Sorry! Another query on the Coventry Building Society!

ahoneybun

I posted at the start of the week due to the fact when we submitted a mortgage application with the Coventry we were led to believe through the DIP we were allowed a certain amount for our mortgage but they failed to take my husbands pension into consideration and offered us a lot less than DIP. We have now had another offer taking pension into it but it is £2000 less than the mortgage and the reason for this is they have worked out my husbands income at 3.6 x income rather than their original criteria which is 4 x income! Can anyone tell me why they would have done this, we are finding this really frustrating!

Wh05apk

Coventry will only use 4x where the income is over £40,000.

https://www.coventrybuildingsociety.co.uk/intermediaries/lending-policies/Coventry-Lending-Policy.aspx#box2

Senior_Paper_Monitor

One of the easiest of criteria to follow, there should be no surprises (from their intermediary website) ..

Applicants with 20 years or more to maximum lending age
Number of years to maximum lending age (75)

Admissible income of main earner less than or equal to £40,000 .. x 3.6
Admissible income of main earner £40,001 or more .. x 4

For applications that meet the above criteria, we do not require evidence of retirement income, irrespective of the term of the mortgage being applied for.

ahoneybun

Thanks for your replies my husbands income plus pension is well over £40,000

ACG

I say this all the time, but with questions like these you need to speak to the lender in the first instance. If your not happy with the reply or it doesnt make sense ask them to explain it.

If you still cant understand then its worth coming on here but all we can do on this website without the full info is second guess - which isnt ideal given whats at stake.

ahoneybun

We have asked and we will get an answer hopefully later today. My frustration come from the fact the initial application had no place to put my husbands pension apart from additional information box at the end which they completely overlooked. They have now taken the pension into account but not used the correct criteria, unless the annual pension is not taken into account the same way as an annual income from a job! I don't know and hence why I came to this site the same as many others. Just an understanding from people who might know.... That's all!

michaels

Could it be a simple mistake - ie without the pension income, that they had mistakenly ignored, total income was below 40k so the 3.6x multiple applied and that they have now included the pension but forgot to uplift the multiple becuase income now exceeds 40k?

ahoneybun

I hope so Michaels! I'm just not sure how they view my husbands pension.

ACG

Sorry, i wasnt having a go but as Michael says it could be a simple mistake or it could be something you have missed - but without getting some direction from coventry its difficult to say.

ahoneybun

ACG wrote: »

Sorry, i wasnt having a go but as Michael says it could be a simple mistake or it could be something you have missed - but without getting some direction from coventry its difficult to say.

I didn't think you were! I just wish with something which is so important, life changing in fact that these silly mistakes would stop being made by the Society! I apologise if I have come across as being anything but very grateful for all who have taken the time to respond. Unfortunately as I'm not on the application I will have to wait until later. So I thought I would ask in essence whether a pension is viewed differently? Also my husband is only 45 it's an armed forces pension.

ACG

I know what its like, dont worry.

You could call up and ask them generically putting you in place of your husband what would be acceptable?