HSBC Mortgage - Valuation Survey Wrong

suffolkboy_

Sachs wrote: »

Sounds like an error, have you pointed it out to HSBC?

HSBC has the best rates because they are the most risk averse. Its likely that NatWest or HBOS will be fine with it of HSBC genuinely do have a problem.

Yes I have pointed out to HSBC, but I'm yet to hear back any sort of response. I'm guessing they will want the surveyor to confirm that their survey was incorrect, which I can't see them doing in all honesty.

We shall see.

Marshaltown

SB you keep referring to the term VALUATION SURVEY there is no such thing. Mortgage lenders do not have residential properties surveyed. If you have not commissioned your own survey then the property has definitely not been surveyed. As your a QS then you will understand what a Risk Assessment is. That's all a Mortgage Valuation Report is. Based on what you have described, after, at best, a very limited inspection of the property HSBC do not consider it to be a suitable risk in accordance with THEIR lending criteria.

A lot of Mortgage Valuation reporting is based on Lenders tick boxes. Maybe HSBC don't lend on either properties of more than 50% concrete construction (whatever that means) or period timber frame properties. In the grand scheme of things it's completely irrelevant which box is ticked as long as the property is correctly declined in accordance with their mortgage lending criteria.

suffolkboy_

Marshaltown wrote: »

SB you keep referring to the term VALUATION SURVEY there is no such thing. Mortgage lenders do not have residential properties surveyed. If you have not commissioned your own survey then the property has definitely not been surveyed. As your a QS then you will understand what a Risk Assessment is. That's all a Mortgage Valuation Report is. Based on what you have described, after, at best, a very limited inspection of the property HSBC do not consider it to be a suitable risk in accordance with THEIR lending criteria.

A lot of Mortgage Valuation reporting is based on Lenders tick boxes. Maybe HSBC don't lend on either properties of more than 50% concrete construction (whatever that means) or period timber frame properties. In the grand scheme of things it's completely irrelevant which box is ticked as long as the property is correctly declined in accordance with their mortgage lending criteria.

OK, mortgage valuation then, but it's an inspection carried out by a surveyor. I am very aware it's different to a building survey.

I think you have misunderstood the reason for my post. The fact is that it doesn't fall outside of their lending criteria in reality. It's just that the construction method has been noted incorrectly which makes it appear it does not fall within their lending criteria.

Mutton_Geoff

AdrianC wrote: »

Specialist stuff requires specialist understanding

Surely a secured loan is just that. I'd expect the valuation to vary if they didn't like the construction method and thought it may need work but the actual method is surely the domain of buildings insurers, not lenders?


I own a Grade II listed house with older but, for the, traditional methods of construction, oak trusses, flat roof areas, asbestos etc. I've had no problem mortgaging and remortgaging at very competitive rates with High Street lenders via a broker, eg NatWest and Santander.


The buildings insurance quotes on the other hand ....