Mortgage Advice - Stressed!

janninew

Any advice would be greatly appreciated.

I’m currently in the process of buying my ex out of the house. We had a mortgage together of £45,000.00, which I am taking on in my name. He has agreed to accept £15,000.00 as this is all I can afford. We are currently with the Abbey, but I have applied for a Woolwich mortgage (£60,000.00 – £45,000.00 to redeem the Abbey mortgage and £15,000.00 to pay my ex).

I received a mortgage offer from the Woolwich for £60,000.00, so far so good. This was back in January 2009, the house was valued (I assume somebody drove past, because nobody ever came into the house) and the property was valued at £100,000.00. So I am taking the absolute maximum, as they will only mortgage 60% of the value of the property. Anyway we were due to complete tomorrow, all paperwork signed etc. My Solicitor has just called to say the Woolwich will not release the money as the valuation only lasts for 6 months! The valuation ran out in June, my Solicitor told me he tried to argue the case, but he has had no luck. He advised me to ring the Woolwich and discuss direct which I did immediately. Spoke to a guy who I could barely understand who told me I would have to pay £90.00 for another survey, he also told me that my Solicitor was sent a letter informing them that the mortgage valuation was no longer valid. Now I know I would have had to pay for another valuation but this could have been done last month and we would have been able to complete on time. I called my Solicitor back who told me he had never received any information regarding this?

I have used a mortgage broker to find my mortgage, but he is based in my Solicitors office, this guy is on holiday at the moment, but my solicitor ensures me that if anything had been received he would have been informed!

I’ve just been looking through my mortgage offer from the Woolwich which is valid until October 2009, though how this can be true I don’t know as I can’t get the money. The only thing I am now worried about is if the valuators come in and value my home at less than £100,000.00. I’m in the process of decorating my spare bedroom, so the house isn’t looking its best, would this effect the evaluation. Also I don’t understand why if I completed in June nobody would need to come into the house, but now they do? Any ideas?

Sorry to go on, I’m just so worried and stressed and want it all to be over.

Thanks
Jannine

Mrs_Bumble

Oh dear! Sounds like a day in the office!!

Solicitors and lenders go on like this all the time, you won't get to the bottom of it.

Has the valuer been in touch yet?

Have a look at https://www.zoopla.co.uk see how your house value fairs on there, it is usually a good indicator.

If you are only redecorating the bedroom and things are just a bit higgledy wouldn't think the valuer will penalise you.

janninew

Mrs_Bumble wrote: »

Oh dear! Sounds like a day in the office!!

Solicitors and lenders go on like this all the time, you won't get to the bottom of it.

Has the valuer been in touch yet?

Have a look at www.zoopla.co.uk see how your house value fairs on there, it is usually a good indicator.

If you are only redecorating the bedroom and things are just a bit higgledy wouldn't think the valuer will penalise you.

Thanks for this information.

No, the valuer has not been in touch, in could take up to a week!

Thanks for the web-site link, just been on and the house is valued at £90,000.00 so i'm even more worried now!

Just wondered why they now need to come into the house when the didn't previously, also my Solicitor has tried to reassure me that there won't be a big difference in the valuation as the last one was only done in January. Not sure if i believe him though.

So worried now, looks like i won't be getting any sleep for awhile.

janninew

The valuer has just been in touch, will be coming on Friday morning, so not to long to wait!

I'm now in another dilemma though! My spare bedroom has all my ex husbands stuff in it (i agreed he could store here until he buys his own place as he's living with his Mum and she hasn't got room). He has the key to the door and its locked, he is on holiday at the moment so i have no access to the room!! Will this make a difference when the valuer comes round?

Thanks

Mrs_Bumble

It is a mortgage valuation so he is not going to check anything structural or anything, when he comes on friday just be honest with him, tell him that it was valued at 100,000 at beginning of year and that you really need it to be worth that now or everything falls through! Get him nice cup of tea, big slice of chocolate cake.

Try not to worry:)

janninew

Mrs_Bumble wrote: »

It is a mortgage valuation so he is not going to check anything structural or anything, when he comes on friday just be honest with him, tell him that it was valued at 100,000 at beginning of year and that you really need it to be worth that now or everything falls through! Get him nice cup of tea, big slice of chocolate cake.

Try not to worry:)

Thanks Mrs Bumble!

I will try not to worry, but can't help it until everything is signed and complete i know its going to play on my mind!

I see your a mortgage advisor, have you any idea why the Woolwich didn't come round to value my property in January and only drove past? Just seems strange that if i completed at the beginning of June (before valuation ran out) they wouldn't have looked around the house and given me the money no problem just on the quick valuation they did whilst driving past?

Thanks for your advice, its greatly appreciated! And i will try and win him round with a cup of tea and cake!!

Thanks
Jannine

Mrs_Bumble

Lenders have been changing their criteria all year, so probably the reason they either did a desk top or drive by valuation at the beginning of the year and more twitchy now. Shame that it didn't complete before the valuation expired, but do try not to worry, tell the valuer what has happened and how stressed you are etc and try not to worry:)

janninew

Mrs_Bumble wrote: »

Lenders have been changing their criteria all year, so probably the reason they either did a desk top or drive by valuation at the beginning of the year and more twitchy now. Shame that it didn't complete before the valuation expired, but do try not to worry, tell the valuer what has happened and how stressed you are etc and try not to worry:)

The valuer has been this morning and wasn't very nice! I offered him a cup of tea, wasn't interested! He walked round my house and didn't say anything, he has not put me at ease at all. Just wondering now how long it will take for him to contact the Woolwich and let me know what is going on. I did ask him if he could tell me the valuation but he said he had to put a report together first?

Thanks.
Jannine

Mrs_Bumble

Maybe he hadn't had his weetabix!! Give them a try on Tuesday.