YBS incorrect LTV calculation??

pboothy55

Hi all,

Called Yorkshire Building Society last night to arrange a fixed rate mortgage. (I`m an existing borrower). They now value my house at £140k and i wish to mortgage £99148. (a 70.1% LTV by my calculations). They confirmed the value of my house and the amount outstanding but their system shows a LTV of 81%!! The advisor I spoke to agreed that my calculation of 70.1% was correct but she was unable to offer the deal i requested as she was limited to what the system showed.

Has anybody had a similar experience or a possible explaination of why there figure is different to mine??

Thanks in advance.

beecher2

Phone them back and ask them to confirm the valuation of your house, and what your outstanding mortgage is. Ask to speak to a supervisor, or someone who can explain it to you.

pboothy55

I did ring back a second time to inform them of there error but it was a classic case of `computer says no`!!! They confirmed again that the value was £140k with £99148 left to pay.

I have emailed a complaint to their customer services in the hope that they will look into it properly, i have explained my calculation method and that I have confirmed the LTV rate via independant online calculators that my figure is correct. I await a response....

Would it be worth contacting the Financial Ombudsman at this stage? May give my case a strong backing if they too agree with my calculations?

Thanks