Advice please

db26 · 23 March 2022 at 11:19AM

Please can anyone advise on the below:

I applied for a mortgage through L&C, highly recommended by yourselves MSE. The property is a cottage on my parents farm, who have provided me with the gifted equity for the deposit, the utility services are renewable energy, biomass, windturbine and natural spring. All of which was detailed in the application to Virgin money via L&C.

Virgin moneys valuer came out and then marked the value as £0, due to the shared services. However, it was noted these services are metered and again in application of the mortgage with the broker.

Virgin money have now closed the application, due to not accepting communal services, they have said I can reapply for an application to include these metered services however they will not reinstate to current application.

Due to the product fees changing today. They only option is to reapply with a new application and pay again for the fees.

Is this legal?

Any advice will be much appreciated.

Kind regards

tacpot12 · 23 March 2022 at 11:59AM

I can't see why it would be illegal, but it rather depends on what your contract with Virgin says.

I can't see why you would consider using Virgin again if they are not guaranteed to accept your applicaiton if pay more fees.

What fees have you paid to Virgin so far?

Snookie12cat · 23 March 2022 at 12:09PM

L&C - I have heard that they are not any good for complicated cases. Find a specialist broker who does this day in and day out as the property is not standard. I am not sure what a new application will do if they do not accept shared services.
Are you sure the broker put all this info in the application? Because if so I think you have cause to complain for the val fee back, but if not then you have no complaint with them.

Add the fees to the loan if possible (product fees) and then you wont have to pay them if you do not get the offer.