Today's letter from the lender

SaintJudy

I'm a FTB and I've applied for a mortgage with Coventry which was submitted on the 3rd of September. I've had a letter from them today saying thanks for the application, they're processing the application based on the information I've provided, and that they've already instructed a valuer to inspect the property. 

If they've already instructed a valuer, does that mean that they're generally happy with my application? If they thought my finances weren't up to scratch or there was a problem with them they wouldn't have sent the valuer, surely? Apologies if this seems a daft question, I'm just incredibly anxious!

For more info, my LTV is 64% so I'm not really expecting them to have an issue with the value of the property. 

Graeme1978uk

I read on here recently that some lenders will instruct on application

SaintJudy

Graeme1978uk said:

I read on here recently that some lenders will instruct on application

Ah dammit! I was hoping it was a good sign! 

Soot2006

We had a recent successful application with Coventry, and it seemed to take forever but then suddenly everything happened very quickly all at once - survey of house, survey report issued, mortgage offer (with a mistake in it, was corrected almost instantly when made aware even though was en error in their recording of my salary!) ... Good luck!

SaintJudy

Soot2006 said:

We had a recent successful application with Coventry, and it seemed to take forever but then suddenly everything happened very quickly all at once - survey of house, survey report issued, mortgage offer (with a mistake in it, was corrected almost instantly when made aware even though was en error in their recording of my salary!) ... Good luck!

Thank you! I've been scouring the forums but don't really ever see anyone mentioning Coventry so this is good to hear! Thanks!

samw2311

SaintJudy said:

I'm a FTB and I've applied for a mortgage with Coventry which was submitted on the 3rd of September. I've had a letter from them today saying thanks for the application, they're processing the application based on the information I've provided, and that they've already instructed a valuer to inspect the property. 

If they've already instructed a valuer, does that mean that they're generally happy with my application? If they thought my finances weren't up to scratch or there was a problem with them they wouldn't have sent the valuer, surely? Apologies if this seems a daft question, I'm just incredibly anxious!

For more info, my LTV is 64% so I'm not really expecting them to have an issue with the value of the property. 

We had this then something tripped us up in the underwriting. It’s a good sign just don’t get your hopes up to much as hard as it is 

SaintJudy

Thanks @samw2311 Yes it's difficult not to get my hopes up, as a FTB I'm quite anxious - mostly because I just don't really know what to expect and when. I hate being a newbie at this!

Sistergold

Good luck newbie or no newbie most of us find it a hair pulling, nail biting, sitting on the edge experience. It’s really only an offer once it comes through and it’s only done after completion! It’s very stressful so keep calm. 

SaintJudy

Aw thanks @Sistergold The absurdity of the whole thing blows my mind sometimes, it's like being given a job where the first thing you have to do, with absolutely no training or prior experience, is make a deal for a quarter of a million pounds and the only way to learn the whole thing is as you go along! I mean, who would ever give anybody a job like that?!  😂

Sistergold

@SaintJudy you have described the process correctly! First day no training make a quarter million pound deal on first day! 😂😅🤣 honestly so stressful! And the thing is even if one lender turns you down you should not give up but go somewhere else although might not be the lowest interest! The whole point is you just need to get your foot in! Unless there is something major you will always be able to do it! They say that house buying is second most stressful first being divorce but I tell you yes I found divorce stressful but I tell you buying a house was way more stressful I think! The application process is getting more complicated by the month! Tell us how it goes but I am sure it will be okay! 

SaintJudy

@Sistergold My mortgage offer came this morning!! I'm stunned at how painless that was, I was expecting further info requests because I'm still furloughed or some hiccup of some sort, but it all came through no problem - I was so happy to read the email this morning I even had a little cry!