Mortgage valuation- terms and conditions NOT disclosed, mis-selling?

Kching

why do the banks do not tell you explicitly on the phone, when arranging a new mortgage deal, that a valuation may negatively affect your LTV and the valuation cannot be repealed once taken place???
My mortgage company is Halifax, and this is not in any of their telephone scripts. This year I was on the cusp of getting a better deal as my LTV was only 2 % away from a better interest rate. Had I been told this I would not have instructed the valuation as I could have waited 3 months for the spring bounce in house prices to push up my LTV by more than 2%. In fact, they knocked my value down!
I have taken this to the ombudsman to try and get the mortgage deal I wanted but got knocked back, with a current derisory offer of £250 compensation.
But the ombudsman says that they cannot get the banks to point out these important factors about valuations. I think it's incredible that such an important point to someone on the cusp of an LTV bracket to get a better deal is not told this. I feel I was mis sold as I want not given the facts. But the ombudsman do not take my side.
Can anyone help my case even if it's just to get the banks to point this out to customers in their scripts???

mrginge

This is complete nonsense

shortcrust

Isn't it a bit obvious that you don't know your LTV ratio until there's been a valuation? What did you think they were doing the valuation for?

ACG

You want a lender to tell you that if the valuation comes back lower than the figure you have stated that it will affect the LTV?

Come on?!? Are you seriously trying to say you need someone to spell that out for you?

kingstreet

I suspect the OP's indexed valuation was close to an LTV band and rather than accept it, they paid Halifax to have a drive-by or internal inspection by a chartered surveyor.

The end result is the surveyor valued the property at less than the indexed value?

The OP now wants to return to the indexed valuation as that was higher and Halifax is refusing as it has a valid report by a qualified chartered surveyor which "trumps" the indexed valuation?

Funny_old_game

KS's comments are all 100% correct in terms of criteria.

The gamble a borrower takes on challenging the index linked val is that the real one comes back more accurate than a computer generated one.

100% behind the lender and ombudsmen/police/ec/queen/Boris on this one.

Learn a lesson next time OP. Better start looking at remortgages now, unless your circumstances measn your tied to Halifax deals. 😆