Mortgage won't approve buyer's mortgage due to 'unsaleable' valuation but already mortgage it!

Rhosyn222

Hi all,

Our house buyer has applied for a mortgage with a certain company (not sure if you're allowed to mention company names!) It is a family member and all went well, affordability etc - until the valuer came out.

He is saying that it is unsaleable as it's within a cluster of three homes down a track with farmland all round belonging to one of the houses with a couple of farm buildings alongside the track (about 100 m from our house at the closest). The two others (including ours) are nothing to do with the farm and have all the relevant easements for access, septic tanks, water, electric etc and are completely separate within their own plots. We and our family member are devastated and hugely confused because the very company who have refused our buyer the mortgage currently mortgage the house!!! It's worth noting that there was no issues with valuation from that or our previous three or four mortgage companies and that the other house that is nothing to do with the farm has sold within the last few years and I'm assuming they have some sort of mortgage on it.

Any help would be greatly appreciated - we are going to formally complain to the company but I would like to go in armed with as much information as possible. I've looked on the FSO website but have found no really comparable cases upheld or not.

Thanks again

MWT

Criteria do change from time to time so even if they were happy to mortgage it before, it doesn't mean they would today...

Also not sure what your grounds would be for a complaint as you are not their customer with respect the the mortgage that has been declined...

Mostly though it is down to the valuer and exactly how they reported everything to the lender, and it is your prospective buyer that needs to complain...

No problem mentioning the name of the lender on here, or the valuer's company for example.

ACG

Was a desktop valuation done previously where as this time it is a person? 
The problem is that a valuation is subject to surveyors comments and whilst you may be able to appeal it, it goes back to the surveyor to see if they will change their mind - you are asking someone to admit they are wrong... I have never had an appeal overturned in 12 years. 

You would be best trying to find out why it was turned down. 
You could try other lenders, but there is no guarantee the same would not happen. That being said, I have had properties declined with one lender (and surveyor) and the same surveyor come out for a different lender and accept it. 

So many variables it is difficult to say. But in the first instance I would suggest trying to understand what the problem is.