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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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We bought our house at 10.jan2014 vaulted in Dec2013 for 205000

Customer Question

We bought our house at 10.jan2014 vaulted in Dec2013 for 205000 K
we wanted to remortgage in August and get max 80% of value of the house
after weeks of waiting Barclays came back today and told us the Valuation in August
was 190 000 so we can only get 2000 Pound added on the mortgage instead of 15000
which we have already plan to use because the promise of the barclay woolich women which
were very positive in our case. They don't want a new valuation paid by us because they have paid an independent agent to value the house already?? The man told my wife he is working for the woolich so independent ???
Research in our are shows a rise of property value and an index from march to now of 206%
but our house is 15 000 less worse instead of more? I have asked zoopla online and they valuaded the house 206 to 211 K ??
What can I do to get my mortgage we need 80% from 205000 is a mortgage for us added on from around 15000 pounds to be released in September ???
Many thanks *****
email *****@******.***
Submitted: 2 years ago.
Category: Law
Expert:  UKSolicitorJA replied 2 years ago.
Hello Uwe,

I am sorry but there is nothing that you can do if Barclays are only willing to lend you £152K instead of £164K as you have not entered into any binding agreement with them until your mortgage starts. What you are currently going through are pre contractual negotiations which are not legally binding and Barclays may in theory withdraw their offer entirely if they wish to.

Your options are to shop around for another mortgage provider who is willing to lend to you what you need or for you to accept the offer of £152K or try and get this shortfall from another lender.

I am sorry I could not give you better news but I have a duty to advise you truthfully.

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