New build devaluation HTB FTB help

jonnym8083

Hi all,
so we have had our valuation come back valued at 290k on a property we reserved at £310k
we went through nationwide due to some late payments in the last 2 years on our credit.
we have contacted the developer who will not budge on price and state the only ones devalued have been surveys done by countrywide.
does anyone know of any lenders that do not use countrywide.
the developer also mentioned they don’t allow Connells or Eserve onto site?
im hoping there is a high street lender that fits our criteria that do not use these surveys.
i know it’s a long shot but any help or guidance would be great.

MovingForwards

Countrywide, Connells and Eserve are the three main surveyors used by the lenders.

Sounds like he knows his properties are over priced and that's why he won't allow them on his site.

Have you applied for a mortgage through a broker or direct with the lender?

jonnym8083

We have gone through broker. They had said we have to have another survey and go from there. If the 2nd one comes back at under valved surely they have to look at cost of house?

jonnym8083

Also a hard check is not showing. Are nationwide unlikely now to do a hard check unless I confirm to proceed with devaluation?

chanz4

sounds like you may endup with a negative equity property

amnblog

Get them to drop the price, or walk.

[Deleted User]

The fact that the builder is refusing entry to two main surveyors to me is a major red flag ! This builder is inflating prices even more than the normal HTB inflation ! Walk away if he doesnt drop ! 

Thrugelmir

What extras or incentives is the builder offering you? 

jonnym8083

Non full asking price have pushed and pushed but no movement in anything. Red flags for me too but we love the house so it’s heart n head situation. Will await second survey and see what’s said if that’s lower too then clearly overpriced. We can’t move on deposit even if we wanted to so they going to have to come down to us

Chavy89

what if you change you ltv amount if possible wouldnt that help 

csgohan4

Chavy89 said:

what if you change you ltv amount if possible wouldnt that help 

I wouldn't do that, fueling an overpriced house will lead to negative equity down the line when your trying to pay back the HTB

If the builder is not allowing the surveyor in, I would give an ultimatum and walk if demands not met