paid for a valuation that didn't happen!

MrsAowM

Hi,

I'll try to keep this simple! My husband and I are first time buyers and through our mortgage advisor applied for a mortgage with Coventry as it had a competitive rate of 4.99% 5yr fixed and only a £199 valuation fee. Fab! Or so we thought. We applied for the mortgage and were approved. However the mortgage rate we had applied for had now changed to 5.3% and an extra £400 for arrangement fees; the reason they gave was that the rates we had been previously quoted were for existing customers only. This had not been advertised prior to us applying otherwise we would have applied elsewhere.

As well as this they had already taken the valuation fee which did not go ahead as the vendor was unable to make the date. We consequently ceased to go ahead with Coventry as we had found a better deal with Nationwide. I feel that this is false advertising and that we have paid for a service that has not been carried out. Please could anyone offer any advice to the process of reclaiming the valuation fee and the likelihood of having the fee refunded.

Thank you we appreciate any advice!

dunstonh

We consequently ceased to go ahead with Coventry as we had found a better deal with Nationwide.

That is your problem. You broke the contract by your choice. They didnt break it

I feel that this is false advertising and that we have paid for a service that has not been carried out.

the fee and valuation is not for your benefit. It is for the lender. You can ask them if they will refund it as you feel they didnt carry that bit out (although if the vendor failed to be in when planned then work was done). However, you are reliant on their goodwill.

MrsAowM

I don't feel like we broke the contract. The contract was not what had been originally stated. Surely they have changed the contract? What are your thoughts of Coventry advertising the offer without disclaiming the restrictions??

I am aware that the value is not necessarily for my benefit but again I feel that the contract had changed and they had therefore yet to find out if we were willing to 'buy in' to the new contract before arranging a valuation.

I am still going to endeavour to get our money back and wonder how you would get the ball rolling?

Thanks!

dunstonh

Surely they have changed the contract?

No they didnt. Until you sign the mortgage offer, the terms are not cast in stone and their T&C will state that mortgage deals can be withdrawn and changed prior to that point.

However, I missed a bit before. You say a mortgage adviser was involved and that the rate quoted could not have applied to you. In that case, the mortgage adviser should never have recommended that mortgage. Therefore, the advice was not good. So, the Coventry are not at fault but the mortgage adviser is. You should ask the mortgage adviser to refund the charge.

MrsAowM

Thank you. Yes a mortgage adviser did apply on our behalf and you are right. I understand that the fault would seem to lie with the adviser as they applied for a mortgage that did not apply to us however on the database that the adviser was using it did not state existing customers only. I think that is the sticking point?!

dunstonh

Ultimatly, the adviser is liable for the advice they give even if the error is third party. The adviser has to take it up with the party involved.

magpiecottage

I agree with DunstonH.

You need to complain to the adviser.