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Mortgage rejected at valuation - what now?!
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bigbluepenguin
Posts: 7 Forumite
Hi all,
We've arranged our remortgage with Santander via a broker, and it was all approved subject to valuation. Guy came round, all seemed fine.
Got a letter today that stated "a significant part of the accommodation is below ground level with inherent issues of rising and penetrating damp. As a result future saleability will be adversely affected and it is recommended that this application be declined."
To say we're fuming is an understatement. There is no evidence of damp in our house, it's 120 years old and hasn't had any issues that we are aware of.
I'm wigging out that we are now going to struggle to get a mortgage because we have a basement level?!
Help and sensible words needed! Thank you!
We've arranged our remortgage with Santander via a broker, and it was all approved subject to valuation. Guy came round, all seemed fine.
Got a letter today that stated "a significant part of the accommodation is below ground level with inherent issues of rising and penetrating damp. As a result future saleability will be adversely affected and it is recommended that this application be declined."
To say we're fuming is an understatement. There is no evidence of damp in our house, it's 120 years old and hasn't had any issues that we are aware of.
I'm wigging out that we are now going to struggle to get a mortgage because we have a basement level?!
Help and sensible words needed! Thank you!
One CC to go!
As at 16/03/2013 - £379.45 outstanding (0%)
ISA - £630
Regular Saver - £550
:j:beer::j
As at 16/03/2013 - £379.45 outstanding (0%)
ISA - £630
Regular Saver - £550
:j:beer::j
0
Comments
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Not much use, but you need to speak to your broker.
Let your broker deal with Santander and a possible appeal or find an alternative lender.
One lender declining you does not mean they all will. However if there is damp (that you may not be aware of - bare in mind the surveyors are professionals) then it will mean you struggle to get a Mortgage until it is resolved.
Easier said then done, but between now and monday nothing will happen. We are in the middle of a heat wave which does not happen often, find a beer garden and make the most of it and then deal with it next week.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thank you, that is good advice!
I'm just frustrated that we're 8 months in to this remortgage (!!!55357;!!!56875;!!!55357;!!!56875;) and now it looks like we're back to square one.One CC to go!
As at 16/03/2013 - £379.45 outstanding (0%)
ISA - £630
Regular Saver - £550
:j:beer::j0
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