Barclays.

But look, it's nearly the end of the year so all that really remains is for me to wish you a Merry Christmas and have a Happy New Year.

Welcome to the first ever mortgage monthly.

We'll be providing you with insight into Barclays’ Mortgage Team and letting you hear first hand from colleagues who support you and your customers through their mortgage application.

I'm Sim Sahota.

I've been with Barclays for thirteen years and I've been a business development manager since 2015 covering the West Midlands region.

Over the last few months my focus has been meeting as many brokers as possible where we've discussed policy enhancements and upcoming changes to our application system.

Let's start with our key service levels over the last month.

In October our operational SLAs remained at a really strong level.

The average number of days it took for us to review a new application or additional document was just under two days.

Our average time to offer for a residential application was just over ten days.

And you rated our live chat service at 4.8 out of five.

My conversation with brokers centre around two main areas.

Firstly our policy change relating to maximum age.

And secondly volatility in the market following a significant number of rate changes ahead of the recent budget and US election.

Looking forward to December I expect these will continue until we see more stability return to the market.

I'm Vincent Nadar and I help lead the mortgage underwriting team.

I love what I do.

It's a fast-paced environment and our success really depends on how effectively we establish and maintain relationships with our Barclays internal teams and our brokers.

I get a lot of satisfaction knowing that our customers get the best quality of service at every interaction.

We in Barclays see our relationships with our brokers as a genuine partnership one that's founded on cooperation and collaboration.

We share the same goal and you would agree we both want to move a case to offer as quickly as we can.

For the month of October our average time to offer was 10.6 days.

And that's brilliant.

If I break it down into numbers one in every ten applications gets offered the same day I want to focus on cases that do not get offered in the first ten days.

And these are the cases that we need to effectively handhold to offer.

Where you can help you can help us get these documents upfront at the time of submission especially payslips and bank statements which allows us to make a lending decision on the first contact.

If we request for more information midway through our application process it is not because we are trying to be difficult.

We sometimes need this information just because we want to make the correct lending decision.

One that will support the customer and effectively operate in line with the policies and procedures we have in the bank.

There is no relationship that can't be improved.

And we are constantly trying to ensure that we streamline the process for you.

Through your feedback we recognise that one of the pain points has been the number of underwriters touching the application.

There are multiple touchpoints which means inconsistency in service.

We will make sure through a case-ownership model that the same underwriter touches the application from start to finish from the time a case is submitted to the point at which it's offered.

Only on a few cases where there is a need for hand-holding by a senior underwriter or a specialist we will hand these cases to the individual.

Otherwise you will experience the same underwriter having all the interaction with you throughout the application process.

Another thing that I'm excited about is the outbound calling that we are now able to make.

We have increased the scope which means more and more cases will receive an outbound call to the broker to you.

What does it mean?

It essentially means that we will be able to speak to you discuss the application where applicable get the information and move case to offer quickly.

Now that all said me and my team are looking forward to speaking to you and working with you in the weeks and months to come.

Thank you.