The reason behind this change in the adequacy of security was stated as being that the wall construction was sub-standard and the Loan Company did not lend on sub-standard forms of construction. Bob had been paid 400 pounds sterling in total for his two inspections. The client had paid over 700 pounds sterling in total mortgage application fees. Estate Agents in the property chain were many thousands of pounds out of pocket on lost commission charges. The rippled effect caused these individuals, and many others, massive loss of revenue, waste of time and effort plus related stress and disappointment.

It may be unconventional but I believe it is the Loan Companies en-mass. The Council of Mortgage Lenders, the body that regulates loan lending, considers allowing individual companies the right to have different lending criteria is satisfactory even if the public are not told these vital policies. I am sure each Lender is, in the small print somewhere, under a duty to publish their leading criteria and so "it is not their fault that customers choose not to read lending terms given to them".

This is the easy bit but is something that seems to always be talked about but never completed. How about we properly regulate Estate Agents including the introduction of standard examinations upon a syllabus that includes construction recognition and general property compliance issues to Lenders Valuer Manual criteria. OR....... The Council of Mortgage Lenders should be granted the power to issue only one set of lending criteria to all Valuers on behalf of all Lenders.


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