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Specialist support for mortgages declined after valuation.
If you’ve been declined for a mortgage after property valuation, our expert advisors are here to help. Let’s figure out your next move.
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Useful links to begin your Declined Mortgage Journey
Declined On Valuation
If you’ve been declined a mortgage on property valuation, our expert advisors are here to help. Let’s figure out your next move.
Declined on Affordability
Don’t let no scare you. Our experienced advisors can help you achieve mortgage approval, even if you’ve been previously turned down.
Declined On Underwriting
Panicking about what after the mortgage underwriting process went wrong? Our team of expert advisors are here to help you find your way.
Declined After Application
A declined mortgage is upsetting, but we’re here for you. Talk to our friendly team of advisors today and we’ll get your application back on track.
Finding The Best Mortgage Deal After Being Declined On Valuation
The valuation stage is a crucial part of the mortgage process, helping the lender check if the property is valued correctly and understand any structural and build issues that may trouble your affordability down the line. If your mortgage has been declined at this stage, you’ll no doubt be feeling upset and worried that the home you have your heart set on is slipping through your fingers.
As a mortgage broker, our expert mortgage advisors are here to help you figure out what to do next, exploring your grounds for challenging the mortgage valuation, your ability to renegotiate, and helping you approach other lenders if necessary. Our mission is to help you overcome any obstacles and be able to move into your new home as quickly as possible.
Finding Your Next Steps
A stumble on the road to home owning bliss is something many of us have to face. The good news is that a mortgage declined at an independent valuation stage isn’t the end of your journey, and you can still achieve mortgage success in the future. You just need the right mortgage broker with expertise in different mortgage subjects.
Our friendly advisors are here for you, ready to provide professional advice and act quickly to make sure you don’t lose your future home following a declined mortgage valuation. We’ll assess your situation in detail and help you work out the best way forward. Whether it comes down to approaching a new lender, increasing your deposit, or renegotiating, we’ll guide you through the process. For us, no doesn’t mean never; we’re confident there’s a yes out there for everyone with their mortgage application and we’ll work to help you find it.
We can support you and help you to make yourself as attractive as possible to banks and other mortgage lenders, ready for your next application!
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Why Has My Mortgage Been Declined After Valuation?
There are 3 main reasons why you might have a mortgage declined on valuation. The first is all about market value; the surveyor has determined that the property isn’t worth the purchase price or valuation that you’ve agreed to pay.
Another reason might be that the valuation has revealed serious issues with the property’s condition that will be costly to put right – impacting your affordability and potentially making you now fall outside the lending criteria. Problems to do with cladding, damp, asbestos, Japanese knotweed and structural defects are often considered deal-breakers by many lenders and can result in automatic rejections on a mortgage application.
The final reason mortgage applications can be declined on valuation is if the property is discovered to be a non-standard construction. Non-standard constructions can include thatch, steel or timber frames, single brick houses, or high rise buildings.
Is your mortgage declined after valuation? Our expert advisors are here to provide informed guidance. There are specialist lenders out there who will consider providing mortgages on properties with so-called ‘deal-breaker’ issues and non-standard constructions. If obstacles can’t be overcome with your current lender and they won’t budge from mortgage rejection, we’ll scour the market for a different lender and a better fit, and support you through the reapplication process – just get in touch! Sometimes, it’s just a case of approaching a specific lender that handles these types of properties.
Why Is My Lender Refusing To Give Me A Copy Of My Valuation Report?
Whilst it can be frustrating, lenders are not obliged to provide you with a copy of their property valuations report as it is for mortgage purposes only – even though you are probably the one actually paying for it!
If you would like to understand the risks and value associated with your future property, it is important to enlist the services of an independent RICS surveyor yourself. Some lenders offer free basic valuations to keep costs down so you don’t pay a valuation fee but these don’t include a copy of the report and are often not very detailed so they can be hard to challenge. Other lenders offer home buyer surveys which are paid for by you and can provide a more detailed understanding of the property, something you won’t normally gauge when you view.
Turning Your Nightmares Into Dreams
Why has the property I am purchasing been down valued?
This is a common scenario – particularly following periods of high property demand such as the COVID-19 pandemic or because of the property’s condition. If you purchase a home at an inflated price, you may find that your future property is down valued after valuation. This essentially means the lender does not believe the price you are intending to pay is reflective of the property’s true value and it is therefore no longer valid security for your loan amount, with a result of ‘declined post valuation’ and subsequent mortgage rejection.
When it comes to the next steps, there are various options open to you. You could pay the difference to secure the mortgage which will mean increasing your deposit, or consider renegotiating with the seller. If this isn’t possible, you could appeal the survey and try to renegotiate with the lender.
Why has the mortgage valuation told me the property is unsuitable?
Properties classed as having a ‘non-standard’ construction can often be deemed unsuitable at valuation stage leading to mortgage refusal. For some lenders, non-standard constructions fall outside their criteria and may result in a declined application. Luckily, there are plenty of mortgage lenders out there who will consider buildings of this type and offer non standard construction mortgages – the trick is to find out who they are! Our expert mortgage advisors can help you approach a suitable lender, rather than reapplying multiple times – something that may harm your credit score.
Frequently Asked Questions
What Is A House Price Valuation?
A house price valuation is the anticipated market value put on a property by estate agents and is designed to give a vendor an approximate value of what a property may sell for.
I Have Been Asked To Provide Additional Reports On My Mortgage Valuation. What Does This Mean?
