Clydesdale Bank mortgages?

ruth_b1

Hi folks,

I'm currently applying for a mortgage through a broker with the Clydesdale Bank. They've messed me around a bit in terms of getting the valuation organised. They charge £100 for a valuation retype or £350 for a full valuation. The property is in Scotland so I required a retype as home report with valuation had been completed in the last 6 weeks.

However moneysavers, watch out as they supposedly recently changed their t&cs; if you're borrowing over 75% of the value (I'm borrowing 80%), you've still to pay the full £350 even if the seller's already recently paid for a home report and valuation. This is only a recent change and the broker wasn't even aware of this until later in the process.

Just to be aware of when you're sorting your mortgage costs out as it was an unexpected cost for me and delayed the process.

Is anyone aware of roughly how long it takes following a mortgage valuation to a mortgage offer with the Clydesdale?

Thanks,

Ruth

glosoli

Hi there

Be advised this is not a a recent change. Anything over 75% LTV with Clydesdale has always required a full valuation rather than a transcript.

It sounds to me like the broker is blaming Clydesdale for something he should have known all along.

Generally speaking, three things must take place before an offer is issued with Clydesdale, 1) valuation, 2) income verification by an underwriter, and 3) what they can "autoscoring". Once these three things have been done an offer document is automatically issued to broker.

Dave_Ham

Hi Ruth,

As above, although just to set you realistic expectations; the offer is unlikely to be issued quickly based upon experience.

I would ensure your broker is chasing and prompt on any further responses or documents requested.

All the best

ruth_b1

Thanks Glosoli and Dave.

I didn't realise that it wasn't a recent change. I'm pretty annoyed as had I known this at the beginning I might have asked for alternative options. However the fixed rate I'm going for is pretty good so I can't complain at that (provided I get offer of course!). The broker also said that the valuation was paused as they were awaiting the surveyor's details, however these were provided on the initial application form! Sigh.

I'm also a bit worried now as they broker says they're doing a transcript and not a full valuation for the £350. I better call broker to get the story.

Fingers crossed :S