completing on bmv property tommorow,which was going to give us 9000 cash back,pp 65200,omv 90000,with 2500 retention, which should have released 76500 less 2500 which would have been 74000 till works completed,just recieved email from solicitor saying mx have only released 71875,rang mx to find out why ,mortgage broker made a balls up and only requested 87500 as final val which is the val of 90000 with the retention,
absolutely livid at the minute good job he lives miles away.also said ITS ONLY 2500 SHORT !!
cant believe a professional person could get so mixed up.
got the proof in black and white that the end valuation that we were after was 90000 and this was even confirmed by the surveyor
not a good start to christmas.

go back as ask him to amend as he can send the funds back then re request them

hi john
thanks for your response, might be to late as funds are already at solicitors from mx,also the funds for the bridge are in place any help would be appreciated

It can still be sent back Iain, though it will obviously mean a delay of a couple of weeks whilst waiting for a re-offer. I doubt the bridge company will have any problems with you delaying and re-calling for funds when you need them and MX will take the funds back if there is no completion.

Total Awards: 1
Total Points: 0

Mistakes happen but to say "it's only £2,500 short"...

As Paul says, if you can wait a couple of weeks - although possibly longer over the Christmas period - I would instruct the broker to send back the funds and get them re-issued for the full amount.

* I hope your broker didn't charge you a fee.

__________________
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07815 157755 - Please feel free to call, Skype or PM me for an informal chat.
COMPLETE BMV PACKAGING :- RMDs, Fee Free Broker, Closed Bridging & All Legals £395 + VAT.
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emailed broker several times last night and phoned him answer machine now saying on holiday for two weeks not respononding to email ,looks like will have to go with this offer thanks for your help, will not be using his services again.

At least you know now Iain...onto the next deal!

Regards

Jai

thanks for that jairaj,property has now completed will still give us decent cash back but thats not the point,still havent heard from broker an explanation would be nice,anyway after peeling myself off the ceiling best get in party mood.

You can still apply for the equity still in the property from the lender based on the valuation Iain

Just takes a little time.


Andy

hi andy
have you done this before if so please explain going about this

Id say speak to your broker but thats not possible here.

Ok then the MX product you have is im guessing here 85% of valuation.
MX have the valuation on file you can lend up to 85% of this valuation.

Phone MX
0500 255249
Give them your application number or indeed mortgage ref. and tell them youd like to lend up to 85% of valuation.They will be able to guide you through the process and tell you which forms to download.

MX are open today, Monday morning, also next Thursday and Friday.

Good luck

Andy

People are still people and can screw up - it winds me up even more when they are so called professionals and there is money and people's plans on the line.
Regarding proof - difficult to go back and officially complain about these people and do you want the hassle and have to run it through your mind again and again!?
Bridging would have cost you fees again to recall at a later date so would have cost a fair amount to get the extra 2.5k you needed.

At least you've bought the property and can get on with it now.
The 2.5k won't be needed yet, so at least you're saving interest on it for now.
Put the extra items/work on your credit card and flip it to a 0% interest free balance transfer after a month (postoffice are doing such a card at the moment) until refinance time.
Don't use the broker again and be glad you learnt your lesson on 'only £2125' (joking) of money you couldn't borrow!

Merry Xmas,
Bobby

(Relatively speaking it COST me 20k to learn such a lesson with a broker a few years back in my early days)

andy
the retention they have put is on the87500 which they have got for some reason or other as omv ,it should have been omv 90000 with a 2500 retention which would have been 87500 till works complete been intouch with mx explained situation still no joy as they see it
that is value in present condition and the 90000 that the survey says is val after works completed has nothing to do with it

So are they saying that the property is not worth the valuation?
Ive never heard of a lender doing this before!!

Will they lend up to the 90 000 valuation when the works are complete?
Bobbys interest free cc looks the best option until you can get the retensions paid out to pay it off.

Maybe they are trying to save on paperwork over their busey period. Give them another call next week and ask again id say.

Andy

Sorry to hear about the mix up mate. If you want an excellent broker try Philippa Foster ( 01952580649 or phil_cms@btinternet.com) that's who I use.

I'm sure other people here know some really great brokers as well.

As for you situation I think you need to be persistent and really make you voice heard to MX. Maybe somebody on the forum and help you voice your concerns?

Best of luck!