Mortgage nightmare

stranger12

Hi all,

Agreed, home valued and received offer for 90% ltv .

Lender then said some other f*cker has reviewed the application and now saying ltv they need is 80% .

I am yet to dicuss this with the fool advisor that is impossible to get hold of

Any suggestions?

mrginge

Get a different lender?

AnotherJoe

stranger12 wrote: »

Hi all,

Agreed, home valued and received offer for 90% ltv .

Lender then said some other f*cker has reviewed the application and now saying ltv they need is 80% .

I am yet to dicuss this with the fool advisor that is impossible to get hold of

Any suggestions?

Discuss it with them in that sort of tone and suddenly you'll need 10% LTV ?

It's their money. You have no right to it. Understand that when you talk to them.

Debtslayer

Have you gone direct to lender? If so I would see advise from a good Independant broker.
Also remember you are asking to borrow a considerable amount of money so it's their choice wether they do or not!

stranger12

They agreed on 90%LTV and based on that check all documents and then sent their valuer

They then offered and suddenly changed it

This is not fair as I could have gone with another lender not these dump asses

Screw them , so annoyed

May ask for my valuation money back and move to another lender

AnotherJoe

The 90% agreement would have been "in principle". Which means it's not a commitment. All lenders are the same so this could have happened with anyone.
You can probably appeal it, and should ask what the reason is, it may be something to do with the valuation raising concerns about the resaleability of the property is the reason for dropping the LTV in which case other lenders will have the issue as well. Or it may be that it's something about your financial,circumstance that only came to light when they went into detail on your finances.

But if you go to another lender, focus on the words "in principle" in the phrase "agreement in principle" rather than "agreement"

stranger12

We passed the agreement in principle stage

They did the full application and sent me a full offer on 90% ltv!

csgohan4

estate agent brokers?

stranger12

Direct to bloody lender

I have wasted 5 weeks of my life

David_White

What reason have they given for the change?

stranger12

I am to find out after bank holiday

So annoyed

Guy on the phone said it was internal review and credit scoring

They did a full credit check on me few weeks ago before offer and nothing has changed since then so really !!!!ed off as I could have gone with another lender

Also the advisor is a piece of carp . Never return calls or emails