Mortgage Valuation Issues

tomasb

Hello,

I just wanted to know where I stand on this.

I had instructed NatWest to carry out the valuation on a new build flat on 30 May. I had silence since and phoned them on Monday but haven't been able to get in contact until today (21 June) to get an update on this and was told by the underwriter that they couldn't progress my application because the development has been deemed 'high risk'. I'm awaiting written confirmation on what this actually means.

My question is, would this have been discovered before, during or after the valuation? Obviously I'd like to get the £250 back I paid for the valuation since the property hasn't even been valued and I haven't received a valuation report.

Any help would be great, thank you.

Thrugelmir

tomasb wrote: »

I haven't received a valuation report.

Report is for the lenders benefit not yours.

amnblog

You asked them to consider the property.

They asked you to pay £250

They considered it, didn't see it as suitable security, that's it.

What has your Broker said?

kingstreet

tomasb wrote: »

My question is, would this have been discovered before, during or after the valuation?

You have paid for a professional's opinion that the property isn't suitable security for the mortgage. The conclusion would have been reached as a result of an inspection.