Can I use Valuation report from one lender for another ?

T

TinpotTimmy

Guest
Hi There,

I received a full mortgage offer recently and had paid my 127 euro upfront but understood I could get back if I didn't proceed but found out it ws only if the lender rejected the request, but sure naturally there going to offer something ...

Anyway, I was told I wouldn't be getting it back. Feel I've been rumbled. Anyway I have decided to go with another lender who is only now asking for the dosh for the valuation after receiving the initital mortgage offer.

Are there not strict guidelines that these institutions should follow ? Should it not be one way or the other ?

Anyway, can I request the above valuation report from the 1st lender and use it for the second lender in an attempt to recoup my loss.

I was thinking about asking to see the report out of curiosity but also to try and use it. I mean it is done by an independent auctioneer so it should satisfy the 2nd lender ?

Any advice ?

Thanks, Tinpot.
 
All lenders have a panel of valuers they accept mortgage valuations from. If the valuer the first lender used is on the panel for the second lender you could ask him/her to retype the report onto the second lenders pro-forma report form - there may be a charge for this but not as much as a total new valuation.

If your mortgage application was rejected by the first lender after the valuation had been carried out then they are obligied to refund the fee unless the application was declined due to information you had not disclosed.....

Sarah

www.rea.ie
 
Hi Sara,

I had got a better offer from the second lender so I declined the 1st lender's offer.

Am I entitled to a copy of the valuation of the 1st lender ? Given that I alledgedly paid for it I guess I am entitled to it !

What do ya think ?

Thanks, Tinpot
 
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