Hi,
I was just after a bit of advice with our situation.
Made an offer on a new build property on sale for £166,950, tried to negotiate on price but the builder wouldn’t budge as they were making a 5% deposit contribution, although they did agree to carpet and floor the house.
We were looking for a local financial advisor at the time, so the the builder passed us onto one they use, we would have felt more comfortable picking our own but, decided to go with them as they would probably be quicker. So after a few days we went for a 3 year fixed rate 85% LTV (10 % from us and 5% from builders)
We got a Nationwide DIP 3 weeks later, on the condition we upped our part of the deposit to 11%.
We applied for the full mortgage and a couple of days later we received texts, confirming product reservation and the valuation date (17th April). We didn’t hear anything else from Nationwide but, didn’t think it odd as reading on here about the time some of their full applications take to complete. I emailed the advisor a couple of times to check on our applications progress, didn’t get any replies so assumed she was on holiday, so I called the advisors (16th May) and the receptionist looked into our application and said they were still waiting for the valuation.
The financial advisor called me a few days later to say that the property had been valued at £155,950, she said this was down to the property being the first of its type to sell on the development and Nationwide are known to undervalue and suggested we should now apply for a Santander mortgage which has no reservation or valuation fee, to get a second valuation. So now we have now waiting for a Santander DIP, my creditexpert shows a Santander search on 24th May.
Since then we have been in contact with the Person purchasing another one of the type of house we are buying, she has gone through the same financial advisors but is purchasing on help to buy with the Halifax, her valuation was done last week and has come back at asking price £166,950.
We’re just wondering what to do now, just seems like we’re back to square 1, if Santander under value the property as well, what are the chances of the builder reducing the price, as Halifax have valued at asking price? Could we continue the Santander application ourselves or with another broker, as we are a bit disappointed with the current advisor, as she didn’t let us know about the valuation problem for 5 weeks after she did. Do Santander DIPs on new build take as long as Nationwides?
Thanks in advance
I was just after a bit of advice with our situation.
Made an offer on a new build property on sale for £166,950, tried to negotiate on price but the builder wouldn’t budge as they were making a 5% deposit contribution, although they did agree to carpet and floor the house.
We were looking for a local financial advisor at the time, so the the builder passed us onto one they use, we would have felt more comfortable picking our own but, decided to go with them as they would probably be quicker. So after a few days we went for a 3 year fixed rate 85% LTV (10 % from us and 5% from builders)
We got a Nationwide DIP 3 weeks later, on the condition we upped our part of the deposit to 11%.
We applied for the full mortgage and a couple of days later we received texts, confirming product reservation and the valuation date (17th April). We didn’t hear anything else from Nationwide but, didn’t think it odd as reading on here about the time some of their full applications take to complete. I emailed the advisor a couple of times to check on our applications progress, didn’t get any replies so assumed she was on holiday, so I called the advisors (16th May) and the receptionist looked into our application and said they were still waiting for the valuation.
The financial advisor called me a few days later to say that the property had been valued at £155,950, she said this was down to the property being the first of its type to sell on the development and Nationwide are known to undervalue and suggested we should now apply for a Santander mortgage which has no reservation or valuation fee, to get a second valuation. So now we have now waiting for a Santander DIP, my creditexpert shows a Santander search on 24th May.
Since then we have been in contact with the Person purchasing another one of the type of house we are buying, she has gone through the same financial advisors but is purchasing on help to buy with the Halifax, her valuation was done last week and has come back at asking price £166,950.
We’re just wondering what to do now, just seems like we’re back to square 1, if Santander under value the property as well, what are the chances of the builder reducing the price, as Halifax have valued at asking price? Could we continue the Santander application ourselves or with another broker, as we are a bit disappointed with the current advisor, as she didn’t let us know about the valuation problem for 5 weeks after she did. Do Santander DIPs on new build take as long as Nationwides?
Thanks in advance