Secured Loan

Pixie5740

How could they do a valuation without actually coming to view the property?


What does your original paperwork say about the loan?

edwards97

Pixie5740 wrote: »

How could they do a valuation without actually coming to view the property?


What does your original paperwork say about the loan?

Their valuation shows average prices for the area and down my street too. Based on the property I have. There valuation could easily be correct when I look through the info.


It just tells me the interest rate and 120% ltv. There doc shows the loan was given on my valuation although it also states their valuation at the lower value. These were internal docs. In no way was I aware of their valuation at the time.

halifax71

Secured loans are due a huge investigation.

As the OP says, excessive LTV

Lending into retirement

And the biggie as far as I'm concerned, failing to reduce interest rates when its a variable Apr. I've been waiting for 4 years now for the industry regulator (previously the OFT, now the CMA) to tell me what legitimate costs have been incurred by the bank to warrant increased interest rates on my account. As it stands the answer would "harm the business" if it were disclosed to me. The same request had been passed from pillar to post, escalated, and discussed by legals for 4 years now - something stinks.

In fact the whole market stinks.

dealer_wins

It funny how the technicalities were not discussed/investigated when the loan was being arranged and received by the borrower!

Now that the reality of a long term secured loan has sunk in, the OP is looking to get out of what he/she has agreed to.

edwards97

dealer_wins wrote: »

It funny how the technicalities were not discussed/investigated when the loan was being arranged and received by the borrower!

Now that the reality of a long term secured loan has sunk in, the OP is looking to get out of what he/she has agreed to.

If you had bothered to read the thread it's obvious I have been deceived so please climb down from your high horse.

Tixy

If you had known their desktop valuation of your property put the price significantly below your estimate what would you have done differently at the time?

You presumably borrowed the amount of money you applied for, for a particular reason?

I wouldn't actually put too much store on what their desktop valuation was. It could very well have been a significant underestimate from the actual market value of your property at the time.

edwards97

Tixy wrote: »

If you had known their desktop valuation of your property put the price significantly below your estimate what would you have done differently at the time?

You presumably borrowed the amount of money you applied for, for a particular reason?

I wouldn't actually put too much store on what their desktop valuation was. It could very well have been a significant underestimate from the actual market value of your property at the time.

Simple really. I would not have taken the loan. There were other options. Why is everyone on here so condescending? You post a query and people just basically call you stupid or think you are here to earn a quick cash injection. I'm am extremely disturbed that I was lied to by this company and I don't think it's fair that they should be allowed to get away with it. Is it fair for them to lie to me? Is it fair it could have happened to a lot of people. Is it fair this practise could still be going on. I don't think so.

The valuation seemed as comprehensive as it could have been without them actually coming to my house.

PeacefulWaters

What are you trying to achieve here?

The traditional route is to complain to the lender then escalate to the FOS. But know what you reasonably expect to achieve.

edwards97

PeacefulWaters wrote: »

What are you trying to achieve here?

The traditional route is to complain to the lender then escalate to the FOS. But know what you reasonably expect to achieve.

This is exactly what I have done. I just was hoping that someone else has been in a similar situation and how they got on so basically if they had a case or not. Pretty much what my first post said.

It seems that I will not get this info here as some are too interesting in belittling my query. Hindsight is a wonderful thing but at the time I had no reason to doubt what I was being told by the lender.

Tixy

When was the loan taken out?

It sounds like a poor decision on behalf of the bank, in terms of their exposure, but you cannot simply assume their valuation was an accurate reflection of the market value of your property at that time.
In some cases it can be pretty routine for banks to significantly underestimate the value of a property or to value it at effectively a fire sale value, not a true market value.

To your original question

I have gone to FOS about this and waiting reply but I guess this could be some time. Just want to get a feel if I have a case as this is deception in the highest degree in my view.

It appears from responses you have had that the general feel on here is that you probably don't. I don't think it was deception in the highest degree.
I guess you will need to wait for a response from FOS.
I think FOS may well say the bank has no case to answer to you, by having less security the banks have exposed themselves to a greater risk but not yourself. However if you want to try to help your case then I would be trying to obtain further corroborative evidence that the bank valuation was indeed a fair realistic value.