Tesco Bank - mortgage offer issued- want to change property & valuation fee

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Poniato
Poniato Posts: 72 Forumite
in Mortgages & endowments
Hi Guys !

I was wondering if you had the same situation. We received mortgage offer from Tesco for the property, that we decided not to buy after bad survey. After a couple of weeks, we found another property, offer has been accepted. Our mortgage advisor said that changing details will be easy as price is very similar. We had free of charge valuation on the first property, but now they want to charge us 220 pounds for the basic valuation of the second house !!!

Can we go to another lender? So we can have free basic valuation :)

Also will applying for the mortgage in another bank have any influence on the decision? As they probably see, that we applied at Tesco's. Wondering about credit score etc.

It's so weird that they want to charge us for the basic valuation.

What you guys think ??

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  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Not free to the lender though. One bite of the cherry seems fair enough.
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    Depends how lucky you're feeling.

    It' so very not weird at all that they would want to charge you for the second valuation. They're not running a free valuation business.

    I'd be sticking with them.
  • ACG
    ACG Posts: 23,727 Forumite
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    You seem annoyed that they are charging for the valuation.
    The deal would have been to come with one free standard valuation. You have had that. They have also not increased the price, they are charging the fee for the valuation.

    You can go to a new lender who does free valuations, but it might be a higher rate?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • sheepy21
    sheepy21 Posts: 221 Forumite
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    That doesn't make any sense at all, why would you go through having another application, more fees, more time and potentially be refused because you want to be tight over £220? I'd gladly pay such a small amount for an easy life and quick mortgage offer!
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