Mortgage news was short and sweet in the midweek press, with the Daily Mail focusing on a reported sudden increase in the number of homeowners contesting the value that mortgage lenders place on their home. Automatic valuations have become more common in recent times but problems have arisen due to the fact that they take into account similar types of property in the region rather than looking at local price bubbles or work carried out to the individual property. Experts advised borrowers looking to remortgage to challenge a valuation if they feel it is too low, but to base their own estimation on facts and weigh up the cost of an additional valuation first. Elsewhere the Daily Express discussed findings from consumer champion Which? on the variation in the costs of Hips (Home Information Packs) and revealed that packs bought from estate agents can cost almost 50% more than those bought directly from a specialist. The Daily Mirror picked up on a theme examined in the weekend press, looking at the high fees currently being charged to borrowers in arrears on their mortgage, and the problems experienced by those attempting to find a solution with their lender.
What the papers say- 19th August 2009