mortgage application disclosure

Wutang_2

potatoefeet66 wrote: »

Bowlhead99, firstly and lets take this one stage at a time, you mentioned to allow an application it needs to be driven by a range of factors...... a new house needs a valuation survey.

Why was i refused one and why did the underwriter assume that i was increasing ltv without allowing one to be done. other factors were met. I was not unemployed and have no history of credit issues.

whether or not this thread dies or not i not really bothered.

Im afraid while your and others arguments are hold some merit or another you all miss the point that the process was bent. Thanks for your help.

So far your explanation is fine I'm very prepared to have the figures for compensation as to what i did not and did lose out on in real terms or interest blah blah blah, so what about an explanation why lener a won't answer the application anomalies, May be that because if they appollogise for the balls up they may be without any option to correct the issue.......X tatar.

Just so I don't have to read the whole thread - whats the problem? Please explain. There are many helpful folk on here who I am sure can help.:money:

kingstreet

So, the lender should have carried out a valuation, presumably at your expense, to get a valuation figure, which due to the changes in your income, would be completely redundant?

The whole point of the underwriting process is to weed out unsuitable applications before money is spent on the associated costs of moving - such as valuations and legal fees.

Your existing loan to value isn't important in the early stages of an application for a new mortgage. The lender needs to know, from you, the purchase price and the mortgage amount. That tells it the loan to value for the new mortgage on the property to be purchased. When it gets to the stage where the suitability of the property as security for the mortgage needs to be established, that's the point the valuation is done.

Sorry - it's Friday and I'm bored.

potatoefeet66

kingstreet wrote: »

So, the lender should have carried out a valuation, presumably at your expense, to get a valuation figure, which due to the changes in your income, would be completely redundant?

The whole point of the underwriting process is to weed out unsuitable applications before money is spent on the associated costs of moving - such as valuations and legal fees.

Your existing loan to value isn't important in the early stages of an application for a new mortgage. The lender needs to know, from you, the purchase price and the mortgage amount. That tells it the loan to value for the new mortgage on the property to be purchased. When it gets to the stage where the suitability of the property as security for the mortgage needs to be established, that's the point the valuation is done.

Sorry - it's Friday and I'm bored.

Rubbish even I know the interest rate offered by a lender is dependant on factors such as how much equity you have.....

_Andy_

Of course, you know everything about mortgages. zzzzzz

kingstreet

Yes. It's important in selecting the product, but I'm talking about the actual physical processing. You can tell from the entries on the application if the case is a "goer" or not.

If;-

a new house needs a valuation survey.

Why was i refused one and why did the underwriter assume that i was increasing ltv without allowing one to be done

a valuation had been done, you'd be moaning the lender had spent your money when it knew it wouldn't give you a mortgage because of your income issues.

potatoefeet66

hahaha, well that is a basic ....

GMS

potatoefeet66 wrote: »

Rubbish even I know the interest rate offered by a lender is dependant on factors such as how much equity you have.....

This is one factor but the point is the valuation of the property was irrelevant. Your income did not support the loan, What would be the point in you incurring costs for a valuation? Would have been something else to complain about I suppose.

potatoefeet66

kingstreet wrote: »

Yes. It's important in selecting the product, but I'm talking about the actual physical processing. You can tell from the entries on the application if the case is a "goer" or not.

If;-


a valuation had been done, you'd be moaning the lender had spent your money when it knew it wouldn't give you a mortgage because of your income issues.

erm excuse me, when an underwriter states that ltv is increasing without the correct information only a dumb !!! wouldn't say anything........ any like i said this is all my problem not yours so don't lose any sleep over it. Cheers.

kingstreet

Last attempt.

The loan to value isn't increasing. It's a new mortgage application. The loan to value is the mortgage amount written on the application divided by the purchase price of the property multiplied by 100.

The loan to value of your current mortgage was not relevant at the time I'm referring to.

In the first instance the lender is working out if it will actually lend you the amount you are requesting. The porting issue comes later, if the mortgage is approved.

like i said this is all my problem not yours so don't lose any sleep over it

Fine. As has been said by others, you don't actually want any help, so my purpose here appears misguided.

Wutang_2

potatoefeet66 wrote: »

when an underwriter states that ltv is increasing .

Hahahahahahahahahahahaha:rotfl::money::money: