Precise Mortgages. Do they refund the valuation fee if they have rejected an application?

MrsYa8

Our MA submitted our application to Precise Mortgages last week. We hadn't heard anything since and just assumed that the application was still being processed. But today we noticed that the valuation fee that we paid on application had been refunded a couple days ago. 

Does that mean that out application has been unsuccessful? My husband and I are incredibly worried. With it being a weekend we won't get any sort of update until Monday. 

Thank you in advance for taking the time to read and answer this thread. Any information would be greatly appreciated.

Dom25

We applied Halifax mortgage last month and they did refunded my valuation fee next few day. Then we found out that they cancelled my application with no explanation. They didn’t let us know why they declined 😟

K_S

@mrsya8 It does sound like the application may have been declined at initial review. The broker should have got a notification if that was the case.

I wouldn't necessarily assume the worst though, there might be another explanation. Perhaps drop the broker an email to check? Some of us do work over the weekend and respond if needed.

MrsYa8

K_S said:

@mrsya8 It does sound like the application may have been declined at initial review. The broker should have got a notification if that was the case.

I wouldn't necessarily assume the worst though, there might be another explanation. Perhaps drop the broker an email to check? Some of us do work over the weekend and respond if needed.

Thank you. That’s our initial thought as well 😢. Just so worrying as we aren’t really sure of our options moving forward. Our house we are trying to buy is a new build and not due to be completed until the end of the year so whether this could be a reason to why they have refunded as there is house to value yet. 

We have emailed our broker and understandably he hasn’t got back to us yet as he dosn’t work weekends.  Hopefully we can get some more info tomorrow. But it’s just so horrible not really knowing what’s happening. 

ACG

It does sound like your application has been declined. But that is not necessarily the end of the road, either with precise or another lender.

I remember a few years back getting a call from some customers who were really upset after Aldermore had refunded the valuation fee. I spoke to Aldermore, they told me the case had been declined (I had not been told it had been declined). However we managed to get them to overturn their decision and they took the payment again. 

ukri

Exactly. I got declined exactly in this fashion by Aldermore. Turned out for the best as I changed advisers and and my new one got me a much cheaper mortgage from Accord! Turns out the first adviser was just taking the path of least resistance.