Posted on 26 February 2011 by Baz
My lender, on the eve of exchange has realised that my LTV should have been set at 75% and not 85% as quoted due to the property being a new build. My anger stems from the fact they had a valuation done over 8 weeks ago and it clearly states that the property was built in 2010....the long and the short of this shambles is that now i am forced to go with this lender at 75%LTV for fear of losing the property....their failure to do their job has cost me a further £4000 which had i had enough notice i could have shopped around for a lender that would have offered me my original 85%LTV. Any help from you would be gladly received.
Had you arranged the mortgage through John Charcol this would have been picked up and we would have chosen a lender who offered 85% LTV on New Builds. As it is we are not in a position to be of any assistance.
I suggest that you make a formal complaint to your Lender through their statutory complaints procedure.
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