Mortgage declined with Coventry Building Society

dg2013

Hi all,

I'm after some advice if possible.

I've accepted an offer on a property (mortgage in my name) and me and my wife have found a property we've had an offer accepted on.

We're buying (hopefully!) at £173,000 and have a deposit of £28,000 which equates to an LTV of 83.32%, we've been dealing with a mortgage advisor at Which? who attempted to get our AIP yesterday but unfortunately it was declined, me and my wife earn just under £80,000 per year between us and we have no immediate credit issues or negative entries on our credit files.

During my chats with the mortgage advisor at no point has she asked for my wifes maiden name so I suspect this wasn't given to the Coventry, she is on the electoral role at our current house but as her maiden name (she's awaiting documentation to get this changed), I think this may well what have caused the refusal.

The advisor will be speaking to the Coventry to hopefully get more information, fingers crossed this can be resolved ASAP as we really don't want to miss out on the house we've offered on.

Has anyone here experienced similar? It's really frustrating as we've a good deposit and very conscious about managing our credit.

Thrugelmir

dg2013 wrote: »

and very conscious about managing our credit.

How much "credit" do you currently owe?

ACG

Until you know why its declined its very difficult to say. Your best bet is to wait until monday and find out the reason why its declined and then see what your broker suggests.

If thats the only reason then its straight forward enough to resolve with a bit of paperwork.

dg2013

Between us we owe just over £6k, again this is well managed with a fixed amount paid each month (more than the minimum) and always paid on time.

gazter

dg2013 wrote: »

Between us we owe just over £6k, again this is well managed with a fixed amount paid each month (more than the minimum) and always paid on time.

Your take home pay is probably around £5k a month, you could clear that within two months.

ACG

Presuming they had no other expenses?

Thrugelmir

dg2013 wrote: »

Between us we owe just over £6k, again this is well managed with a fixed amount paid each month (more than the minimum) and always paid on time.

Highly possible that the underwriters are viewing this in conjunction with a £28k deposit. With only a 22k deposit takes you over 85% LTV.

Clear the debt would be my advice.

dg2013

Exactly ACG.

dg2013

Affordability would not be a problem for us, we've sat and done all the maths.

If we can't get any further with the Coventry then we'll speak to a good broker who can assist us further.

Thrugelmir

dg2013 wrote: »

Affordability would not be a problem for us, we've sat and done all the maths.

Affordability is one part of the equation. Savings do not sit in a separate pot to debt. Part of your deposit is borrowed. Simple as that.

amnblog

dg2013 wrote: »

Affordability would not be a problem for us, we've sat and done all the maths.

If we can't get any further with the Coventry then we'll speak to a good broker who can assist us further.

Who is the 'good broker ' why did you go to Which if they are not a ' good broker'

Have you told Which about the maiden name issue?