Mortgage in principle referred to underwriters

Bmakwana_2

Hey all. Applied tor a mortgage with Coventry Building Society through a broker and we haven't had our mortgage in principle yet but have just been advised our application has been referred to the underwriters as the mortgage amount is above 500k on a 85 LTV. Really worried now as I haven't heard of this before. We are first time buyers and pass the affordability by far according to the broker. Any views would be appreciated

Thrugelmir

Lenders run their mortgage books on a risk basis. An advance of this size will outside the "norm". Your application will therefore be considered at a very senior level within the BS.

Bmakwana_2

Mortgage in principle received been to submit full application which has now been done. Property valuation booked in for next week monday. Just sent all requested information to the broker today. So fingers crossed.

kingstreet

Coventry is a relatively small lender and anything over £500k gets more attention.

bmakwana

The valuation was done on Monday 25th, how long will it now take for a mortgage offer from the Coventry?

I am a director of an ltd company --> 100% owner with over 130k net profits retained, with my partner on a 20k salary.

Really anxious now how long should I take before a chase up with the broker? the underwriters performed a credit check on the 19th & 20th as they referred the mortgage in principle. But this was then given on the 20th and valuation was booked in.

Any advice would be appreciated.