Mortgage Valuation Fees

sarah1980

Hi All,

I have a BTL mortgage with RBS and been a customer with them for the past 6 years.

Our current deal with them came to an end, they offered us a decent rate to remortgage with them and I decided to take out a further advance at the same time to pay for home improvements.

They agreed further advance in principal, quoted me an arrangement fee of £150 and a £215 valuation fee. These fees apply only to the additional borrowing, if i just went for the remortgage without second charge, there are no fees.

I received a letter today to confirm the AIP. Thing is, on the letter it says "We confirm a re-valuation of your property is not required and we will issue your formal "Offer of Loan" shortly".

Now I don't understand why I have to pay the valuation fee if no valuation is required?? I rang them to ask, the person I spoke to originally wasn't there and the person who answered this time was about as much use as a chocolate teapot.

Am I just being ripped off?? :mad:

minimike2

Sounds like it. Fair enough if one was required, as long as they tell you the fee then fine, but to charge you for something they are doing nothing for is not on.

Just make sure they dont mean no "physical" valuation, as they may have done something with an automated valuation model, which you may still be liable to be charged for.

Nothing is ever simple any more!

sarah1980

minimike2 wrote: »

they may have done something with an automated valuation model, which you may still be liable to be charged for.

If they can charge £215 just to do an automated model that is disgusting!!

:mad: