Mortgage Application woe

bonesmaloney

Hi all,
First post hopefully not my last!

I recently applied for a mortgage with Leeds Building Society. The product was a 5 year fee assisted fixed rate at 5.13% on an interest only basis for a LTV of 80%.
I applied for this rate on the 10th January. Sent the cheque for the valuation a few days later plus the relevant paperwork.
To cut a long story short.....the valuation payment (£200 non-rufundable) was taken from my bank account on the 1st Feb11 and the valuer came to value the house on the 22nd Feb11. I received the valuation report on the 24th Feb11.
Now my point is this. The valuation came back and in order to get the said product I would have to put down a further 8k. This was not going to happen. So I would have to consider taking their 85% LTV product.
However, when I initially applied for this mortgage they also had a 5 year fee assisted fixed rate at 5.29% for a LTV of 85%.
As its taken the application so long the the 85% LTV product (5.29%) mentioned has been pulled (changed on the 10th Feb11). This rate has now gone up to over 6%.
I'm really annoyed with this. If the Valuation was done within 14 days as you would expect then I would have been able to get the 85% LTV that I wanted.
Now I'm just waiting on a senior manager to get back to me (hopefully a callback will happen this time!)
Is there a chance I will get the 5.29% rate or is it wishful thing on my part.
I have put in alot of time and energy gathering paperwork....will it all be for nothing? I await your replies. Thanks.

opinions4u

If they've pulled the product, you can't have it.

betmunch

Cant see you getting the old rate, Sorry.

However, if you do, please post back here.

Wh05apk

Unfortunately nothing can be done, all you can do is take a product currently available.

Is this a purchase or remortgage?

bonesmaloney

Yea its a remortgage. Thanks for the posts btw. So no point in going to the Financial Ombudsman if I don't get a positive resolution then!
Do you think there is a chance of getting my valuation fee back due to the lenght of time it has taken.
So basically a win win for the banks....it would be interesting how long the valuation would take if the house prices where on the up!! Probably would have been done within a day or so!!

betmunch

How much did you lose off your house in the 2 weeks between application and Valuation?
Are you sure you just didnt overestimate the value of your house?

There may be an appeal procedure you could go through to have the valuation corrected (this is assuming you are right and the Surveyor is wrong). I would get a some comparable evidence of houses the same as yours showing you to be correct and ring them up and ask if you can appeal the valuation.

Wh05apk

Sorry to say, but valuers value harshly on remortgages, which is why 99% of the time I recommend clients get a free valuation package for this reason.

It may be worth complaining, if you feel they have acted unreasonably, and you may get your valuation refunded.

GMS

Doubt you will get the valuation fee refunded as the valuation has been carried out meaning the lender has incurred the cost.

The argument from the bank could be that the valuers took that long, not the lender and if you were unhappy with the timescale you could have cancelled the application.

How did you arrive at your estimated value?