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  • FIRST POST
    • S&K
    • By S&K 7th Feb 18, 10:53 AM
    • 2Posts
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    S&K
    Stuck with our mortgage
    • #1
    • 7th Feb 18, 10:53 AM
    Stuck with our mortgage 7th Feb 18 at 10:53 AM
    Hi, we are stuck with our Nationwide mortgage that has come to the end of its term. We can have a new mortgage with the nationwide but our loan to value is wrong (after improvements our house is now worth a lot more than they say it is). They want to see receipts for the renovations which we haven't got and they refuse to come and do a revaluation, so we can't get the best deals. We can't change to a different lender as our income has changed and we wouldn't get another mortgage. What can we do?
Page 1
    • csgohan4
    • By csgohan4 7th Feb 18, 11:31 AM
    • 4,544 Posts
    • 2,840 Thanks
    csgohan4
    • #2
    • 7th Feb 18, 11:31 AM
    • #2
    • 7th Feb 18, 11:31 AM
    renovations do not always 'Add' value to a house to the price you paid for them.

    Have you looked at customer retention products online which need no credit checks ?
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • S&K
    • By S&K 7th Feb 18, 12:09 PM
    • 2 Posts
    • 0 Thanks
    S&K
    • #3
    • 7th Feb 18, 12:09 PM
    • #3
    • 7th Feb 18, 12:09 PM
    Sorry, we should have said...it has been valued recently and is worth a lot more than they have on record. We can't get the best retention deals because of the loan to value.
    • fromtheshires
    • By fromtheshires 7th Feb 18, 12:10 PM
    • 293 Posts
    • 243 Thanks
    fromtheshires
    • #4
    • 7th Feb 18, 12:10 PM
    • #4
    • 7th Feb 18, 12:10 PM
    Unfortunately it's a suck it up and deal with it secnario I'm afraid.

    If you cant get another mortgage from a different provider your bets options are customer retention at the best deal they can offer you until you can afford to change provider.
    • ACG
    • By ACG 7th Feb 18, 12:11 PM
    • 17,042 Posts
    • 8,928 Thanks
    ACG
    • #5
    • 7th Feb 18, 12:11 PM
    • #5
    • 7th Feb 18, 12:11 PM
    Are you sure they will not do another valuation? I would have thought if you paid for it, they would do it?

    Nationwide do not have to offer you anything at the end of your deal. They are asking for evidence that work has been carried out to try to help you out. They are not really being unreasonable in my opinion.
    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.
    • pink_pirlie
    • By pink_pirlie 7th Feb 18, 2:47 PM
    • 180 Posts
    • 113 Thanks
    pink_pirlie
    • #6
    • 7th Feb 18, 2:47 PM
    • #6
    • 7th Feb 18, 2:47 PM
    I had to have mine revalued in October 17 from their valuation to get it under 60% and they would go to a certain % more than what their system said with no evidence and after that I needed to provide them with evidence. The person I spoke with said written valuations by agents would be okay (3 different ones). I did nothave any work done mind. Do you have any building control or planning certificates you could send in lieu of receipts?
    I did not need these in the end as the % uplift took it under the 60% barrier.
    That said I got quite contradictory advice from various people I spoke to in different departments. I did all this over the phone.
    Maybe try again and see if you get a different view from someone else.
    Last edited by pink_pirlie; 07-02-2018 at 2:48 PM. Reason: Edit out the random characters instead of apostrophes
    • minimike2
    • By minimike2 8th Feb 18, 9:19 AM
    • 1,970 Posts
    • 1,489 Thanks
    minimike2
    • #7
    • 8th Feb 18, 9:19 AM
    • #7
    • 8th Feb 18, 9:19 AM
    If the work you have done is so significant to affect the value then why do you not have any receipts?
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