Nationwide Mortgage – Free Valuation on 2nd property?

highguyuk

We have previous had our mortgage offer accepted with Nationwide and got to the point of undertaking a survey. This survey found serious issues and we pulled out of the purchase. With this mortgage, the valuation was free and we paid approx. £200 to upgrade the survey to a homebuyers report.

We have now found another property and obviously need to start the process again, but Nationwide have informed us that we only get 1 free property valuation with our £99 product fee. Whilst I can understand that, I can’t find anything in writing that states this?

Does anyone have any other experiences?

Additionally, if we were to cancel our current mortgage application and take out a new one (which would out a saving of approx.. £125), what impact will this have on anything? We are still within the 90 day mortgage validation period.

amnblog

are you trying to save £125 here?

highguyuk

amnblog wrote: »

are you trying to save £125 here?

Basically, yes. I'd much rather have it in my pocket than theirs if I could help it (in the spirit of :money:!)

betmunch

If you check your KFI it should tell you that you get one free valuation.

If it says you get one free valuation per property or, more than one free valuation then you have a case.

personally I wouldnt want to restart the application for the sake of £125, what if the lender doesnt accept you the second time round?

highguyuk

It is noted that for the sake of £125, I wouldn’t want to lose my mortgage.

However, since my original application, I have received a substantial (10%) pay increase and nothing has happened that I believe would jeopardise that. Is the biggest thing to consider that I may lose the mortgage, or are there other issues? I was thinking more credit rating etc?

The “Mortgage Offer” document I have here states “You have chosen a product which includes a free valuation as an incentive”. This doesn’t sound promising then…

Dave_Ham

Depends how you value your own time and stress levels.

I do not think personally the reward merits the risk and time.

betmunch

Clearly a singular in the mortgage offer you have had a single valuation, I wouldn't expect Nationwide to give you a second one.

Lenders are a funny lot these days, you may have no problem doing a new application.

or

They may question why two applications by the same person have been submitted with different figures, of course you can explain it and prove its all above board, but they request an audit due to the differences, spend 6 weeks requesting rubbish documents from you, including asking for 6 months bank statements, spot something they dont like and throw their toys out of their pram.

Like I said, I wouldnt risk a good mortgage offer for the sake of £125, but its your mortgage, your call.

highguyuk

You are both right about the potential issues regarding losing the mortgage and I hadn’t given thought to potential audit issues – which although I can easily prove and eventually rectify – would add unwanted delay.

Whilst morally I wouldn’t expect unlimited free valuations, I hadn’t read anywhere that stated that it was actually only limited to one. Even the mortgage wording suggest “A free valuation” rather than “one”. If I was playing devil, “A free” valuation has taken place on my first property. Now I wish to purchase a different property and could receive “A free” valuation. I have only received “a” valuation per property, rather than multiples per property.

I just thought there must be someone out there who has also encountered this and challenged!

Dan-Dan

One Mortgage offer and `A` free valuation , to me reads as ONE Valuation

Dave_Ham

It is a fair question, although I imagine many have challenged; I would be surprised if any were successful.

Good luck

highguyuk

No harm in challenging I think...