Mortgage declined

herbiesjp

I suppose it's up to you whether you want to take it further or not

Either way, you need to find a new lender

jesmin45

The head of the brokers who arranged the mortgage has phoned the lender asking why they will not offer at such a low LTV. And being both mort/rentable. The survey contradicts itself by saying rentage is average but then the survey ended with 'Due to economic climate prevailing, demand classified as 'poor' is not a reflection of the individual property or its environs'. So head of brokers is speaking with underwriter tomorrow as typical uw not in today! I will let you know.

jesmin45

The head of the brokers who arranged the mortgage has phoned the lender asking why they will not offer at such a low LTV. And being both mort/rentable. The survey contradicts itself by saying rentage is average but then the survey ended with 'Due to economic climate prevailing, demand classified as 'poor' is not a reflection of the individual property or its environs'. So head of brokers is speaking with underwriter tomorrow as typical uw not in today! I will let you know.

herbiesjp

Fingers crossed!

jesmin45

thanks herbie, have you ever heard where a lender has refused to offer and then changed their minds and agreed to? fingers, toes etc crossed!

herbiesjp

jesmin45 wrote: »

thanks herbie, have you ever heard where a lender has refused to offer and then changed their minds and agreed to? fingers, toes etc crossed!

Not really - as at the end of the day it is their money and they lend to who they want, and on their terms.

I have heard of the valuation fee being refunded though, as stated above.

jesmin45

i will keep you posted

jesmin45

big boss got onto the surveyor, who basically said all properties he is surveying he is putting down demand and saleability as poor!! because of the economic climate, great so why bother doing the val in the first place costing me £385 when he knew it would be declined, big boss then spoke o the underwriter at the mortgage lender who said they have to go off what the surveyor says, so we are now doing a formal complaint. had a look on mouseproperties.co.uk for my road and 6 have been sold netween 15.8.08 - 16.9.08, also spoke with 2 local estate agents who could not believe it! Grr im so annoyed!

jesmin45

fingers crossed the packaging company who placed the mortgage are speaking with surveyor now we have given them evidence that properties on my road are selling - 6 sold between aug n sep. packaging guy thinks we have a good chance of arguing case with surveyor to get him to alter suvey, if he does they will then offer me the mort. (pref this than to have another search against me)

Rabiddog_2

mouseproperties.co.uk
??I get no results from this....is that the correct site address ? i tried www and .com as well