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Can this error in application details result in an issue with underwriting?
wisdom17
Posts: 5 Forumite
Hi all,
We had a residential mortgage application submitted to Coventry Building Society last Friday. On Monday we were told everything is proceeding as expected.
On Tuesday morning we were informed by the broker that the lender has come back with an issue in underwriting and that CBS may not be able to offer us a mortgage. He said he is waiting for them to provide more details.
It appears a survey of the property has not yet been carried out which leads me to believe the issue is with our application details. I checked our details in the submitted application form and discovered the question "Are you buying the property from a company in which you own an interest and/or are a shareholder?" has been incorrectly answered by the broker as 'yes'. I mentioned this to the broker yesterday morning and he said he will update the lender. We are yet to hear back.
We are borrowing below the maximum they will lend us and previously had a mortgage offer without any issues from another bank last September (the sale fell through).
What are the chances that the incorrect answer to the question mentioned previously is causing the issue with the lender?
We had a residential mortgage application submitted to Coventry Building Society last Friday. On Monday we were told everything is proceeding as expected.
On Tuesday morning we were informed by the broker that the lender has come back with an issue in underwriting and that CBS may not be able to offer us a mortgage. He said he is waiting for them to provide more details.
It appears a survey of the property has not yet been carried out which leads me to believe the issue is with our application details. I checked our details in the submitted application form and discovered the question "Are you buying the property from a company in which you own an interest and/or are a shareholder?" has been incorrectly answered by the broker as 'yes'. I mentioned this to the broker yesterday morning and he said he will update the lender. We are yet to hear back.
We are borrowing below the maximum they will lend us and previously had a mortgage offer without any issues from another bank last September (the sale fell through).
What are the chances that the incorrect answer to the question mentioned previously is causing the issue with the lender?
0
Comments
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The answer is 'Yes'.
Spoke to broker (finally) and he confirmed the issue was the answer to the question "Are you buying the property from a company in which you own an interest and/or are a shareholder?"0 -
Not a great start from your broker!
This story is worrying as we've just had our AIP referred to an underwriter. I've not seen the application to proof it as our broker went ahead on our behalf. I just hope he punched in all the info correctly!0
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