LTV 122% - Halifax wont let me fix at the moment

minimike2

flyingbanana wrote: »

sure it isnt!!!!!

Not only do i know have to pat £200 for a valuation, which they are making me have, i also have the privilege of paying £1250 for the arrangement fee of the mortgage! :mad:

Why is it that hard working honest people, have to pay for the greed and imcompentence of others????

No one is making you have a valuation.

Stay on the SVR. it will not cost you a penny in fees then.

If you CHOOSE to buy a new fixed rate product and a valuation fee is part of that process, then it is your CHOICE.

flyingbanana_2

beecher wrote: »

I think you should calm down, breathe and be thankful that Halifax are willing to give you a deal while you're in negative equity. Plenty of other banks aren't doing so unless your LTV is below 90%. The value of your property will have gone down - same as everyone else's. You might be shocked once you get that valuation done - it is possible that Halifax's valuation isn't as inaccurate as you think.

You obviously also have the option of the SVR if you're unhappy with Halifax, or to overpay significantly, get down to 90% and move elsewhere.

The thing that is annoying me is that i know that their valuation is completely wrong! If i have lost over £100k in 2 years on a property that was bought for £250k then i might as well just kill myself now!

I believe that they have made my property lower so that i have to pay for a valuation!

beecher

flyingbanana wrote: »

The thing that is annoying me is that i know that their valuation is completely wrong! If i have lost over £100k in 2 years on a property that was bought for £250k then i might as well just kill myself now!

I believe that they have made my property lower so that i have to pay for a valuation!

That does sound odd - I'd have thought that it would've gone down 20% or so in the last 2 years so £200k would be about right. Was the property definitely valued at 250k when you bought it or did you pay over the odds?

Use the Nationwide calculator

http://www.nationwide.co.uk/hpi/calculator.asp

and see what it says and phone Halifax and query if it does indeed state something different. You could maybe make an appointment in your branch for a mortgage check where you can talk to someone face to face if you don't get anywhere by phone.

flyingbanana_2

beecher wrote: »

That does sound odd - I'd have thought that it would've gone down 20% or so in the last 2 years so £200k would be about right. Was the property definitely valued at 250k when you bought it or did you pay over the odds?

Use the Nationwide calculator

http://www.nationwide.co.uk/hpi/calculator.asp

and see what it says and phone Halifax and query if it does indeed state something different. You could maybe make an appointment in your branch for a mortgage check where you can talk to someone face to face if you don't get anywhere by phone.

This is showing me something completely different, some £30k more that HBOS' valuation!!!! Can i take this figure to HBOS then? If they work off this figure then that would make me fall well within the 120% LTV!

beecher

flyingbanana wrote: »

This is showing me something completely different, some £30k more that HBOS' valuation!!!! Can i take this figure to HBOS then? If they work off this figure then that would make me fall well within the 120% LTV!

I honestly don't know. I would certainly phone them up again and ask for confirmation of their valuation, and challenge them over the fact that it shows a 40% drop in value (double check your figures first) which is surely inaccurate. If you don't get anywhere, go into your branch before paying a valuation.

I honestly don't think they're doing this across the board in order to get money from you, so treat it as a genuine mistake first of all and see where you go.

flyingbanana_2

beecher wrote: »

I honestly don't know. I would certainly phone them up again and ask for confirmation of their valuation, and challenge them over the fact that it shows a 40% drop in value (double check your figures first) which is surely inaccurate. If you don't get anywhere, go into your branch before paying a valuation.

I honestly don't think they're doing this across the board in order to get money from you, so treat it as a genuine mistake first of all and see where you go.

Do you think going into a branch will do anymore than over the phone? the problem is i am with BOS so there arent many branches around! I have no problem with the fact that i may be in negative equity as i dont plan on moving for a long time it is just that i know that i am not going to be over 120% and thus have to pay for a valuation!

opinions4u

flyingbanana wrote: »

The thing that is annoying me is that i know that their valuation is completely wrong! If i have lost over £100k in 2 years on a property that was bought for £250k then i might as well just kill myself now!

I believe that they have made my property lower so that i have to pay for a valuation!

I believe that they have made my property lower so that i have to pay for a valuation!

Before they used indexing EVERYBODY had to pay for a valuation.

Their use of indexing has significantly reduced their income from valuations over the past decade or so.

Can i take this figure to HBOS then? If they work off this figure then that would make me fall well within the 120% LTV!

No, but I'm sure you could take it to Nationwide and see what 120% deals they are willing to offer you.

Why is it that hard working honest people, have to pay for the greed and imcompentence of others????

Perhaps the 3.5% SVR you are on would still be over 7% if the banks had not been quite as greedy.

Really odd remark. Perhaps you are being greedy here.

Greenr

flyingbanana wrote: »

sure it isnt!!!!!

Not only do i know have to pat £200 for a valuation, which they are making me have, i also have the privilege of paying £1250 for the arrangement fee of the mortgage! :mad:

Why is it that hard working honest people, have to pay for the greed and imcompentence of others????

Following my first post, I have decided to have a valuation. I only have to pay Halifax just over £100 for this - I wonder if you have to pay more because your property is larger than mine?

flyingbanana_2

Greenr wrote: »

Following my first post, I have decided to have a valuation. I only have to pay Halifax just over £100 for this - I wonder if you have to pay more because your property is larger than mine?

Yeah, i think that is the only thing i can do as my mortgage is worrying me so much at the moment! I really need to fix as need the security of the payments over the next 3-5 years!

I cant believe that i am so much in negative equity! I thought i might be around the 100% mark, but at 125%!!!

beecher

flyingbanana wrote: »

Do you think going into a branch will do anymore than over the phone? the problem is i am with BOS so there arent many branches around! I have no problem with the fact that i may be in negative equity as i dont plan on moving for a long time it is just that i know that i am not going to be over 120% and thus have to pay for a valuation!

Go into Halifax - that's who your mortgage is with surely? There are no Bank of Scotland branches anymore - only Halifax Bank of Scotland. Have a look here.

If you would like to discuss your mortgage face to face with a professionally qualified Mortgage Adviser you can do so at your local branch or Halifax Estate Agency.
To arrange an appointment, call us on 0845 602 9717 and select option 5 followed by option 3.
Or simply click on the Branch Finder icon, to find your nearest branch or Halifax Estate Agency and contact them to book an appointment with a professionally qualified Mortgage Adviser who will guide you through the whole mortgage process.

I've used face to face appointments in the past, before so much information was online. Can't do any harm.