underwriters gave mortgage promise, then declined after valuation, can i complain?

yorkshirefaye

After the mortgage adviser at the bank could not approve the amount I needed she took it to the underwriters who gave me the amount I wanted and a mortgage promise was issued.
I told the advisor at the bank how much the property I was interested in was and how much deposit I had (which was 15%).
I waited 1 week for the underwriters to tell me their decision and they gave me more than I had asked. I had an offer accepted and paid the bank for a valuation of the property then waited another five working days to hear the valuation results only to be told the underwriters had since changed their minds because of the value of the property.
I had told the bank nearly two weeks previously the value. This has resulted in the property going back on the market and me now looking for a mortgage again. Can I make a complaint? And if so, who to?

GMS

What was the value of the property according to the bank valuer?

What did you think it was worth?

Which lender?

ACG

Any mortgage offer will always be subject to the valuation.
If the valuation has come back lower than expected you cant really complaint.

You can appeal but you would need to find similar properties that have sold (and completed) recently to back up you stance. I have never had1 appeal overturned.

Thrugelmir

yorkshirefaye wrote: »

who gave me the amount I wanted and a mortgage promise was issued.

Mortgage promise is not an offer. Underwriters would require a full application to be made in order to make a decision.

yorkshirefaye

The asking price £35,000 . I offered the full asking price and it was accepted. I told the Halifax mortgage adviser this was the asking price and I had £6000 deposit. She couldn't offer me the £29,000 that I needed without the underwriters. They came back a week later with an promise of £29,180. I paid for a valuation and then heard back that they don't give mortgages to properties valued under £40,000. My issue is that the advisor knew how much the property was

GMS

You should ask for a refund of fees. 'Adviser' should be ashamed of themselves not knowing the most basic of their own criteria.

Surprised the computer even allowed a valuation to be instructed.

ACG

In that case yes, any fees should be refunded.

Its worrying that their advisor AND an underwriter never picked up on it.