Mortgage Rejection

Chas3333123

I've recently been going through the mortgage application process with the Halifax, which has been turned down due to the surveyors report. The flat is an ex-local authority high rise tower block, and I only needed to borrow the sale price of £21,000 to buy the property with the Right To Buy, at 60% off the market value of £56,000.

I paid the Halifax £280 for the privilege of having the surveyor check over the property, and have asked the Halifax to supply me with his report. I think it's only fair that I at least have a copy for my £280. The adviser I dealt with says that there isn't a report, as the mortgage was turned down.

What rights do I have to obtain a copy of all the information that I paid for?

The lady in charge of Right To Buy says she has never known an application to be turned down for the reason of the property itself, and is also very interested in seeing the surveyors findings, and would like her legal department to have a look over it too.

Any advice on this would be most gratefully received.

Thanks.

Chas3333123

Sorry, just realised this is posted under Credit Cards!!

jonesMUFCforever

It's their report - you just paid for it.
You can ask the Halifax who prepared it and ask for a copy but expect them to turn you down.


They were instructed by the Halifax and will not want any aggro from you if say you take them to court because lets say you disagree with any point within the report.


Should you want them to do a re visit you could instruct them yourself but they will expect to be paid again.

Buzby

A high rise? I think you need a part-share in this like a hole in the head. I have not come across anyone who has had anything other than negative equity as a result of their purchase - also, the part-share of maintenance costs can be considerable when compared yo a normal property.

Take the refusal as a blessing, and find somewhere else that will be a blessing instead of a millstone. mortgage providers know the issues, and are well aware that their security is worthless.

PeacefulWaters

I thought their £280 fee included a £100 administration charge for work involved in instructing the valuer and providing you with a copy of the report.

As such, go back to them and ask again for a copy of the report. But expect it to say little more than "unsuitable for mortgage purposes" on it.

If you've made it clear that it's a flat in a high rise prior to paying the fee you might be wise to ask if their lending criteria was ever going to accept this property. If it was outside criteria I'd then complain and ask for full reimbursement of the £280 (if it's a freehold flat you're in with a shout).

Chas3333123

I voiced my concern to the adviser and asked whether the nature of the property (being a highrise) would affect the likelihood of the mortgage going through. She said she thought that it wouldn't. I didn't leave any info out of the consultation. Should she have gone away and done her research before giving an AIP. Do I have grounds for saying that I was badly advised, and that I want my money back??

Chas3333123

Even with the 60% off market value? It's such a large amount off! I can take the RTB saving to another property, so could try to transfer to somewhere without the issues of the highrise.

PeacefulWaters

Chas3333123 wrote: »

I voiced my concern to the adviser and asked whether the nature of the property (being a highrise) would affect the likelihood of the mortgage going through. She said she thought that it wouldn't. I didn't leave any info out of the consultation. Should she have gone away and done her research before giving an AIP. Do I have grounds for saying that I was badly advised, and that I want my money back??

Don't get your hopes too high.

If, prior to instructing the valuer, you'd provided enough information to tell them it was outside their own lending criteria you'd have a case.

From memory, Halifax do lend on flats at any level, but not freehold flats. So if you've told them it was a freehold flat the application should gave stopped there. If you've told them it's an eighth floor flat and not mentioned freehold (or it isn't freehold) then it's reasonable for them to have progressed.

I still think they owe you a copy of the report. However brief.

Chas3333123

jonesMUFCforever wrote: »

It's their report - you just paid for it.
You can ask the Halifax who prepared it and ask for a copy but expect them to turn you down.


They were instructed by the Halifax and will not want any aggro from you if say you take them to court because lets say you disagree with any point within the report.


Should you want them to do a re visit you could instruct them yourself but they will expect to be paid again.

It was Countrywide, and I don't think I'd like to see that particular person again, and certainly wouldn't pay for such a privilege.

nearlyrich

Moving to House buying for more relevant responses

BigAunty

Sounds like a bargain for a property until such point the council decide to replace windows, paint all the communal corridors, upgrade the lifts, fit new fire doors, re-roof and clad the exterior and then send you your share of the costs.