First Direct - Valuation required TWICE in 6 months!!!

Cash-Is-King

Guys

Have any of you experienced this?

I booked a mortgage product with FD six months ago to release some equity from our house, paid £200 for FD's 'internal inspection' valuation (as opposed to their £99 drive by option). With this info they approved the loan and it was up to us to signal when it was to be drawn down.

We had 6 months to draw down the loan but we got let down by another party and consequently had no need to access the loan within agreed 6 month period, but sods law, it was needed in month seven - cue a call to FD.

FD stated that I needed to reapply - pain in the neck but ok. 60 minutes on the phone later he said he would need to have the house revalued.

I explained this was done 6 months ago by a Chartered valuation Surveyor, you have a copy on your file - also, I was told @ the time that the valuation would be 'good' for at least a year...

He checked with managers and said unfortunately he needed another one... Easy for him to say, they cost £200, that is £400 I have to give FD in 7 moths for valuations - this is a complete sham. PS - they have stated they won't accept their £99 'drive by' type that they offered the last time either!!!

The housing market contracted way before my last valuation, what are they expecting to see? It smacks of being over cautious and not very customer focused, is there anything I can do here to appeal to their better sense?

I am feeling ripped off and unable to make them see sense. Has anyone else been told to have a revaluation so quickly after they had one done?

Thrugelmir

Then you should have drawn the loan down before the 6 months was up. That's life.

Cash-Is-King

What an idiotic reply... The point is 2 house valuations have been instructed in 7 months, at a time when the market has stabilised dramatically.

I have no problem applying for a different mortgage product and paying another booking fee (as that is my problem) but needing another full survey, by the same surveyor 7 months later when if anything an improvement in the price is quite likely? That is stupid beyond belief, a complete waste of my money.

If you think that's fair enough you must work for a financial institution...

iamana1ias

Cash-Is-King wrote: »

If you think that's fair enough you must work for a financial institution...

I think it's fair and I don't work for a financial institution!

Thrugelmir

Cash-Is-King wrote: »

What an idiotic reply... The point is 2 house valuations have been instructed in 7 months, at a time when the market has stabilised dramatically.

That's your opinion, nothing more. Lenders have set rules for good reason. Six months is a reasonable timescale, and there has to be a cut off point.

No, I don't work for a financial institution but have worked with Company finances for many years.

FraudBuster

I think that in the Northern Ireland property market six months is very generous.

A_Nice_Englishman

House prices in Northern Ireland seem to be all over the place. see http://news.bbc.co.uk/1/shared/spl/hi/in_depth/uk_house_prices/regions/html/region11.stm

so a new valuation would seem to be a good idea

Cash-Is-King

So you guys think there is a good chance the house has depreciated in 7 months so significantly that a revaluation is required? Please...

The house is in a very stable, in demand location.

Thanks for the off topic replies to my question guys, they have provided me with great amusement.

Wutang_2

Cash-Is-King wrote: »

So you guys think there is a good chance the house has depreciated in 7 months so significantly that a revaluation is required? Please...

The house is in a very stable, in demand location.

Thanks for the off topic replies to my question guys, they have provided me with great amusement.

Do you always get like this when you don't get the response you hoped for? I do too!

Pincher

They reserved a sum of money for you for six months, which you had every intention of not using if you felt like it.

These days, people think you should have a mobile phone so they can cancel on you last minute, and it's YOUR FAULT if your mobile isn't with you when they want to cancel. I hope you have friends who behave just like you.

Cash-Is-King

The money which was set aside which I now have to reapply for is not the issue, I never said it was if you care to actually read my posts. The issue is the necessity of having 2 full surveys within such a short period of time, and at a time when the market has settled.

Thanks to all for commenting on the part of this situation which I have no problem with.

I hope a wave of common sense washes over you soon.

Happy trolling!