Advice please - Nationwide Mortgage

katebl

KatieLou04 wrote: »

Because Nationwide are known for undervaluing new builds...

The other 7 properties on the development have have all been valued at the asking price, we're the only one who have used nationwide and have encountered this problem.

I don't think our credit reports could take another hit trying another lender. It's been a long 7 weeks since starting the application and I don't want to give up now.

I've asked the MA to ask the builder is he will accept £5k on top of our deposit.

How long ago were they valued though, and is your area one of those which is stagnating at the moment?

alchemist.1

I suppose with the HTB scheme people are desperate enough.
Tell them to accept the 16k reduction or walk away.

Thrugelmir

KatieLou04 wrote: »

The other 7 properties on the development have have all been valued at the asking price, we're the only one who have used nationwide and have encountered this problem.

According to the developer one assumes. If they have been "valued" for mortgage purposes at full price. Then the developer isn't going to offer a discount. Though I'd be surprised if there isn't a degree of smoke and mirrors going on.

What extras are in the selling price?

KatieLou04

They will have only been valued in the last couple of months as it's a new development of only 8 houses that went on the market in Feb.

No extras other than the usual kitchen and bathroom, flooring in kitchen and bathrooms, fitted wardrobes in 2 bedrooms and the front garden will be done.

We didn't want to negotiate any other extras until we knew the mortgage would be approved