The Coventry Building Society

ahoneybun

We applied for a mortgage online initially and was offered with DIP about 60,0000 more than was required so with some confidence we sent off check for fee and surveyors fees which has been cashed. However, this morning we have received an offer which is 40,000 less than we were asking for! My question is can we recover the money for the surveyor fees as they have changed the terms and conditions of our initial application?

kingstreet

The DIP tells you how much you can borrow as individuals.

It doesn't supercede other issues, such as the value of the property and the maximum loan to value of the product you have chosen.

You're going to have to find out the reason. Has the property been downvalued? Have they ignored some of your income?

ACG

Its unlikely, a decision in principle is always based on them receiving satisfactory evidence of what you put on the original form.

Why have they reduced it by £100k? You need to get to the bottom of that before you decide what you can do.

I tend to avoid the conventry, im convinced they earn more from their booking fee than they do from lending money.

ahoneybun

No it has not been valued yet and they have not taken into account my husbands armed forces pension!

kingstreet

ahoneybun wrote: »

No it has not been valued yet and they have not taken into account my husbands armed forces pension!

Is there any particular reason for that? Is he unable to evidence it?

From Coventry criteria;-

Secondary sources of income

We accept the following sources of secondary income:

State retirement pension (SRP)
Private pension
Company/ Occupational pension

so it appears to be acceptable to them.

Have you spoken to the person arranging this mortgage for you?

ahoneybun

We applied directly. When it came to filling out application it had no where to document the pension as an additional income , so I contacted them and was told to put it in the additional information section, but this morning it would seem they didn't look at that or the evidence to prove he had this pension. Now they have found this evidence we have been told it needs to be reviewed by the mortgage underwriters which will take 48 hours!

kingstreet

Which should correct the issue and see a revised offer issued in a couple of days.

Good result.

ahoneybun

kingstreet wrote: »

Which should correct the issue and see a revised offer issued in a couple of days.

Good result.

Thanks for your posts and time it is much appreciated