HSBC Re-mortgage - Surveyor Panel?

Moneynovice

Hi, I'm scared and panicking and looking for urgent help

I recently spent quite a bit of cash on a double extension (adding 2 new bedrooms and lounge diner) The plan was to re-mortgage once the work was done, to pay off the loan I needed to (part) pay for the work. The valuation came back and it has added buttons to the value. Changed from a 2 bed to a 4 bed semi....6 months ago it was valued at 145k (2 bed) now come back as 150k (4 bed) I've practically doubled the size of the house

Now i can't get enough funds to pay of the 14k loan i took out. I immediately applied elsewhere and am going through the process again hoping the valuation comes back a bit healthier.

Will it be the same valuation company? Nationwide carried out the first and now i'm applying through HSBC - I hope to goodness it all goes ok as that will be 2 hard credit searches on my file and then I'll be super stuck. The proper mortgage consultation is next Monday

Has anyone got any idea - are HSBC easy to deal with? are some lenders easier to lend/less cautious?

Thanks in advance for any help and guidance

muhandis

Before applying with HSBC after your attempt to remortgage with Nationwide, did you consult a broker at all? Or are you just doing a lender-by-lender trial and error exercise?

I would have thought the best way to go about a remortgage would be to meet a broker, explain the circumstances and the fact that you need a proper valuation to be done which takes into account the substantial work done and get him to place your case with an appropriate lender.

Moneynovice wrote: »

Hi, I'm scared and panicking and looking for urgent help

I recently spent quite a bit of cash on a double extension (adding 2 new bedrooms and lounge diner) The plan was to re-mortgage once the work was done, to pay off the loan I needed to (part) pay for the work. The valuation came back and it has added buttons to the value. Changed from a 2 bed to a 4 bed semi....6 months ago it was valued at 145k (2 bed) now come back as 150k (4 bed) I've practically doubled the size of the house

Now i can't get enough funds to pay of the 14k loan i took out. I immediately applied elsewhere and am going through the process again hoping the valuation comes back a bit healthier.

Will it be the same valuation company? Nationwide carried out the first and now i'm applying through HSBC - I hope to goodness it all goes ok as that will be 2 hard credit searches on my file and then I'll be super stuck. The proper mortgage consultation is next Monday

Has anyone got any idea - are HSBC easy to deal with? are some lenders easier to lend/less cautious?

Thanks in advance for any help and guidance

Moneynovice

Hi, Thanks for your reply

I haven't approached a broker, i wrongly assumed this would be quite straight forward, i only need the valuation to come back as 160k to get the funds I need, to buy the equivalent house in my area is more like 175/185k ...The problem is, we're very rural, so there isn't any "recently sold data" within 2 miles and 6 months
I always assumed brokers will cost me a fortune and only advise on products they themselves get rewarded for...am i an old cynic?

I also spoke to LLoyds as I bank with them but their rates looked high for a 3 year fixed, so I didn't apply - HSBC look like they offer the best rates, so yes i'm using trial and error

muhandis

Yes, you do appear to be overly cynical about mortgage brokers!

1. From experience, from the posts on this forum and due to the regulation involved, it is very very unlikely that a regulated broker would risk his job by giving a client wrong advise to earn a teeny weeny bit extra proc fee (the money paid by lenders to brokers). The differences in %proc fee paid are minimal.

2. No they don't cost an arm and leg. Usually, the broker's main remuneration is from the lender through proc fees received (makes no difference to you or the rate). In addition, some brokers charge a fee to the client. It's a few hundred quid at most, never heard of anything in excess of £499 on this forum.

Most importantly (imho), the broker does not get paid by the lender until your remortgage is completed. So there is no incentive for the broker to lead you on or try place you with a lender that can't achieve the amount you need.

In you place I would NOT do trial and error, it makes no sense in my eyes. I would definitely talk to a whole of market independent broker before making any more applications.

Moneynovice wrote: »

Hi, Thanks for your reply

I haven't approached a broker, i wrongly assumed this would be quite straight forward, i only need the valuation to come back as 160k to get the funds I need, to buy the equivalent house in my area is more like 175/185k ...The problem is, we're very rural, so there isn't any "recently sold data" within 2 miles and 6 months



I always assumed brokers will cost me a fortune and only advise on products they themselves get rewarded for...am i an old cynic?

I also spoke to LLoyds as I bank with them but their rates looked high for a 3 year fixed, so I didn't apply - HSBC look like they offer the best rates, so yes i'm using trial and error

Moneynovice

Thanks for guidance, I'm starting to think HSBC have lured me in with a low online price but might not deliver...I guess I need to find a whole market broker! - do you think they will know which lenders use a different surveyor panel to nationwide? I

kingstreet

Using a loan means the purpose of your remortgage is debt consolidation, rather than the more acceptable (to most lenders) home improvements and it's possible you have over-developed your property and are trying to push the value through the glass ceiling for the area.

How much professional advice did you get before you started this plan (thinking surveyors and mortgage brokers here?)

Thrugelmir

Moneynovice wrote: »

The problem is, we're very rural, so there isn't any "recently sold data" within 2 miles and 6 months

Extend the boundaries of your search. 2 miles is nothing in a rural area.

Elfbert

When I had my mortgage through HSBC they used Countrywide. (Answering your question from your other thread back on this one, as you reference HSBC as a possible lender).