Lloyds Tsb - Survey Fee

GOLFER

Hi

Just a quick point i wish to make.

I recently applied to Lloyds TSB for a remortgage through a broker. He went ahead and did al the forms etc and lloyds got a survey done and we had correspondance from their Solicitors re the mortgage.

Time went by and we heard nothing then they asked for some more info and we heard today that the loan was declined.

Now they have asked us to repay the the survey fee as we are not going ahead with the mortgage. We cant go ahead with it because it hasbeen declined.

Will I need to repay this fee or should Lloyds being paying this. At £285.00 i think it a bit steep.

Any replies welcomed

Thanks

dunstonh

Will I need to repay this fee or should Lloyds being paying this. At £285.00 i think it a bit steep.

It doesnt matter what you think I'm afraid. The fee is published and the information was available before you applied. So, you knew what the fee was. If you didnt like it then you could have chosen another lender.

Check the key facts document that lists the charges and it will say on there if its payable whether you proceed or not.

Cazza

Why was the application declined? Are you purchasing or remortgaging? Did the product have a free survey, which they're now asking you to pay for, or were you going to have to pay for the survey upfront anyway, you just hadn't got round to doing it yet?

GOLFER

Yes the deal was free legal fees and a free survey. REMORTGAGE

they declined on affordability. house is worth around 185/200k and we were looking for £130k

but they said as our income was only £30000 and with other credit commitments we couldnt afford this.

so if they knew this before why would they instruct the survey.

Our fin adv said at the time we applied they were well behind with applications and took their time getting round to ouurs, but survey and solicitors contacted us within a few days of applying

I feel its unfair as i have already lost a £99 fee which i knew was not repayable.

And to add insult to injury we are currently with C+G which is part of Lloyds TSB.


Thanks

sympatex

I applied with my gf for a Lloyds TSB mortgage in April, we got approved and paid the application fee of £99 or £90. we didn't get as far as survey because we pulled our offer on the house. I think our survey fee was going to be £240. It seems really unfair but typified by the whole process that you have to pay for something which could be a hiding to nothing. We've been stung for £400 solicitors fee's for essentially nothing. They have to do the survey to value your house, if the results of that show the lendor you fail to meet their lending criteria then it's likely the loan will not be offered. If you used a broker they should have considered this as a possibility and advised you on the risks as pointed out in the KFI.

happybroker

If the mortgage adviser was aware of the credit commitments and had input them when getting the decision in principle they should have been taken into account at that point which you would think would have saved you the application fee and the valuation fee.

I'm surprised that it got to this point if all of the information was out in the open in the first place.

_Andy_

GOLFER wrote: »

but they said as our income was only £30000

Golfer - how do you mean 'they said..' - was the income stated on the application form higher than this?

GOLFER

Sorry Type Error

We Told Them Our Income Was Circa 30k Maybe A Bit More

But They Sent Out Surveyor And Legal Letters Etc As Soon As We Applied. I Then Thought That This Was Ok As We Had Bout 60/70k Equirty In The House.

Then They Asked For Docomentation For Tax Credits And Child Benefit Which We Gave And Then They Decline The Application And Want Us To Pay For The Survey.

We Already Paid An Upfront Fee Of £99 To Get The Application Processed.