Mortgage Valuation

fazsnatch

Hi guys,


I recently been trying to get a mortgage and had it rejected due to the house having a timber frame with HSBC which is quite harsh in my opinion as I have bought a similar house just last year with the same timber frame.



Now I am trying to see if any other mortgage company would possibly do a mortgage valuation. I have come across Natwest and the only issue is I have to pay upfront for the valuation which was not the case with HSBC. Also if it fails the valuation, then I lose out on the money.



Any advice or what be the best next steps to take? Is there any other mortgage companies similar to HSBC who do not charge upfront for mortgage valuation

lewishardwick

Cough up and get a broker, they'll be better placed to find a lender without taking pot shots and hoping.

fazsnatch

I have used a broker for when they got me the HSBC quote but since then they have said its unlikely they will get approval from any other bank due to this timber frame which is complete nonsense.

kingstreet

It depends on the age.

Current timber frame construction is acceptable to pretty much all lenders. If it is an older property, you will find some lenders will have issues.

Nationwide, for example says;-

Timber framed property with outer walls of brick/reconstituted stone/block (including rendered walls), built 1970 or after

is acceptable.

Was the broker aware at the time of application of the nature of the construction as it sounds to me like a case of "best rate" and no check on criteria...?