Coventry building society mortgage

toria12386

Hi all 

just wondering if anyone else is currently going through a Coventry mortgage application.

Ours went in last weds, valuation not yet been arranged as far as I’m aware.

Maybe slowing down because of Xmas 

Explorer87

So we’re having a nightmare with them! Trying to do a transfer of equity, I’m buying the ex out. So we started the process in august, gf and I submitted documents and in November nothing was heard. Turns out out application was cancelled, no reason given. Started the process again and her documents were screenshots, they don't accept this…we were only told today. My payslips have been put in another folder so they haven’t been seen buy anyone. 

 If only we could change them!! 

K_S

toria12386 said:

Hi all 

just wondering if anyone else is currently going through a Coventry mortgage application.

Ours went in last weds, valuation not yet been arranged as far as I’m aware.

Maybe slowing down because of Xmas 

@toria12386 Afaik Coventry instructs a valuation on day 1 (the day the app is submitted). It could be that the valuer hasn't been able to make contact with the EA/vendor to set up a convenient appointment yet.

khtaylor

Our broker submitted our application on Monday (10th). Initial underwritting done and asked for another document yesterday. Havent heard anything since

I'm not sure what initial underwritting involves but broker said they are being quite quick just now. 

Anyone know how the valuation works in scotland... do they value in person or use the home report? 

roast

My experience with Coventry BS has been pretty good.

15/03/22 - Full Application submitted via MB, March payslip requested (not available until 29th)
15/03/22 - Valuation instructed
18/03/22- Desktop valuation completed, which came back slightly lower than asking price.  They were still happy to proceed with the same product as it was still within the LTV bracket
30/03/22 - Payslip sent over
03/04/22 - Mortgage offered (Sunday?? which is odd)
07/04/22 - Paperwork received

13 working days from application to offer, it would have been even quicker if we didn't have to wait for March payslip.
Very impressed considering my wife is self-employed.

silvermountains

roast said:

18/03/22- Desktop valuation completed, which came back slightly lower than asking price.  They were still happy to proceed with the same product as it was still within the LTV bracket

Hi @roast, please could you explain a little what you mean about the lower valuation still being within the LTV bracket? Did you have some additional funds you could use to make up the difference? Thank you.

roast

silvermountains said:

roast said:

18/03/22- Desktop valuation completed, which came back slightly lower than asking price.  They were still happy to proceed with the same product as it was still within the LTV bracket

Hi @roast, please could you explain a little what you mean about the lower valuation still being within the LTV bracket? Did you have some additional funds you could use to make up the difference? Thank you.

Hi @silvermountains, I will try but my MB had to explain it to me a few times.  I am sure a broker on here will clarify.  My broker said this is fairly common these days.

I applied for a 75% LTV product, my LTV to begin with was 67%.  CBS "down valued" by 7% increasing my LTV to 74%, fortunately still within  the 75% LTV product range so they were happy to proceed with original application and rate. 
If the "down value" was say 10% then that would have pushed the LTV to 77% and then I would need to find the additional 2% or ask the vendor to drop by asking price by 2%.

CBS used E-Surve who completed a desktop survey.

Personally, I am happy to pay over the CBS valuation as I know what the market is like in my area but it may put some people off.

Hope this helps.

silvermountains

Hi @roast, that makes sense.  Thank you for the information.