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Alliance and Leicester 3.99 Loan to Value
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ashington10
Posts: 41 Forumite
Recently applied for the A & L 5 year 3.99% no fees.
Got a phone call yesterday to say that the LTC is short of the mortgage I require. I need at least £121500 and they can only offer £120,250.
This must have valued my home at around £185,000. I asked they for the exact fugure but was told that they cannot tell me. I also asked for a re-valuation to be carried out. My house a corner plot, has a convervatory, new £3,500 patio, summerhouse etc. A 'drive by' valuation would not capture this. Surely a convervatory would add on what I need to get the £121,500. I've paid £320 for the valuation. This seems rather alot for a simple 'drive by' valuation. I expected something in more depth if the LTV was going to be tight.
Now I'm stuck with either making up the shortfall myself or choosing another product. Obviously none is as good as the 3.99 deal.
There is a house for sale in the street for £204,000 - £19,000 higher than what the A & L valuation must be.
Is there any way I can get A & L to do a 'proper' valuation? Or obtain further information from them i.e. how did they come by this valuation in the first place?
Got a phone call yesterday to say that the LTC is short of the mortgage I require. I need at least £121500 and they can only offer £120,250.
This must have valued my home at around £185,000. I asked they for the exact fugure but was told that they cannot tell me. I also asked for a re-valuation to be carried out. My house a corner plot, has a convervatory, new £3,500 patio, summerhouse etc. A 'drive by' valuation would not capture this. Surely a convervatory would add on what I need to get the £121,500. I've paid £320 for the valuation. This seems rather alot for a simple 'drive by' valuation. I expected something in more depth if the LTV was going to be tight.
Now I'm stuck with either making up the shortfall myself or choosing another product. Obviously none is as good as the 3.99 deal.
There is a house for sale in the street for £204,000 - £19,000 higher than what the A & L valuation must be.
Is there any way I can get A & L to do a 'proper' valuation? Or obtain further information from them i.e. how did they come by this valuation in the first place?
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Im also hitting a problem with A&L valuations as they wont release the documents to anybody else including the solictors. Surely if we have payed money (£250 in my case) then that valuation is ours and we can read it till our heart is content.Credit card and overdraft at 18. 2 loans and 3 storecards at 20. University education flushed down the toilet through debt at 22. Car finance at 23. Car repossessed at 24. Rock bottom at 25. Learnt my lesson 26-33. Now 34 with a mortgage on an affordable house, a car paid for with cash and a bank account in credit. I learnt the hard way.0
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Absolutely you have paid for a service. You should therefore be able to see you own home's valuation surely.0
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Very interested in this thread as I'm supposed to be having a survey on a house I'm buying done by the A&L today. This is on the 5 year 3.95 with fees deal though. Love to know how you guys get on, and I'll let you know the outcome of mine when I find out.0
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I didn't even know that the valuation had already taken place. Did A & L inform you? Are you expecting a house visit?0
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Just spoke to A&L Advisor and they wont release valuation figures out to anybody even oursleves and that is period! Also we didnt know when the valuation was to take place and also remember the valuation fee aint refundable only 10 days after completion of the mortagage do they cough upCredit card and overdraft at 18. 2 loans and 3 storecards at 20. University education flushed down the toilet through debt at 22. Car finance at 23. Car repossessed at 24. Rock bottom at 25. Learnt my lesson 26-33. Now 34 with a mortgage on an affordable house, a car paid for with cash and a bank account in credit. I learnt the hard way.0
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ashington10 wrote: »I didn't even know that the valuation had already taken place. Did A & L inform you? Are you expecting a house visit?
I had no idea. My estate agent told me cos they had to arrange it with the vendor. Otherwise I'd have had not a clue. But I would expect to see a copy of the valuation once it's done; otherwise what are you paying for? I've always had that from other companies in the past.0 -
Worst £320 I've spent. Not only did it not get the desired result. I cannot even see what it produced!!!0
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I know on the broker side they make it clear - no release of valuation report on remtg.
Never understood the need for them to charge ( and then refund ) a driveby or desk based valuation.
OK it may show customer comittment BUT surely they should have to call it a booking fee Not a valuation fee when £300+ is being charged.
I assuem you applied direct ... maybe a direct only product -
sorry to say I believe lenders attracting business direct ( often by not offering the same deals to brokers ) will lead to more consumers not being fully aware of the termsAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0 -
Your only £1250 short. It seems like a pretty good rate, could you not find the extra money?0
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As per the other A&L thread I have been accepted for this mortgage. I too was surprised at £320 for a valuation, but as it's to be refunded, wasn't duly concerned. I can only assume that we've had a drive by valuation (if anyone has actually really bothered to visit!) as we've had no communiaction about getting any access to our property. I was made fully aware that they would not disclose the value to us, but for what reason I can't fathom.
I assume that you applied for this deal, because like me, it's financially worthwhile over the next 5 years, given today's climate. Therefore as you are so close, ok short by £1250, is there any way you can scrape this together quickly, to get this deal concluded? Due to the ERC on my current mortgage I have had to pool together most of my savings & even considered cashing in my big old vodka bottle that I put all my spare change into!
Good Luck, I hope you can get it sorted out.
JtA0
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