Coventry building society - Valuation before or after underwriter?

MensaOPPG

Hello,
I am new to the forum but joined tonight after hours of scouring the internet to answer this but to no avail!


My husband and I are first time buyers.
Last week Tuesday we were sent a mortgage in principle from Coventry and a mortgage application. We completed the documents that night and posted them the following day (Wednesday) so by Thursday Coventry would have our completed mortgage application form.
On Saturday of the same week we received a phone call from our estate agents to say that Coventry have booked a valuation for Monday!


Coventry would have only have had our application for two days (Thursday and Friday) which includes the day that they received the form.
Does it make sense that the underwriters have done their job already? surely it cannot be that quick? (2 days from receiving our application).


I am worried about the underwriters decision because I recently

1. Started a new job (although I explained to Coventry its same role, same salary, same field etc on the form)
2. My husband is self employed with not the best annual salary for last year
3. Santander did not give us a mortgage (decision was based on outgoings I think).
   
   
   Obviously if it is likely that the underwriters can make a decision that quickly then I can relax a bit.
   
   
   Has anyone got a mortgage with Coventry?
   Does anyone know what the mortgage application process with them is like?
   
   
   Any advice/tips is much appreciated and welcomed. Many thanks!!

Thrugelmir

The valuation is part of the process. Your application won't go before an underwriter until all the information is collated or something is detected which requires immediate referral.

filbrit

Sorry to ask, how high was your outgoings compared to income coming in for your first lender deny you the application? Did it go through formal application or just at the DIP stage? Was it a high street bank?

thanks

tigsly

Our bank sent the valuer out - then a week later an underwriter rang to say we could book the valuation.. She was part of the underwriting team and was shocked we'd booked the valuation without her say so..

MensaOPPG

No credit cheque was done with Santander. They agreed to give us a mortgage based on salary then asked us to fill in the application form and upload it online along with payslips and bank statements.
My husband and I have separate bank accounts. Each month we both pay money to a joint account which is used purely for bills, savings, food and rent. I had failed to send the statement for this account to (only sent them our personal bank statements) so they probably were not getting the whole story. Also Santander asks you to complete a list of your utility bills and expenses in the form so I imagine they would not have seen evidence of it from the statements I submitted to them.
My husband is always in credit but admittedly my account does look like I am nearing my overdraft- so I am at fault here.
With Coventry I have sent them EVERYTHING. But i am not feeling good about it as I have heard Coventry are pickier lenders.
Many thanks for all responses. I have realised that it is likely that it will go before an underwriter at the end.
Not feeling positive at all about this now
:sad:

Senior_Paper_Monitor

1. Coventry instruct valuation as soon as application is made (UNLESS you request them not to)


2. Coventry tend to be a conservative lender compared with Santander (in terms of multiples lent and allowable income)