Valuation fee paid, mortgage declined

[danigcia]

Hi All,

 

I hope anybody here can provide some help. The Post Office (through Bank of Ireland) offered us a mortgage in principle and they took £352.00 for the valuation in order to progress the application. We went on holiday abroad on 27th May and the mortgage advisor from the Post Office said we should have a final decision about the mortgage on 31st May and then the valuation would be carried out on 2nd or 3rd of June.

 

To our surprise, on Wednesday 1st June we received an email from the advisor informing that the mortgage had been rejected based on affordability. We asked him when the valuation fees will bee paid back into our account and on 7th June he said that 'the refund should have been put back onto your card.', which didn't happen.

 

Today we have received the following email from him:

 

Hi danigcia

 

I have been speaking to the Bank of Ireland to see why the money has not been refunded.

 

They have told me :-

 

The case was declined on 01/06. The valuation was taking place on the same day. The underwriter called the surveyors on the morning and they were going to try and contact the valuer before the valuation took place. Unfortunately they were unable to reach them in time and the valuation was carried out. As the valuation took place we are unable to refund the fee.

 

This is why they have not refunded the money back to you, I was not aware that the valuation had taken place, had I have known I would have made you aware that this would not have been able to get you a refund.

 

 

 

So here we are, without property and without the valuation money. Surely it's not our fault that the valuation apparently (and I say apparently because we haven't seen any document to prove it has actually been done) took place on the same day the decision was going to be taken (couldn't the valuation wait for 1 or 2 days as the mortgage advisor said?) and I fail to see how it's our fault that the surveyors couldn't contact the valuer on time.

 

Also the mortgage advisor didn't seem to be aware of the progress as he states that he didn't know the valuation had taken place.

 

Could you please help us with this?

 

Many thanks in advance

[AndyOrch]

Hi danigcia and Welcome to CAG

 

You are entitled to your valuation fee refund......their internal breakdown in communications or understanding of the process is not your concern...escalate the dispute up the chain.

 

Regards

 

Andy

[danigcia]

Hi Andy,

 

Thank you for taking your time to read through the post and for the advice, I have received a call from Bank of Ireland to inform that they have investigated the case and apparently the valuer took the keys at 9:00am on 1st of June and the decision of declining the mortgage was taken at around 11:00am on the same day, so they keep refusing to refund any money.

 

I guess the only option left is going to the financial ombudsman...

 

Kind regards,

 

Daniel

[AndyOrch]

Or issue a court claim against them...just imagine if they did to 500 customers a year...using that excuse.....nice little profit.