increasing mortgage, please help

photian

In order to pay off credit cards and loans we are trying to increase our mortgage. BS originally offered us £38k which is just what we need, based on an estimated valuation but subject to a survey. The survey valuation has come back at around 13k less, the BS say that based on this, they could only lend £27k but because this would mean that we couldn't pay off our debts, they cannot offer anything because of "affordability". We believe that the valuation is too low and the BS has mentioned something about "local comparisons" and we are currently exploring this to see if we can increase the original valuation. But we seem to be caught in a catch 22 situation: if we were able to pay off our cc debts and put that amount on the mortgage, we would be paying some £300+ less per month than we are now (and that's only maintaining min. payments). Is there anyone who can advise? Can we ask for anther survey? Can we appeal to someone higher up in BS? I know I should ask the BS this but I'm trying to keep them on board at the moment as the person I'm dealing with is being helpful about speaking to original surveyor re valuation. And I’m just looking for some background info in case we have to go further with this, thanks.

Thrugelmir

And I’m just looking for some background info in case we have to go further with this,

Suggest you go over to the debt board and post a Statement of Affairs. Your lender has highlighted affordability as an issue. You don't have any grounds for appeal to the BS.

You need to get to grips with your own finances before it is too late.

xyellowx

it doesnt matter what you believe the bank can see your in debt so wont lend what is required take it as a wake up call to start sorting your own affairs out (the bank may be doing you a favour what if they lent you the money then you respent on the cards?)

try the debt free site loads of help on there and the credit card site

frankw5

Photian, you say the lender done a survey which was a "local comparison", I am guessing there was no actual survey? If not is there any recourse for you to ask for a proper survey. In my experience a lend would have a computer system that uses information about house prices in the area, bur because it was computer based there was always a way a customer could challenge it.

What Is aid to them is the same as what I am about to say to you. If you are confident that your property is worth more and you are willing to pay for the survey then go for it.

photian

frankw5- thanks for your reply, What happened was that the BS did a valuation of our house, based on computer info as you said but then they subsequently instructed a surveyor who did a quick survey and then valued our property at around 15k less than that. I believe that their original valuation was about right, not the surveyors. So I was then told that if i could supply some "local comparisons" of prices, they may look at it again. I have now done so and am awaiting them getting back to me.