Nationwide Valuation

spufmonkey

Hi All,

Has anyone had experience of appealing a Nationwide valuation? We are nearly ready to exchange with a property and i had my own level 2 valuation completed on our new property at my own cost. This survey came back saying the price we had offered and had accepted for £260k was reasonable and with some work that is required (part renovation) it would be worth £280-290k. 

Now as part of the Nationwide application they have conducted their own valuation and have come back with a figure of £250k meaning my LTV is screwed as it was 75% and my options are to either borrow 6.5k less to get the LTV back in line or pick a new product in the 75.01%+ bracket.

Do i have any grounds for appeal as i have my own survey stating the higher figure or shall i just go with one of the other options. I have no doubt the property is worth what we are paying and we are quite tight with timescales as we want to exchange before xmas and complete 1st week of Jan.

TIA

[Deleted User]

No, your surveyor has no liability to Nationwide so they wont take their figure at all.  Nationwide wont even look at any information,  they just pass it on to the valuer as thats the person who has been employed on behalf of Nationwide.  

If they were to look at it you are essentially trying to convince a qualified surveyor that a different qualified surveyor knows better than they do.   In my years of experience,  surveyors dont react well to this unless they have made a massive mistake and missed an annexe or valued the wrong property or something. 

I am almost certain Nationwide stopped taking appeals for basic downvaluations a few years back as they never change their opinion anyway so it was a waste of everyones time. 

spufmonkey

OK thanks, Looks like im going to have to pay the higher rate with lower LTV 

spufmonkey

Finally had a Mortgage Offer.. 1.39% instead of my original 1.19% though unfortunately but its still good news!