How do we reclaim the mortgage valuation fee

7crag

As ex-pat in NZ, We have recently applied for a mortgage on our UK property via a UK MA.

We made it abundantly clear on several occassions over the course of our correspondence with our MA that we could only consider an interest only mortgage.

The application progressed with the Halifax, we paid the valuation fee and subsequently received a mortgage offer - but for a repayment mortgage.
Checking back on all correspondence, we had never been led to expect that repayment had been applied for, nor was that ever mentioned.

We pointed out the error to the MA and requested an interest only mortgage.
To cut along story short, we found out this morning that we do not meet the lenders criteria for an interest only mortgage as our investments are not sufficient.

Suffice to say, if we had been apprised beforehand, we would not have gone this far.

We would like our valuation fee back on the basis that we made it clear from the outset that we needed an interest only mortgage.


We do not know who is at fault here as we have not been privy to the communication between the two.

Are we entitled to our valuation fee back?

If so, how do we go about reclaiming it?


Thanks in advance.

betmunch

Halifax make their criteria for Interest only very clear so it is the Broker at fault here in my book. I would suggest you request it from him in the first instance as you told him that you wanted an Interest Only mortgage.

Simon_gloster

7crag wrote: »

As ex-pat in NZ, We have recently applied for a mortgage on our UK property via a UK MA.

We made it abundantly clear on several occassions over the course of our correspondence with our MA that we could only consider an interest only mortgage.

The application progressed with the Halifax, we paid the valuation fee and subsequently received a mortgage offer - but for a repayment mortgage.
Checking back on all correspondence, we had never been led to expect that repayment had been applied for, nor was that ever mentioned.

We pointed out the error to the MA and requested an interest only mortgage.
To cut along story short, we found out this morning that we do not meet the lenders criteria for an interest only mortgage as our investments are not sufficient.

Suffice to say, if we had been apprised beforehand, we would not have gone this far.

We would like our valuation fee back on the basis that we made it clear from the outset that we needed an interest only mortgage.


We do not know who is at fault here as we have not been privy to the communication between the two.

Are we entitled to our valuation fee back?

If so, how do we go about reclaiming it?


Thanks in advance.

In all honesty you should have picked this ip before the valuation was done.

When the advisoe tol you the monthly payments and when they issued you the key facts. It's all in there.

As mentioned, Halifax have no blame at all in this instance, so the broker needs to cough up.

I will let you know, interest only is very hard to get among the top 10 lenders in the uk.

7crag

Simon_gloster wrote: »

In all honesty you should have picked this ip before the valuation was done.

When the advisoe tol you the monthly payments and when they issued you the key facts. It's all in there.

Ah. Yes. It's there in the key facts. And rereading to specifically look for this information, it's blindingly obviously there. :embarasse

This seems to undermine our 'claim' somewhat.

Thanks for pointing this out.

I suppose we just recieved an expensive lesson in reading the documentation properly.


(Just a word before I get flamed for being silly. I do have ADD which in my case makes it extremely difficult to extract all the information from documents. My OH would normally read and pick up the detail - as she did with the final offer email after I read and still didn't spot this 'minor' detail - We must have overlooked the check and balance of her doing this in this case.)


Thanks for time taken for the replies folks.

Thrugelmir

Terms on interest only mortgages are changing rapidly.