Low valuation - lose booking fee?

Tacey

Apologies if something similar has come up, I had a look but I'm a newbie and might have missed something!

I'm currently banging my head against a brick wall with HSBC. I applied online for a mortgage that required a £1999 booking fee (!). The survey came back with more issues than we expected, and a valuation well below our offer. That then messed up the LTV and tipped it over the 60% cut off. We've renegotiated, and would still like the same mortgage product, just with slightly altered figures.

I'm now in a situation where nobody in branch or on the phone will talk to me because it was an online application. It seems that we are back to square 1, and a totally new application needs starting - with a new survey, valuation and booking fee. This seems insane to me, and will leave me nearly £2500 down as I c't see hw they will refund the last lot of fees!

I don't really know what to do next. Any knowledgeable folk with advice before I cry?

Dave_Ham

Sorry, I think it will just be a good old cry. HSBC do not deal with brokers and therefore no-one on here will really be able to help.

That said, they cannot keep that level of product fee for an application that will proceed on different terms.

I suggest you pester them to get this right, as sure there will be something simple they can do to resolve this.

Good luck

Tacey

Thank you! My current plan is to start again, but in branch. I've been speaking to a very helpful lady there. Then I'm planning to chase it up through their complaints process. They have us over a barrel, as obviously house buying is pretty time sensitive. I want to tell them to shove it, but I think that will make recouping the costs even harder, and it was a very good rate.

Better get back to the weeping

Thrugelmir

Tacey wrote: »

I'm currently banging my head against a brick wall with HSBC. I applied online for a mortgage that required a £1999 booking fee (!). The survey came back with more issues than we expected, and a valuation well below our offer. That then messed up the LTV and tipped it over the 60% cut off.

So what happened at this point . Did you receive a letter?

Tacey

Thrugelmir wrote: »

So what happened at this point . Did you receive a letter?

Nope, not a word. We applied online, and that appears to stop them talking to us at all! On the application there was a note saying that the mortgage product had been removed. I would assume that's because on the new valuation the mortgage would be over 60%. No option to alter the figures without starting a new application. I find it quite mindboggling, as surely this isn't an unusual situation.

I'm on the phone as I type (on hold!) and think I might be getting somewhere.

I certainly will be avoiding online applications like the plague in future!