Yorkshire Building Society

johnston_l1

Has anyone else had any problems with YBS ?

I applied for a deal on the YBS website to re-mortgage my home as my 2 year fixed with the clydesdale was nearing the end of its term. I sent a cheque to them for £195 and they had someone come and value my property which i told them was worth £210000. They then called me back stating the valuation was £185000 and i didn't qualify for the LTV on that deal, which i find strange as the same properties in my street are selling for £211000 and a family members identical home next to me was valued at £210000. After applying for this deal i read an article that was printed in the Mail on Sunday on the 17th november accusing the YBS and the Post Office of WINDOW DRESSING, basically advertising deals to draw you in, send them your money and like myself not meeting the LTV, then offering the higher rate. I have contacted the Ombudsman who were very helpful and received a call back from the YBS to deal with my complaint, saying that if i can show proof of the same properties being sold recently for the higher price then they would look into it, which i have done today. I was told by one of their staff that she would pass the information on to their head valuer, but it was not likely that they would change the valuation.

Am i the only one that is sick to death with banks as they seem to be getting away with doing what ever they want.

Thrugelmir

johnston_l1 wrote: »

Am i the only one that is sick to death with banks as they seem to be getting away with doing what ever they want.

The surveyor is independent of the YBS. It is they who valued your property not the YBS.

johnston_l1

After applying for this deal i read an article that was printed in the Mail on Sunday on the 17th november accusing the YBS and the Post Office of WINDOW DRESSING, basically advertising deals to draw you in, send them your money and like myself not meeting the LTV, then offering the higher rate.

The surveyor was Harvey Donaldson & Gibson. The YBS are my point of contact not the surveyor whom they choose to use. Seems to me that everything isn't above board as the article stated in the paper.

BoGoF

If you are so convinced then arrange your own survey.

go_cat

The article refers to 90% mortgages and take ups with low percentage deposits not remortgaging

http://www.dailymail.co.uk/money/mortgageshome/article-2066566/Post-Office-lenders-accused-window-dressing-90-mortgages.html

Thrugelmir

johnston_l1 wrote: »

The surveyor was Harvey Donaldson & Gibson. The YBS are my point of contact not the surveyor whom they choose to use. Seems to me that everything isn't above board as the article stated in the paper.

Banks lend money. Surveyors value property. Banks make a decision on valuation provided.That is how mortgage lending is conducted.

johnston_l1

Points taken above, but forgot to mention that the FOS advised that i should have received a copy of the valuation report which i didn't receive. Also i have been told conflicting advice from two different members of staff at the YBS, first person saying that the valuation was free and they have not cashed my £195 cheque, second saying that the valuation should not have been carried out untill the cheque was cashed. This also leaves question why there is £26000 of a difference in the valuations of the properties in the same street