Nationwide mortgage

Jess716

Yeah they will probably give you a ring once at full application stage. Our broker rang us as soon as the full application went to nationwide as they requested the valuation fee, and the valuation was completed within a few days

Anagran

I am getting worried now, we have applied to NW and have been told that they have done the valuation on the property last week, but there has been no mention of any fee for this??

Jess716

Anagran - have you gone through a broker? If so, they will give you an outline of fees due before you go with a company.

It could be a different deal, ours is a fixed 5 year and we pay for the valuation. Dependant on what you go for they may have different charges etc

xxlauxx

Have you tried calling anagram? As I found that unless u ask them they wouldn't contact me to tell me something was up

Anagran

Thanks guys, you have reassured me a bit. We have used a broker, and they did not ever mention a valuation fee. We were told originally that a valuation would probably not be needed as the property had a very recent home report (Scotland). I have received texts about a valuation having been carried out though, and the broker is abroad just now and I don't want to hassle them. I think I might just ring Nationwide and check how things are going. It makes sense what you are saying about different things being included with different deals, so that could be what it is. Thanks.

Jess716

Anagran - being in Scotland may change it too, as the home report as you said has been done recently so that may have some affect on it all too so it may not be as in depth as a normal valuation etc, if they didn't ask you to pay before then I'd safely assume you don't need to pay anything

sunnyx

Jess - if you don't get the mortgage the development should refund you in full. It's not your fault. It's only if you change your mind and pull out they will normally keep half.

Our new build is with Taylor Wimpey and I had to pay £1k reservation and clarified this would be refunded if the mortgage didn't go ahead.

I was speaking to Barratt new build when they had an unexpected property available. They stated that the buyer had exchanged contracts, paid his 10% deposit but the sell on his property fell through with his potential buyer. So Barratt refunded him in full.

So there is discretion out there!

Jess716

Sunny- we have discussed this and the money is non refundable, it's normally a reservation fee of £1500 and £1000 is refundable but as doing help to buy they are just taking the £500 and all non refundable.

Its a risk but we have delayed it up until last week so that we had a chance for things to get moving (and if we got an outright decline at the first hurdle we wouldn't have lost anything)

sunnyx

Who is your new build with?

Jess716

It's a private developer, plus they're all built and can be moved into straight away, so literally holding the house for us rather than a plot