HELP!! Paid valuation fee now refused mortgage??

poffigirl

Hello All

I hope someone can give me some advice (or just listen to me moaning!)

My husband is being made redundant in September and will have around £40,000 redunancy money with savings. I work part time so we've decided to use the money to pay off a lot of the mortgage and bring down the monthly morgage repayments to a manageable level (£175 a month, I earn £950 a month take home).

I went to an independent mortgage advice and decided on a mortgage with Alliance & Leicester. I applied for it in my name only, it was accepted and I arranged a valuation which was to be refunded on completion. Everything was fgoing ok until we realised that we would have to incur a solicotors fee to change the deeds on the house from joint to sole name. To avoid this I phoned up Alliance & Leicester and added my husbands name, but lo and behold, becuase he's being made redundant the mortgage was then refused!! I've asked the mortgage adviser to apply in my name only but she thinks that its unlikely that I will be accepted now!!!

I'm really annoyed as I've paid for a valuation! Do you think i will be able to be refunded for this and if not, will I be able to get hold of the valuers report?? Will other banks accept it if I do.


It all seems so stupid, particulary as my husband will be able to pay the mortgage with his dole and also we will be having lots of family credit as we have 2 young children!!

dunstonh

Do you think i will be able to be refunded for this

From their T&C regarding valuation:

Free Valuation is for mortgage purpose only and by way of a refund of the valuation fee i.e. the relevant Valuation fee is paid to us before the Valuation is carried out and will be refunded following completion of your mortgage with us. Our free Valuation, where applicable, is limited to one per application. To qualify for a free Valuation, Alliance & Leicester must choose and instruct the valuer (procedures differ in Scotland for purchase customers). If a Homebuyers, Survey and Valuation or Building survey is required, the full amount must be paid on application. The full amount will be charged even where the chosen product attracts a free Valuation, and the equivalent cost of the free/refunded valuation will not be refunded. This valuation offer cannot be used in conjunction with any other valuation offers. Alliance & Leicester may use alternative valuation methods, which include the use of limited external appraisals, automated valuations or use computer based data to establish the value of the property. Remortgage customers will not receive a copy of the valuation report.