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My higher landing charge is unfair. (under my circumstances.


MRMURPHY
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I am purchaing a house for £155,000

 

Valued at £195,000 (buying of man i did work for)

 

Paying my 15% deposit approx £23k.

 

Borrowing 67% of property value. Higher lending charge is based on my purchase price, not on valuation. (kicks in at 75%ltv.)

 

Is this an unfair charge, i may be able to claim back.

Charges claim nearly sorted, now taking on anything thats left..

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No this is not an unfair charge. It is not a penalty based ona clause in a contract and therefor not reclaimable

All advice is based on my experiences. I am NOT qualified and as such cannot be held responsible for any mistakes. If in doubt...get professional help.

If you like what i have said then make me a star!!

Some helpful links

I have been successful in many cases..here are links to some

Housing Act and deposits: http://www.consumeractiongroup.co.uk/forum/showthread.php?266260-Deposit-being-withheld.-Please-advise&highlight=

Against Natwest: http://www.consumeractiongroup.co.uk/forum/showthread.php?278646-N-west-v-Mrsfoot-s-Son.-***WON_ALL-CHARGES-REFUNDED***&highlight=

Against Swift Advances: http://www.consumeractiongroup.co.uk/forum/showthread.php?46576-Me-V-Swift&highlight=

Against B&Q: http://www.consumeractiongroup.co.uk/forum/showthread.php?172878-Me-vs-B-amp-Q&highlight=

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I am purchaing a house for £155,000

 

Valued at £195,000 (buying of man i did work for)

 

Paying my 15% deposit approx £23k.

 

Borrowing 67% of property value. Higher lending charge is based on my purchase price, not on valuation. (kicks in at 75%ltv.)

 

Is this an unfair charge, i may be able to claim back.

 

Have a chat with an experienced broker who deals in below market value purchases. Alternatively, take the charge on the chin - provided there are no ERC's (or no longer than the first six months), re-mortgage once you've owned for six months and the valuation, not purchase price will be used.

 

For an unbiased opinion get in touch with John or Maurice at [PM me for details as commercial link removed]. They've done me good service, and there might be a lender that will take valuation rather than purchase price into account.

On some things I am very knowledgeable, on other things I am stupid. Trouble is, sometimes I discover that the former is the latter or vice versa, and I don't know this until later - maybe even much later. Read anything I write with the above in mind.

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I have the mortgage offer in place. Don't really have time, nor it would prob, not be worth it, ie new valuation, mortgage broker fee etc.

 

Just thought it might be worth a shot.

Charges claim nearly sorted, now taking on anything thats left..

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