Opinions please!
Discussion
Long story fairly short (names omitted and figures changed but percentages are correct)!
We have a mortgage with a certain bank or building society and have done for around 10 years. We moved house in 2010 and 'ported' the mortgage to the new property, we also borrowed a bit extra to do some building works. We paid £260,000 for the new house, 98,000 from the old mortage and borrowed 5,000 extra. We then borrowed a bit more in 2012 but kept the LTV under 50%.
The house is now worth £310,000 (very confident this is correct based on extensive research and recent sales of houses in the road).
Now the problem!!
I want to move the 2 additional borrowings onto a new fixed rate (currently on the banks standard mortgage rate) but the bank are saying that the house is now worth only £185,000... so the LTV is around 70% where as it should be under 50%.
Checking back on the paperwork it seems that in both 2010 when we did the extra borrowing (1 months after we purchased for £260,000) they valued the house at £175,000 and then again in 2012 they valued it the same. These values are completely incorrect and I have no idea how they arrived at them.
They are now basing their current valuation on the 2012 valuation and refusing to re-value, or even entertain the fact that they might be wrong.
They are saying that since the values were on both agreements for the extra borrowing I should have spotted it and appealed within 3 months. Fair enough, it was on the agreements but it was never pointed out to me by their advisor (sales person), had it of been I would have appealled! Seeing as it was partly my fault I had no issue with the fact that I could have got a lower rate on the additional borrowing for the last few years, I just want them to correct the issue now.
Am I being unreasonable? Anyone got any idea if I stand a chance wiht the ombudsman?
We have a mortgage with a certain bank or building society and have done for around 10 years. We moved house in 2010 and 'ported' the mortgage to the new property, we also borrowed a bit extra to do some building works. We paid £260,000 for the new house, 98,000 from the old mortage and borrowed 5,000 extra. We then borrowed a bit more in 2012 but kept the LTV under 50%.
The house is now worth £310,000 (very confident this is correct based on extensive research and recent sales of houses in the road).
Now the problem!!
I want to move the 2 additional borrowings onto a new fixed rate (currently on the banks standard mortgage rate) but the bank are saying that the house is now worth only £185,000... so the LTV is around 70% where as it should be under 50%.
Checking back on the paperwork it seems that in both 2010 when we did the extra borrowing (1 months after we purchased for £260,000) they valued the house at £175,000 and then again in 2012 they valued it the same. These values are completely incorrect and I have no idea how they arrived at them.
They are now basing their current valuation on the 2012 valuation and refusing to re-value, or even entertain the fact that they might be wrong.
They are saying that since the values were on both agreements for the extra borrowing I should have spotted it and appealed within 3 months. Fair enough, it was on the agreements but it was never pointed out to me by their advisor (sales person), had it of been I would have appealled! Seeing as it was partly my fault I had no issue with the fact that I could have got a lower rate on the additional borrowing for the last few years, I just want them to correct the issue now.
Am I being unreasonable? Anyone got any idea if I stand a chance wiht the ombudsman?
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