Anyone want to join me!? Disappointed but time to move on

murphster

Hi, my move has all fallen through, my fault really. I planned to let my current home out and buy a new place. To do this, I need to re-mortgage to but to let and release some equity. I was doing this on tight margins, when I applied to Nat West I estimated my current home to be worth 80,000 (estate agent valuation), unfortunately the surveyor has said 70,000, I could have managed to 75,000 but not 70,000 and it means I don't have the deposit I need.

After a depressing two days I have now picked myself up. I am very philosophical and can hear my Mum's words "what's for you doesn't pass you by". I have estimated that I can make up the shortfall by around May next year and am telling myself that a better house will come along.

So what I'm asking is: Is any body else in this situation? and does anybody have tales of bitter disappointment that have turned out to be for the best that they would lie to share with us?

Also, my broker tells me that Nat West will offer the buy to let mortgage at 70,000 and I have already received the mortgage offer for the new place. Does anybody know if will stand or a least act as an AIP if I go back to them in May.

silvercar

If you are only a short gap away, can't you borrow the difference else where?

murphster

Thought about that, I can't really borrow it from family and it worry me to much to take on a new loan at the same time as a new mortgage and wiping out my savings. Like I said if it was meant to be. I'm taking it as a sign, it was the wrong house for me, something better will turn up next spring. It's taken two days of tears to come to that decision.

Dave_Ham

Has the Natwest appointed surveyor been unusually conservative?

Is there no lender that may appoint a different surveyor and it may value up?

Who did the current survey?

With everything else in place, I would potentially not be giving up so easily...

murphster

Countrywide did the survey, I spoke to my current lender and they use the same surveyors. I was worried if I made further applications it would start to badly effect by credit rating, I didn't want to get into a situation where I had mutliple mortgage application on my credit file and thought it was safer leaving it until next year.

I am suspicious about the survey though, there were two done, the surveyor did it as a purchase at first not but to let re-mortgage, Nat West told me this when I enquired about progress, they said they were waiting for the rental income, I wonder why if it did not value in they bothered. I've asked to see a copy of the reports, don't know if they will let me but I have a feeling it might have been valued differently for buy to let than purchase. Not sure if this happens.

O I'm just coming to terms with my decision. I was hoping to hear from some people who had for one reason or another lost out on a purchase and it turned out to be for the best.

Dave_Ham

I was suggest you reflect on whether you really want the new place, or have got nervous and this was the deciding factor.

You could quite easily get a higher valuation from a non countrywide surveyor...

At least you potentially have an option or can ponder your move next year..

Best of luck

murphster

I thought my decision was made for me. If I could get the house valued up to 80,000, even 75,000 I would still want to move. My mortgage broker didn't really suggest this as a possibility, just that she had never known a survey appeal to be successful. How do I go about getting the survey. Do I appoint an independent and argue with Nat West or find a new lender and hope they give me the answer I want.

Dave_Ham

New lender, most appeals are unsuccessful unless you have tangible proof.

There are some lenders that use surveyors that down value less often than countrywide (just my opinion) and obviously if possible one that does not charge an application fee and a free/cheaper valuation fee if possible (to mitigate any further costs)

Good luck

murphster

So decided to have another go. I contacted Barclays / Woolwich. Thought I'd go straight to application, I explained that I had an offer of mortgage with Natwest and was ready to move but had a problem with my current home. I didn't want to say that it had been undervalued, I was trying to get it up to 75,000, so said a sale had fallen through and was going to see about renting it out instead.

I wasn't particularly worried about the application, my mortgage broker told me I sailed through Nat West. Stupidly I went straight to application (with a hard search) and it has been declined, the adviser said it was on affordability (I'm really cross I wasn't taken through affordability before full application), just assumed if Nat West were prepared to lend me the money Barclays would be, it has knocked the stuffing out of me and now I'm really worried.

As I said before, I can make up the shortfall early next year but have I now destroyed my chances of getting a mortgage when I apply, will the building societies see that I have applied for three mortgages within about two weeks and if they do will it stop them lending to me.