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Problem with valuation / DMS Scheme
Amosn
Posts: 3 Newbie
Hi everyone.
I'll start from beginning. We found house under Discounted to Market Sale Government Scheme. Market Value 220k, so our price under scheme was 176k (80% of Market Value). In middle of January we paid reservation fee. It was finished and ready to move. We set up meeting with Mortgage Advisor recommended by developer. As not every bank wants to give mortgage for DMS we were quite limited but we choose Halifax. Their valuation fee was 7k less - 169k. Valuation has been appealed to developer, they didn't accept this lower valuation and also they weren't able to find other development to compare prices with and use as kind of proof of correct valuation. They also said that they sold 5 exactly same houses under DMS scheme for 176k and they believe that it's right price. They suggested my Mortgage Advisor to find another lender for me. I agreed. My second-choice bank gave me worse offer (0.21% higher). On Friday I spoke with MA and I've been told that my application went through and now only valuation report is missing. I hear back from them today that it has been valuated lower than expected - at 148k (!!). They appealed valuation again but I'm pretty sure that it will be same situation like recently. Is there anything what I can do in this situation?
I'll start from beginning. We found house under Discounted to Market Sale Government Scheme. Market Value 220k, so our price under scheme was 176k (80% of Market Value). In middle of January we paid reservation fee. It was finished and ready to move. We set up meeting with Mortgage Advisor recommended by developer. As not every bank wants to give mortgage for DMS we were quite limited but we choose Halifax. Their valuation fee was 7k less - 169k. Valuation has been appealed to developer, they didn't accept this lower valuation and also they weren't able to find other development to compare prices with and use as kind of proof of correct valuation. They also said that they sold 5 exactly same houses under DMS scheme for 176k and they believe that it's right price. They suggested my Mortgage Advisor to find another lender for me. I agreed. My second-choice bank gave me worse offer (0.21% higher). On Friday I spoke with MA and I've been told that my application went through and now only valuation report is missing. I hear back from them today that it has been valuated lower than expected - at 148k (!!). They appealed valuation again but I'm pretty sure that it will be same situation like recently. Is there anything what I can do in this situation?
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