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Help to buy - Down Valuation and change of lender
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-you're paying a lot for a new build that's already been classed as overvalued
-you haven't negotiated any freebies
-you've signed a clause that may turn out to create complications for you
-you're trapped into whatever MA and products suit the developers, being charged unnecessary fees along the way
It would have to be a seriously amazing and unique property to bother with this kind of nonsense.They are an EYESORES!!!!0 -
I think you are right, and most of you know more than me about this so I am thinking of losing the reservation fee and doing more "homework research" for the next one.Out,_Vile_Jelly wrote: »-you're paying a lot for a new build that's already been classed as overvalued
-you haven't negotiated any freebies
-you've signed a clause that may turn out to create complications for you
-you're trapped into whatever MA and products suit the developers, being charged unnecessary fees along the way
It would have to be a seriously amazing and unique property to bother with this kind of nonsense.
The only additional problem is that I have called Santander this morning and asked them I am not happy with continuing with the purchase due to the valuation is down and the developer doesn't want to cut down the price, and Santander says that if I don't continue with the purchase I lose the £999 product fee that my advisor let me to pay in advanced.
The only way I wouldn't lose the fee is if I apply to purchase another house with Santander, although I have to keep using this broker for that new house.0 -
Just to give an update and the thread could be closed. I have received the fee from Santander even when it was not refundable on the paper.
The solicitors have agreed to give me all the money back so I have finally only lost the reservation fee with the builder, which I have claimed but not had news from them. In the worst case it´s only 500 quid loss.
Thanks to every person who gave me a tip on this. I have learned a lot!
Regards0 -
Did you speak to the HTB Agent?
As I may have said earlier, reservation fees are supposed to be refundable on HTB purchases.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Hi Kingstreet, yes I did unfortunately this was the response when I asked about claiming the fee back to the builder:
“It would depend on the builder’s terms and conditions. The terms of Help to Buy only guarantee it being refundable based on your application being deemed unaffordable.”0 -
Out,_Vile_Jelly wrote: »-you're paying a lot for a new build that's already been classed as overvalued
-you haven't negotiated any freebies
-you've signed a clause that may turn out to create complications for you
-you're trapped into whatever MA and products suit the developers, being charged unnecessary fees along the way
It would have to be a seriously amazing and unique property to bother with this kind of nonsense.
Surely sentiment must turn against new-builds at some point?0
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