Commercial mortage extortionate fees

Me.x.

I applied for a commercial mortage with Barclays. All is well as I own the property outright except they say I must pay £300 - £400 to a company to come to my premises and say it`s worth more than the £35,000 I wish to borrow.

This seems an extortionate ammount for a man with a clipboard to just say yes the money is in the property. Can anybody suggest anything as it seems a rip off to me but need it to get the mortage ?

AndrewSmith

You have to pay it I'm afraid.

Their reply would simply be that if you don't want to pay it get a mortgage elsewhere.

Conrad

Its a very fair price.

Valuers are liable for thier advice and this liability confers a lot of cost. Factor - in the fact they have trained for years, the car, the admin staff, offices, the fcat some appoitments are'nt kept so valuers waste time etc etc.

I have however heard of Banks negotiating and sometimes doing it for free, but it depends on whether they think you are serious and worthwhile. There are a lot of serial time wasters out there. Up front fees are a good way to separate out the wasters.
Keep in mind that many applicants suddenly change thier mind and withdraw from apllications without a seconds thought about all the time and energy others have wasted on them.