Mortgage Disappointment Story

andy768

Hi,
I have a tale of mortgage woes, and was wondering if at any point i have any comebacks:

I recently found a great house, the former show home for a recent development. Whilst being shown around the property the estate agent told me it was built in 2004, and had 6 years remaining on the NHBC certificate. I haggled a great deal and applied for the Britannia FTB 6.19 5 year fixed with a 10% deposit.
The valuation took place (£150) and I paid for my searches (no HIP - £175). Anyway, after a few days, Britannia rang and queried that the surveyors report claimed it was built in 2008. It turns out the house was actually built in 2006, but wasnt registered for the NHBC until 2008. This now means it is technically a new build and as such, requires a 15% deposit with Britannia.
As i cannot afford the additonal 5%, I have had to withdraw from the offer, losing my valuation fee and my searches fees. I feel really hard done by as the estate agent informed me it was built in 2004.
Do I have any right to a refund from anyone as I was clearly misinformed, (unfortunately, none of that was written down.)
Thanks for reading

jennynoo

Hi Andy

That sounds terrible, I've had a lot of bad experience with estate agents myself and that was before prices started dropping. Have you tried looking for a different mortgage then at least you wont have wasted your search fees? You should be able to get a better deal than 6.19% and with rates coming down you might be better on a mortgage with a shorter term or go variable.

dunstonh

I feel really hard done by as the estate agent informed me it was built in 2004.
Do I have any right to a refund from anyone as I was clearly misinformed, (unfortunately, none of that was written down.)

Estate agents publish information on good faith but do not verify what it told (beyond the obvious). It will say in their print that information has not been independently verified or words to that effect. This is why surveys are carried out and in this case has highlighted an issue.

It may be a blessing in disguise. There is no reason for a house built in 2006 to be awarded an NHBC certificate 2 years late. It may be that the NHBC were not happy with the quality of the build and it took that long to sort out.