LTV/Mortgage Advisor Query

getmore4less

I always believe the first thing to do is talk to your current lender.

Find out what they will do for you

Have as stab at current value yourself based on local market, lender may give you a value they would work with.

This is the starting point for a broker you want a better deal than the simple sign a bit of paper one.

b0rker

feisty1 wrote: »

so keep yr crap to yrself

You know how some MA's get accused of touting for business on this site?

I can safely say that feisty could not be accused of that.

If anyone read more than a couple of their posts they would know very well to steer clear.

fiesty, do you work in Scotland? If so I do so hope I have the good fortune not to accidentally approach you when I am preparing to re-arrange my mortgage.

I believe you are female from some of the posts on here? I may have to make sure I only go for male MA's so as to remove the chance of ending up with you.

This is the mortgage advice forum. Your rants are far better suited to the recession forum.

Please do yourself, your profession and your countrymen a favour and chill out a bit.

b0rker

getmore4less wrote: »

I always believe the first thing to do is talk to your current lender.

Sadly as I am with NR that will not be an option.

b0rker

I have just added feisty1 to my ignore list. I actually made the effort to find out how to do that. I have obviously never added anyone to it before. Sad.

Ian_Griffiths_Halifax

feisty1 wrote: »

Quote: Jesus you talk some cr4p some times.

Who is speaking crap! I speak to & meet face to with face surveyors on a daily basis! I live in a part of the world where clients/advisers are allowed to appoint their own surveyors therefore only retypes are required! It is a crucial part of the business to have good working relationships with companies such as Graham & Sibbald & J&E Shepherd....It is laughable to think i would have to go to BNI or a trade event to meet a surveyor......so keep yr crap to yrself

So you are in Scotland! Why give the OP your cr4p unless you know he is in Scotland too?

Ian_Griffiths_Halifax

b0rker wrote: »

I have just added feisty1 to my ignore list. I actually made the effort to find out how to do that. I have obviously never added anyone to it before. Sad.

He/She is the only person on my ignor list, but I simply can't help my self to take a peek at what gem he/she is going to come out with next.

beecher

b0rker wrote: »

fiesty, do you work in Scotland? If so I do so hope I have the good fortune not to accidentally approach you when I am preparing to re-arrange my mortgage.

I believe you are female from some of the posts on here? I may have to make sure I only go for male MA's so as to remove the chance of ending up with you.

I would have to make sure that any mortgage adviser I met with in Glasgow was male, for exactly the same reasons.

I don't understand why feisty is allowed to ignore the forum rules in the way she does, or indeed what she can possibly get from posting here. -

getmore4less

beecher wrote: »

I would have to make sure that any mortgage adviser I met with in Glasgow was male, for exactly the same reasons.

I don't understand why feisty is allowed to ignore the forum rules in the way she does, or indeed what she can possibly get from posting here. -

Seem they have the time to post because they are paying people to do the 2min searches they could do themselves.

b0rker

beecher wrote: »

I would have to make sure that any mortgage adviser I met with in Glasgow was male, for exactly the same reasons.

I don't understand why feisty is allowed to ignore the forum rules in the way she does, or indeed what she can possibly get from posting here. -

Ah so she is Glasgow based? That is fine as I am in the Highlands and will be using a local MA so I can get face to face.

I think I will have to start referring to her as "Mary Doll" (Rab C Nesbitt style) from now on!

HelpWhereIcan

b0rker wrote: »

We apply to mortgage provider B as we guesstimate that we are in the 80% LTV range. Mortgage provider B comes back and says that they have valued our house at £96,000 which would have us at a 75% LTV. Mortgage provider B does not do a good 75% LTV deal.

While I understand the point you are trying to make it is unlikely to be a practical one. I cannot remember the last time that a surveyor valued a property up (above the figure on the application form) - even in a good market. Oh yes that was that right to buy with Northern Rock 4 years ago but that was £2000

Even if they think the house is worth more than the figure you have put on the application form they will only 'confirm your expected valuation'. If they think it is worth less they will downvalue it but very rarely the other way round.

b0rker wrote: »

We have wated a valuation fee/time, are there other expenses?

not normally

b0rker wrote: »

We would now like to approach Mortgage provider A to get the 75% deal they are offering. We do that. They value the house at £84,000 giving us an 85% LTV. there 85% LTV deal is not as good as Mortgage provider C.

More fees and time builds up.

You would normally be able to ask lender A to accept a retype of the valuation done for Lender B - usually a low cost of about £75. However this is subject to both lenders agreeing and is not guaranteed.

b0rker wrote: »

Am I making a vlaid point here or am I just confussed?

Being honest I think you are making it more comlicated for yourself than you need to by trying to work out every possible eventuality.

b0rker wrote: »

It seems like a very inaccurate science to me.

I am not sure there is any science involved, I don't think surveyors even claim it as a science - more like a dark art.

The only people who pretend at any kind of science are new build developers who often quote £/m2 when looking at how to price properties on a development that may not have a direct comparable.

b0rker wrote: »

I would have thought that approaching an MA would take the confussion out of this situation but if they are not going to touch guesstimating my properties value with a barge pole as you suggest then I am kind of left on my own with this one?

In practice most local advisers will have a reasonable knowledge of the local market and many will have access to tools like UK Valuation dealchecker and hometrack.

Even those that do not will be able to use recently sold information on the likes of Rightmove to get a good idea.

If they think your valuation is way off they should tell you, but otherwise you have the responsibility to tell them that you are concerned about the property's value.

However it would be unfair to expect the MA to give advice they can be held to on the valuation and they can only help you come up with a reasonable guesstimate. The only person who can be sure is the surveyor appointed.

Best thing to do is to work from your 'best case scenario' knowing what plans B & C may be. If you are realistic with your estimate (without being overly pessimistic) and make that estimate based on recently sold information you should be ok.