Underhand Tactics by Mortgage Companies

geoffky

I congratulate nationwide for doing it. seems as i am a member as the price of your house is falling fast and they would not be able to recover the money they have lent you for a very long time....well done them.

opinions4u

billywhy wrote: »

Tell us exactly what he did say. Give us the full context. If he'd said this, why didn't you cancel there and then to save your fee?

I was not present when the surveyor arrived at the property to carry out the valuation. So there was no chance of cancelling. Its all very well saying that with hindsight but how was I to know that he was going to value so ridiculously low. He stated to the sales team that he was going to value the property in line with other 4 bed properties in the area. This is ridiculous, the property I have now purchased is 1600 sq ft compared to a local approx. average of about 1000 - 1100 sq ft and It is architect designed (award winning ) and been graded as a top spec eco property.


You originally said:

I recently applied to the Nationwide for a mortgage on a new build property. All was well until it came to the valuation. The surveyor commented (before inspecting the property) that he had been instructed by the Nationwide to undervalue the property.

I think you're going to struggle to pursue a complaint through to a successful end on the basis of "he told the people who wanted the sale that somebody told him to do his job in a way that was to my detriment".

I'm not saying you've not been hard done to, but on the basis of an undocumented conversation with an interested 3rd party there's little hope of success.

feisty1

quote: I paid for a valuation and expected to receive a fair valuation

and that's exacty what the surveyor will say and nationwide when you ask for yr money back..........they will say you have PAID for a service you rcvd, the fact yr unhappy with the valuation is another issue.........

billywhy

I congratulate nationwide for doing it.

Yes, congratualtions Nationwide, for taking my £250 and giving a way off the mark valuation and then running with my money.
Geoffky, perhaps I could send you a cheque for £250 for the most unhelpful comment of the month as I am feeling so @@@@@ charitable. The mortgage in question was for less than 60%LTV so your money is quite safe Geoffky.

I can't believe how many people on here actively support the banks and B/S's. For years they have acted with scant regard for their customers and take every opportunity to grab our money whilst paying ridiculous amounts of money to their execs.

Nationwide are perfectly entitled to instruct the surveyor to make certain assumptions when valueing the property.

There is a very fine line between this statement and the direct words "undervalue this property". Your statement above is probably more legally correct but both amount to the same end result - a lower valuation and less risk to the Nationwide.


Thanks to all who have commented - I'm still very angry though!!

dunstonh

I can't believe how many people on here actively support the banks and B/S's. For years they have acted with scant regard for their customers and take every opportunity to grab our money whilst paying ridiculous amounts of money to their execs.

You will find the regulars have posted are just as critical about the banks when there is good reason to be.

The difference with us is that we have no emotional attachment to the issue so will be critical when we need to be and not when there is no reason. You see it as a personal thing and you will be more emotionally attached to it and feel hard done by.

luckyfool

If more banks/building societies had behaved a bit more conservatively (as Nationwide are doing here and have done in the past) then it is unlikely the Banking problems in the UK would be as severe or last as long as they are now.

Nationwide are a Building Society, as such they have traditionally always behaved more conservatively and been more risk averse than banks like Northern Rock/Halifax etc. Given that they have not needed any bailouts from the government I would argue that it's difficult to criticise them now!

haras_nosirrah

If I had been in your position I would have shown the valuation to the developer and said to them that the property is worth 175k and they need to drop the price. They may have done so or at least reached a compromise. I know someone whose new build got downvalued by 50,000 and the company agreed to the reduction - over the term of the mortgage that will save them a 100,000 or more in interest payments (5% deposit) If you don't ask you don't get.

Why would you want to pay more for something than it was worth?

DickDastardly_2

I have to say I have some sympathy with the OP here. Again we come down to the strict letter of the law semantics when dealing with the reply which sadly often differentiates this forum from the ethos of it's namesake in my view. Of course people are emotionally involved and entitled to feel hard done by and angry - isn't this the whole thrust of Martin's Money Saving crusade? An Us and Them against the goliaths of financial services and sticking up for the little guy?! From some of the replies on here from the same old faces you'd never have guessed this forum and the TV Show and Martin himself are in anyway connected.........:rolleyes:

In short Nationwide have really done this guy for his money especially if there valuation is the only different one out of three done on the same property. And yes, the usual crew are technically and legally right in the 'smug stakes' in that the OP pays his money and takes his choice, and yes he did get a valuation, etc. But that kind of defence is exactly why most of the large banks get away with continually screwing people over again and again - the phrase LEGAL THIEVES springs to mind. Just because a thing is legal it doesn't always make it right!

And yes aren't nationwide so great for protecting their interests Geoffky! Perhaps if they were that bothered, then perhaps they shouldn't have got as far as the valuation stage then? Still you should be happy now they have another £250 to dish out in your interest payments at the year end.......:rolleyes: But I digress....

Either way, billywhy I personally would pursue a complaint as you have nothing to lose other than what has already gone. You never know and good luck!

PBA

billywhy wrote: »

Nationwide are perfectly entitled to instruct the surveyor to make certain assumptions when valueing the property.

The assumption the valuer has to make is how much could we get for the property if we had to repossess.

It's a common assumption that lenders like to decline loans. That's nothing like the case. Lenders only make money if they can actually lend. Nationwide will have lost money here, the fee you paid will have covered the valuer's time but not that of the advisor who put the mortgage through for you.