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Response to Britannia BS undervalued property which received MIG etc

from John Paul Morgan (jpmorgan@onetel.net.uk)
I did not realise that the only persons who could express a view on this site had to be repossessed. I thought my letter was clear.

Britannia ignored a sitting tenants rights which seems to have allowed for the 'cancellation' of the property's true value; thus incurring a MIG. (Whether I have any rights in the property is another matter.)

However, other errors may be symptomatic of either complancy or incompetence - or corruption. And if any of the Repossessed had similar 'errors' in a mortgage then s/he might consider fighting on several fronts.

Perhaps our experience was a one off. But if a property is undervalued before commencement of the mortgage surely the lender is already indemnified against any potential loss/risk. If so, why the need to charge a MIG? (In our case the property was valued by the Lender's own valuer.)

JPM

(posted 7935 days ago)

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