Barclays Loyalty Mortgage

SAFCJohnJohn

I applied to barclays for a mortgage (woolwich) under the right to buy scheme. Gentoo valued my house at £70,000 and the surveyor also valued it at £70,000. ( Even though we need new windows, guttering, new damp proof and some loose tiles ) Now after 46% discount it works out at £37,800. After paying a 10% deposit it brings it down to £34.020 plus £499 for fess which will be added to the loan at 4.89% fixed for 5 years. I have received a letter saying I have been accepted, and now I am just waiting for a mortgage deed from my solicitor.

Meanwhile I was talking to a friend of mine who advised me to get the district valuer in as they always (99% of the time) value the house lower. This I did and they valued the house at £60,000 so £10,000 lower than Gentoo and my surveyor. Now I have been back in contact with Barclays and they didn't seem to happy about the fact that I got the district valuer in and they said " well the surveyor valued it at £70,000". Now I have to provide proof from Gentoo with the new figures and discount added, as the one from the district valuer won't suffice. Now the important questions are, will they still accept me for a mortgage ( seeing as they already have the first time ) and will there be anymore fees to pay as the mortgage valuation has changed? Anything else I need to consider

Cheers

Let_Us_See

Yes, change your friends.

SAFCJohnJohn

Surely its better for me that the valuation was lower?

Wh05apk

Lenders will lend based on the lower of valuation or purchase price, as the purchase price will now be £60,000 (less discount) they will lend based on that figure.