Mortgage going wrong

LA83

Remortgaging my house with Skipton bs, everything was going fine n dandy until the valuation

I had valued my own house at 175,000 which was on the high side but when i got the phone call to say my mortgage had been declined because they valued my house at 160,00 i was initially shocked then my heart sunk! That bought me out of the 75% LTV. i only needed a 170,000 valuation. They will only lend me 120,000 instead of the 127,250 i need.

Im close to tears of the stress just getting this sorted out i dont want a 80%ltv mortgage its 50 quid a month more over the 5 years!

I phoned the lender up and questioned the valuation so they are going to send me the valuation report by post.

Does anyone think i could get the surveyor to re value my property and bung him 200 quid :idea: ???
I really need this mortgage and to relieve my stress!!

Southend1

LA83 wrote: »

Does anyone think i could get the surveyor to re value my property and bung him 200 quid :idea: ???

Maybe.... I'm pretty sure that would be fraud though!

shop-to-drop

How about just go to SVR for a bit and make some overpayments to bring the LTV down then when you are confident you are at the right level apply again for the remortgage.

kingstreet

Your chances of getting the valuation changed are slim, I'm afraid.

What puzzles me is why you put down £175k if you only needed a valuation of £170k? Most valuations for mortgage purposes agree with the value given, as long as it's not massively different to what they think.

I'd suggest another lender, but you run the risk of getting the same surveyor back again.

LA83

shop-to-drop wrote: »

How about just go to SVR for a bit and make some overpayments to bring the LTV down then when you are confident you are at the right level apply again for the remortgage.

I wanted to secure the mortgage asap because i'm pretty sure the rates will go up. But this may be the best option. I will have to find out how long they can freeze the offer for ?

Wh05apk

LA83 wrote: »

I wanted to secure the mortgage asap because i'm pretty sure the rates will go up. But this may be the best option. I will have to find out how long they can freeze the offer for ?

I don't think you need to panic about rates for a while.

Skipton at the moment seem to be down valueing quite harshly, it might be worth trying another lender with a free remortgage package so you don't incur any further costs, but as Kingstreet says, you may get the same valuer again.

opinions4u

Does anyone think i could get the surveyor to re value my property and bung him 200 quid

How many criminal charges do you want?

Conspiracy to commit mortgage fraud. Bribery. Probably a few more than we can throw at it.

The typically reduction in price between estate agent suggested marketing price and agreed offer resulting in completion of sale is around 10%. £175k to £160k fits with that. Chances are the valuer is right.

Jessikita1983

HSBC are doing some good "fee free" packages at the minute. On reasonably good interest rates. Ok, it probably technically isn't as you pay slightly more interest over the term but they are still competitive. They are good too, when you use their internet banking, when you next hit a lower LTV point, you can swap mortgages with the click of the button. They have just let me swap from 85% LTV rate (4.1% overall cost for comparison) to an 80% LTV (3.3% overall cost for comparison) with the click of a few buttons on a fee free package.

(It isn't worth me paying the £995 arrangement fee for the slightly lower rate, as all things being well it will be paid off in 7 years)