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Remortgage issue TSB, appeal
Jacka87
Posts: 370 Forumite
I am looking for some advice on my mortgage application with TSB. I am currently with Santander (great customer service to me despite their aparent record) and only trying to move to TSB as I beleive I can get a lot better deal for my circumstances now.
The issue I have however is I applied for a deal at 60% LTV and they have carried out their own valuation, which was soley a desktop valuation. This valuation is considerably lower than the last home report value on the property which was 2 years ago. Further more at the time of my last home report an identical properpty in my building (block of modern flats) was valued 5k higher than mine and sold for 5k above that price, so I beleive that my home report value was very sound and not excessively high. However with the valuation that TSB hav given me I am at a considerably higher LTV and hence will be required to pay a higher rate and higher monthly cost too.
They have informed me that I have no right to appeal this valuation despite the fact that I think their valuation is grossley inaccurate. I also find it interesting that they have valuaed it as the last sale price which was over 7 years ago and the property was repossed and then sold onto myself so wasnt sold at a market rate as opposed to looking at th emost recent home report.
Does anybody know if I do have any right to appeal? I am willing to pay a few hundred pounds to save thousands if thats the case.
For what its worth I feel TSB are deliberatley offering a great deal and then bumping the LTV to get the rate they arctually want to offer as it seems very underhand the way they have done this as they didnt tell me until after I called them to chase them as I hadnt heard from them in over a month.
Any help appreciated, cyber pints for all those that can help me :beer:
The issue I have however is I applied for a deal at 60% LTV and they have carried out their own valuation, which was soley a desktop valuation. This valuation is considerably lower than the last home report value on the property which was 2 years ago. Further more at the time of my last home report an identical properpty in my building (block of modern flats) was valued 5k higher than mine and sold for 5k above that price, so I beleive that my home report value was very sound and not excessively high. However with the valuation that TSB hav given me I am at a considerably higher LTV and hence will be required to pay a higher rate and higher monthly cost too.
They have informed me that I have no right to appeal this valuation despite the fact that I think their valuation is grossley inaccurate. I also find it interesting that they have valuaed it as the last sale price which was over 7 years ago and the property was repossed and then sold onto myself so wasnt sold at a market rate as opposed to looking at th emost recent home report.
Does anybody know if I do have any right to appeal? I am willing to pay a few hundred pounds to save thousands if thats the case.
For what its worth I feel TSB are deliberatley offering a great deal and then bumping the LTV to get the rate they arctually want to offer as it seems very underhand the way they have done this as they didnt tell me until after I called them to chase them as I hadnt heard from them in over a month.
Any help appreciated, cyber pints for all those that can help me :beer:
Here to help and be helped!
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