Arrangement Fees

_Andy_

ToMonkey - just to clarify, was the £200 the valuation fee or an arrangement fee?

ToMonkey

Arrangement Fee

koexelek

ToMonkey wrote: »

I know the banks have lost money but £200 to arrange a mortgage that they then don't offer its scandalous.

£200 is a bargain.

Most of them charge at least a grand these days :eek:

ToMonkey

koexelek wrote: »

£200 is a bargain.

Most of them charge at least a grand these days :eek:

Then another £800 on completion. They take 200 regardless.

Dan_1976

Tough titty, you took the risk and new it was there.

Sounds liek you got the !!!! as they down valued your house and you have mine is better then next doors. You have to use sold properties to appeal not for sale.

I am sure that a qualified RICS valuation would be better placed than yours.

_Andy_

Dan - in fairness to the OP he/she does state 'no-one has been out' so I'm guessing just a desktop val was done? Whilst they can't claim it's a 'rip off' given they knew the fee was non-refundable I guess I can see why they're frustrated - £200 for a desktop val isn't really a bargain.

ToMonkey

Spoke to someone I know (A qualified valuation person )who works for Halifax and he said because there are no houses bought and sold in my street (except for next door) it was an issue on the valuation. Everyone bought the houses new and no one has moved so there is nothing to go off.

The house next door was sold between 2 mates (As they are my mates) and the lad that sold had a 10k mortage so sold the house cheap just to get rid at the time.

Thats what lead to the low valuation (apparently)

Dan_1976

I thought the £200 was an arrangement fee not a valuation fee. Sorry to sound harsh but I am sure if you got the mortgage you would not be saying its a rip off, even though you must had an idea it was non refundable.

ToMonkey

TBH I did not think for 1 minute they would refuse based on other house prices, my salary etc. I saw the fees but they all looked standard so i never paid that much attention.

It was only when I signed everything and had a good read did I think god this one is just for applying, but again I did not think there would be an issue so sent them off anyway.

In the end to compare a 3 bed house against a 4 (and soon to be 5 bed) is in my opinion a little unfair. Anyone can see that.

Its a lesson learnt for me but never mind.

_Andy_

ToMonkey - are there any comparables you could use from nearby streets? Might be worth attempting to argue the valuation.