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Really Annoyed at Natwest
The_Jester
Posts: 230 Forumite
I'm currently re mortgaging with Natwest through L&C brokers.
Everything was going great until I received a call yesterday from L&C stating the valuer has valued my house thirty grand less than what it's worth. He told me I can still get the mortgage but now I have to pay a grand in set up fees.
I've checked at a few places and the valuation seems about right. I know property prices have dipped and I've taken this into account.
The cynic in me thinks the offer at first was too good to be true and it was only a tactic to lure me in.
Has this happened to anyone else?
Everything was going great until I received a call yesterday from L&C stating the valuer has valued my house thirty grand less than what it's worth. He told me I can still get the mortgage but now I have to pay a grand in set up fees.
I've checked at a few places and the valuation seems about right. I know property prices have dipped and I've taken this into account.
The cynic in me thinks the offer at first was too good to be true and it was only a tactic to lure me in.
Has this happened to anyone else?
0
Comments
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The_Jester wrote: »Everything was going great until I received a call yesterday from L&C stating the valuer has valued my house thirty grand less than what it's worth.
How did you arrive at the property's worth?0 -
"stating the valuer has valued my house thirty grand less than what it's worth"
in other words you overestimated the value by £30k.0 -
stating the valuer has valued my house thirty grand less than what it's worth.
How do you know its £30k less than it;s worth. Maybe you were paying £30k more than its worth.The cynic in me thinks the offer at first was too good to be true and it was only a tactic to lure me in.
How exactly would that work?Has this happened to anyone else?
How much was it up for via an estate agent?
How much did you offer?
Or is it a new build or apartment?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
she stated in the opening post that it was a RE-MORTGAGE!How do you know its £30k less than it;s worth. Maybe you were paying £30k more than its worth.
How exactly would that work?
How much was it up for via an estate agent?
How much did you offer?
Or is it a new build or apartment?0 -
It is Nat West's view of the property's worth that is the key factor.
Applicants being too optimistic on valuation for a remortgage is a common problem.
What is £30K in value? 20%? 10%, 5%
If your property is worth £600K then £30K each way could be expected.
If it is worth £150K you will probably find that similar local properties are just not selling for anywhere near the figure you expect.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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