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Guest Charlie The Tramp

Drive-by Mortgage Robbery

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Guest Charlie The Tramp

Well who would have thought they would do this. :rolleyes:

Mortgage companies are forcing borrowers to pay for vastly expensive property valuations - even where homeowners are taking on small loans or staying in the same property. In some cases, valuations cost the lender as little as £20. Borrowers buying a property are usually happy to pay for full valuations to satisfy themselves that their home is worth the money, but if they are staying put and simply switching to a new lender, as millions do each year, a valuation will be of little use.

But the new lender is increasingly likely to insist on a valuation costing a borrower up to £1,000. Valuations could be required even where there is little risk to the lender in terms of the size of the loan.

Drive-by mortgage robbery

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Our home was valued by "drive by" when we re-mortgaged in February, but we didn't mind as the fees were part of the package offered by the new lender, and I didn't have the bother of tidying up for a visit! I would have been very put out if I had actually had to pay a whopping fee for someone to drive past my house.

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