Mortgage valuation rejected

Cdny

I have applied for my mortgage with the Halifax for a property that was built in 2009.

Everything went smoothly until the valuation was booked.

This was cancelled by the valuers due to Zero Exposure.

My mortgage advisor was unable to provide any further explanation other than I would no longer be able to get a mortgage with the Halifax.

What should my next steps be at this point.

Any help would be appreciated.

Thanks

Annie35

Is it a non standard construction? Concrete house perhaps.

Cdny

No its just standard construction

They are strata houses built 2009

Annie35

Oh I'd thought perhaps it was zero'd if Halifax don't lend on the construction type, but obviously not that then.

Can you ask your broker for more info why, there's surely a reason

eddddy

Cdny wrote: »

This was cancelled by the valuers due to Zero Exposure.

Could it have been "over exposure"?

That sometimes happens with newer developments. An individual mortgage lender may not want to lend on more than maybe 25% of the properties in a development - so when they hit the 25% limit, they'll stop doing any more valuations.


But whatever the problem is - it's surprising that your mortgage adviser can't explain it to you.

Cdny

He mentioned it was down to the access road. But then wouldn't other lenders have the same approach?

sevenhills

Cdny wrote: »

I have applied for my mortgage with the Halifax for a property that was built in 2009.

Everything went smoothly until the valuation was booked.
This was cancelled by the valuers due to Zero Exposure.

Its a pretty old term that comes from the building of new plots on Brown Belt land, the idea being that a lender doesnt want to over expose on an area in case some problems arise in the future with the land its built on.


That is what Google says.

eddddy

Cdny wrote: »

He mentioned it was down to the access road. But then wouldn't other lenders have the same approach?

If there is an issue with the access road that makes the house difficult to mortgage, you really need to find out what the issue is.

Even if you find another lender who is prepared to lend, it may mean that you have problems re-selling the property in the future.

Cdny

I have had further communication with the Halifax and they say they are unable to lend on any property on that estate due to the access even though there are multiple access routes.

Cdny

eddddy wrote: »

Could it have been "over exposure"?

That sometimes happens with newer developments. An individual mortgage lender may not want to lend on more than maybe 25% of the properties in a development - so when they hit the 25% limit, they'll stop doing any more valuations.


But whatever the problem is - it's surprising that your mortgage adviser can't explain it to you.

sevenhills wrote: »

Its a pretty old term that comes from the building of new plots on Brown Belt land, the idea being that a lender doesnt want to over expose on an area in case some problems arise in the future with the land its built on.


That is what Google says.

If that is the case then should I have any issues if I applied with another lender?

eddddy

Cdny wrote: »

If that is the case then should I have any issues if I applied with another lender?

If the problem is 'over exposure' - then you should be ok applying to another lender.


But this sounds worrying....

Cdny wrote: »

I have had further communication with the Halifax and they say they are unable to lend on any property on that estate due to the access even though there are multiple access routes.

Are they saying there is a problem with the access road? (e.g. Their valuers have looked at that road on previous occasions - and know there is a problem, so they won't bother coming to look again?)