During the valuation process, the surveyor may identify risks in the property that require a specialist investigation leading to extra reports. For example, say the property has evidence of damp, the surveyor may ask you to get a damp and timber report to help them fully understand the potential costs involved in dealing with this and how it may affect the property as security for the loan if left unresolved. Most lenders will request further information if the initial survey report reveals any structural problems.
Other issues they might request a detailed report for include cladding, structural issues and defects, asbestos, Japanese knotweed and drain surveys. Although all this delay can be frustrating when you just want to move into your future home, going through these motions can save you money in the long run and help you ensure you have the budget for any necessary work. Structural issues can also affect a property’s value and may give you the opportunity to renegotiate the sale price with the vendor.
Will I Receive A Refund On My Valuation Fee If The Mortgage Is Declined After A Down Valuation?
No, unfortunately not, the valuation fee is not refundable if you are declined after a lower valuation. You are paying for a valuation survey of the property to check if it is mortgageable. The service still has to be paid for even if the mortgage is declined post-valuation meaning no mortgage offer.
Of course, paying for a professional survey and having your mortgage declined is incredibly frustrating, and you may be unsure what to do next. An experienced mortgage broker from When the Bank Says No will act quickly, providing expert advice to help you understand the options available to you, liaising with specialist lenders and surveyors, and finding a different lender if it’s time to move on.
The Property I Want To Buy Has Been Down Valued. Does This Mean I Cannot Buy It?
If your property has been down valued, that doesn’t mean the mortgage is declined and you cannot buy it. All it means is that the mortgage lender will only allow you to borrow an amount based on the lower valuation. In order to afford the seller’s price, you will therefore have to find the extra cash or begin renegotiations to drop the purchase price. If the down valuation survey has uncovered structural issues, then if you can identify an exact cost, you can use this as leverage on the vendor to lower your offer.
Sometimes, though, neither of these options are possible. In this case, it can be helpful to get expert advice, commission your own mortgage valuation, or look for a second opinion from a specialist mortgage advisor. We can help you understand your options across the market and approach new mortgage applications with a specialist lender feeling better informed.
My Mortgage Application Has Been Declined On Valuation. What Should I Do Next?
A refusal because of valuation rather than because of your own financial situation or credit history, is particularly disappointing because you may have already fallen in love with the property. The most important piece of advice we have for you in these circumstances is not to panic and make a rushed reapplication.
However, it’s important to not let anything get in the way of your future plans, and multiple applications close together can impact your credit report. If you can get a copy of the report, this is helpful – if not, undertaking your own survey can be a great idea. If the down valuation is because of structural issues, then these are things you need to know about and could impact your decision on whether you should even be buying this property.
A mortgage expert will use the information to understand what to do going forward and guide you through the process as quickly as possible.
Is A Full Structural Survey The Same As A Mortgage Valuation?
No, a mortgage valuation is commissioned by a lender to ensure the value of the property supports the mortgage amount that the buyer wants to borrow. A full structural survey is commissioned by a purchaser for their own benefit and is a very detailed and thorough inspection of all aspects of the property.
Mortgage declined after valuation? Our expert advisors are here to help.
Believing yourself to be on your way to homeownership, only to have your mortgage declined at valuation stage is disheartening. If you’ve prepared your application carefully and have a solid income and credit history, then what’s wrong with expecting your mortgage approved?
The important thing to remember is that a ‘no’ from this lender, doesn’t mean ‘no’ from every lender. It may still be possible for you to achieve the finance you need to buy your home. You just need the help of a mortgage expert!
Our team of enthusiastic and friendly advisors are here to help support your journey, whatever has happened to disrupt the process. Working closely with you, we’ll determine the options you have for appeal or renegotiation, and provide plenty of helpful tools, tricks and insights into the world of mortgages. With us, you can feel confident that you’ll put your best foot forward – whether that’s resolving things with your current lender or moving on to a lender who offers a better fit.
What Our customers say about us
Our Customers rank us 4.6 out of 5
We feel so fortunate to have found WTBSN
We found WTBSN after landing in a really tricky situation. We were out of term on our current mortgage and our existing broker had exhausted all options to re-mortgage due to the complex nature of our holiday let property (Grade II listed, timber frame construction and above commercial). Working under considerable time pressure due to the financial penalties being imposed by the existing lender, Brian was relentless in his search for a solution that would allow us to refinance a property that was on face value mortgageable. Thankfully, he didn’t give up and nine months later, we completed on the re-finance. We feel so fortunate to have found WTBSN and would like to thank Brian and the team sincerely for going the extra mile. We couldn’t have done it without you!
Rachel Reeves
Simply the best
I will never use another mortgage broker in all my time In property, these guys are the best at communication, customer service and keeping you informed. They are a level above every other broker I’ve come across and they actually get things done.
Emma, Samantha & Ashley have been fantastic in assisting me with 2 mortgages now and they’re superb at what they do. I wouldn’t hesitate to reccommend them to anybody out there who needs a mortgage sorting.
John Burton
I have been dealing with ben
I have been dealing with Ben @ When The Bank Says No. He has been great!! Professional, kept us up to date the whole way and made the entire process so simple. I would most definitely use him again and have already passed his details on to a family member. Thank you for all your help.
Elise
Thank you for your amazing support
Thank you for your amazing support and service during a really difficult time in my life. 5* is just not enough to demonstrate the level of support received. These guys go above and beyond. A personal service, with kindness and compassion. I highly recommend. If you’re struggling with your mortgage, then have a chat to this team. I cannot thank them enough for everything they have done.
Nabila Fowles-Gutierrez
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