Hi everybody,
New to forum but need some help/advice please.
Have been battling with Accord Mortgages for 3 months now regarding a BTL remortgage application. They kept asking for more and more information despite us satisfying their initial requests in line with their initial offer. Basically 4 years worth of company accounts, accountants certificates, 3 months personal and business bank statements (we run our own business), pay slips. More bank statements as time dragged on etc etc. This has cost us a fair bit of money and time but we persevered and got to the valuation stage.
The valuation was done and both the valuation and rental yield satisfied their lending criteria quite comfortably, then we get this from them today - which is apparently 'additional' information from the valuer that we weren't given.
...we have received the valuation report. Our valuer confirms the property is not a suitable long term sustainable BTL investment as the value due to the newness (it's a converted Victorian building!) of the property will erode over the coming years, meaning this investment will perform poorly relative to others in the surrounding vicinity....
The valuer said in our report that the flat had a lot more character than other purpose built flats in the area. The valuer also screwed up a few things on the report which I've also complained about but he sites behind 2 other intermediaries so can't actually talk to him.
I've mentioned this to a few other people, some with a fair bit of knowledge of such things, and our broker has obviously seen it and nobody has ever seen anything like it.
I've complained, to Accord, but I fear I will be fighting a losing battle but it's soul destroying after the 3 months of grief from Accord Mortgages and quite a bit of money in fees.
Anyone had similar experiences? I have read lots of bad reviews regarding Accord since we applied, should have looked first but they had a good rate, but nothing quite as bizarre as this.
Thanks for any feedback/comments.
New to forum but need some help/advice please.
Have been battling with Accord Mortgages for 3 months now regarding a BTL remortgage application. They kept asking for more and more information despite us satisfying their initial requests in line with their initial offer. Basically 4 years worth of company accounts, accountants certificates, 3 months personal and business bank statements (we run our own business), pay slips. More bank statements as time dragged on etc etc. This has cost us a fair bit of money and time but we persevered and got to the valuation stage.
The valuation was done and both the valuation and rental yield satisfied their lending criteria quite comfortably, then we get this from them today - which is apparently 'additional' information from the valuer that we weren't given.
...we have received the valuation report. Our valuer confirms the property is not a suitable long term sustainable BTL investment as the value due to the newness (it's a converted Victorian building!) of the property will erode over the coming years, meaning this investment will perform poorly relative to others in the surrounding vicinity....
The valuer said in our report that the flat had a lot more character than other purpose built flats in the area. The valuer also screwed up a few things on the report which I've also complained about but he sites behind 2 other intermediaries so can't actually talk to him.
I've mentioned this to a few other people, some with a fair bit of knowledge of such things, and our broker has obviously seen it and nobody has ever seen anything like it.
I've complained, to Accord, but I fear I will be fighting a losing battle but it's soul destroying after the 3 months of grief from Accord Mortgages and quite a bit of money in fees.
Anyone had similar experiences? I have read lots of bad reviews regarding Accord since we applied, should have looked first but they had a good rate, but nothing quite as bizarre as this.
Thanks for any feedback/comments.