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  • FIRST POST
    • LookingTo
    • By LookingTo 24th Feb 18, 1:37 PM
    • 6Posts
    • 0Thanks
    LookingTo
    Halifax vs Nationwide Mortgage
    • #1
    • 24th Feb 18, 1:37 PM
    Halifax vs Nationwide Mortgage 24th Feb 18 at 1:37 PM
    Hello,

    I'm trying to buy a Shared Ownership House which costs £125,000 for a 60% share and initially went with Halifax but the valuation has come back saying its only worth £112,000 for the 60% share an so won't offer me a mortgage on the original terms.
    This valuation is obviously wrong as another house across the road sold recently (within 6 months) for £102,500 for a 50% share and this has a much smaller garden. So this means a price of £205,000 total compared to £208,333 for the one i'm buying. I've tried to appeal it but the surveyor says the valuation has something to do with Halifax's valuation rules and as this is the only similar house that sold in the last 6 months in my area (it's very rural) then there is nothing else i can do.

    The other house has a mortgage with Nationwide and their valuation went through without problem. Do they value in a different way? and would it be ok for me to apply with them even though i have tried Halifax first? (as they have left a search on my report).

    Thanks for a any help.
Page 1
    • beanielou
    • By beanielou 24th Feb 18, 8:57 PM
    • 55,063 Posts
    • 220,040 Thanks
    beanielou
    • #2
    • 24th Feb 18, 8:57 PM
    • #2
    • 24th Feb 18, 8:57 PM
    All you can do is try.
    Sorry not to be more help.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
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    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
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    • JBBROWN94
    • By JBBROWN94 26th Feb 18, 11:11 PM
    • 7 Posts
    • 1 Thanks
    JBBROWN94
    • #3
    • 26th Feb 18, 11:11 PM
    • #3
    • 26th Feb 18, 11:11 PM
    Different surveyors will obviously come up with different valuation amounts. If there is no appeals process then I would say there is nothing you can do. You can apply for a mortgage with someone else however having too many hard credit serches on your file can impact negatively on your chances of acceptance.
    • LookingTo
    • By LookingTo 28th Feb 18, 9:38 AM
    • 6 Posts
    • 0 Thanks
    LookingTo
    • #4
    • 28th Feb 18, 9:38 AM
    • #4
    • 28th Feb 18, 9:38 AM
    Different surveyors will obviously come up with different valuation amounts. If there is no appeals process then I would say there is nothing you can do. You can apply for a mortgage with someone else however having too many hard credit serches on your file can impact negatively on your chances of acceptance.
    Originally posted by JBBROWN94
    Do you or anyone else have experience of applying for mortgages with other providers? Did the hard searches cause an issue?
    • JBBROWN94
    • By JBBROWN94 5th Mar 18, 7:34 PM
    • 7 Posts
    • 1 Thanks
    JBBROWN94
    • #5
    • 5th Mar 18, 7:34 PM
    • #5
    • 5th Mar 18, 7:34 PM
    Fortunely my first application got accepted so I donít have experience with this unfortunately.
    Home owner at 23 without the bank of Mum and Dad.
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