No wonder banks are in the sh*t
Discussion
Looking to switch mortgage rate and effin idiots at Abbey are no longer doing valuations based on actually visiting properties. They're just using something called a Postcode Index. This means they are completely ignoring the fact I bought the house a couple of years ago as a wreck, have added another bedroom and totally renovated it. 
3 local estate agents have valued house at around 50% above Abbey's method and that's with an eye to actually selling it!
I asked the nice girl on the phone if they can afford to loose business so easily to which she said she'd check with marketing - MARKETING, wtf, no wonder these idiots are in the sh*te if they have marketing making the business decisions!
Anyone know a mortgage company that does proper valuations?
3 local estate agents have valued house at around 50% above Abbey's method and that's with an eye to actually selling it!
I asked the nice girl on the phone if they can afford to loose business so easily to which she said she'd check with marketing - MARKETING, wtf, no wonder these idiots are in the sh*te if they have marketing making the business decisions!
Anyone know a mortgage company that does proper valuations?
custardtart said:
3 local estate agents have valued house at around 50% above Abbey's method and that's with an eye to actually selling it!
Perhaps Abbey's software is looking a bit into the future (after all, you'll have the mortgage for a while) and knows about the predicted further 55% fall in house prices?They are using land registry data , which is available online for a small fee . This is an indication of what houses have sold in the past year but I really doubt abbey would use such system . I have never heard of a bank not inspecting a home period .
By what you say you can sell a bit of land for the same price of a home ?
And what do estge agents know ? f
k all as they need properties to put on their books , so obviously they will say a higher price it doesnt mean it will sell for that
By what you say you can sell a bit of land for the same price of a home ?
And what do estge agents know ? f
k all as they need properties to put on their books , so obviously they will say a higher price it doesnt mean it will sell for that Edited by mark_davies on Monday 23 March 18:58
mark_davies said:
. I have never heard of a bank not inspecting a home period .
By what you say you can sell a bit of land for the same price of a home ?
And what do estate agents know ? fk all as they need properties to put on their books , so obviously they will say a higher price it doesnt mean it will sell for that
Yep not heard of it either but they were adamant they won't be coming round to do a valuation just using the computer says No approach!By what you say you can sell a bit of land for the same price of a home ?
And what do estate agents know ? f
k all as they need properties to put on their books , so obviously they will say a higher price it doesnt mean it will sell for that Local estate agents are undervaluing everything as they want quick sales, they certainly aren't over valuing anything around here.
You just so obviously don't give these decisions over to the marketing department! If I hadn't asked her if she was sure she didn't want to get confirmation on this she would've happily have turned away my business. What other industry gives an unqualified call centre operative the responsibility to lose their company such huge amounts of money! As I said, it's no wonder banks are f
kED.mark_davies said:
They are using land registry data , which is available online for a small fee . This is an indication of what houses have sold in the past year but I really doubt abbey would use such system . I have never heard of a bank not inspecting a home period .
By what you say you can sell a bit of land for the same price of a home ?
And what do estge agents know ? fk all as they need properties to put on their books , so obviously they will say a higher price it doesnt mean it will sell for that
My last 2 lenders did so without inspecting, it was only when i changed to Abbey 2 years that they insisted on an inspection which ended up being a 5 min visit to verify what i had put on the valuation was correct. They too only go on recent sales and if there are none then go on nationwide market value. As such they think mine is worth just over £120k even tho the place at the end sold 3 weeks ago for £145k and is identical to mineBy what you say you can sell a bit of land for the same price of a home ?
And what do estge agents know ? f
k all as they need properties to put on their books , so obviously they will say a higher price it doesnt mean it will sell for that Edited by mark_davies on Monday 23 March 18:58
Maybe you should call again just to double check , record it and put it on youtube .
But I have never heard of this way of valutions. Dont know wht they would place their valuations on , I mean even Land Registry data is out of date already .
Maybe you should see a mortgage broker, I was told there are no mortgage offers on the market 2 weeks ago , afetr seein a broker I had 7 on the table .
I just tryed to use a estate agent to sell my house , valuetions varried from 220-260k for a house that was worth 310k in the summer,with offers of round 220k from 3 different agents . In the end I sold it myself to my neighbour for 255k
But I have never heard of this way of valutions. Dont know wht they would place their valuations on , I mean even Land Registry data is out of date already .
Maybe you should see a mortgage broker, I was told there are no mortgage offers on the market 2 weeks ago , afetr seein a broker I had 7 on the table .
I just tryed to use a estate agent to sell my house , valuetions varried from 220-260k for a house that was worth 310k in the summer,with offers of round 220k from 3 different agents . In the end I sold it myself to my neighbour for 255k
Killer2005 said:
custardtart said:
Anyone know a mortgage company that does proper valuations?
BarclaysI dont know if this is true I'm just trying to get some business in
mickken said:
They do not want to give mortgages. My Brother in law works for them, unlike most of the delusional muppets around this country, all the big banks know the housing market is only going to go one way. Clue....it's the opposite of up!!
Given the banks past record...Do you really believe whst the banks know!!!!!!
Ie their crystal balls weren't that good in the last 2 years
mickken said:
They do not want to give mortgages. My Brother in law works for them, unlike most of the delusional muppets around this country, all the big banks know the housing market is only going to go one way. Clue....it's the opposite of up!!
Why then did they cut their rates at the very end of last week?Abbe have massivley tightened up their criteria, but for a bank that doesn't want to lend,they are doing an awful lot to stay at the top of the tree.
(As are their sister brand)
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