paul256 Posted December 22, 2011 Report Share Posted December 22, 2011 Scenario.. Take for instance you own a property worth £55,000 which required on a Buy To Let Mortgage a 20% deposit of £11,000 i.e. You now have a mortgage of £44,000 on the property. Is there any way to re-mortgage or further advance to basically get your £11k back out of the property and have a mortgage for the full property value of £55,000, leaving you back with the £11k to re-invest? Link to comment Share on other sites More sharing options...
Richlist Posted December 22, 2011 Report Share Posted December 22, 2011 Yes. Either: 1. You wait until the property valuation reaches £69K and then find a lender that offers 80% LTV mortgages. OR 2. You renovate, refurbish, develop or add value to the existing property thereby increasing its market value to £69K or more. Then you remortgage. Simples. Link to comment Share on other sites More sharing options...
bigdaddy Posted January 23, 2012 Report Share Posted January 23, 2012 hi im new on here so just finding my feet------ you can renovate refurbish based on exist ing comparables and you may succeed in increasing the value!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! but if the surveyor that turns up is a pudding you wont -------- i have 2 other props in same street with vals of 82k 84k last props sold in last six months over 90k------------- bought for 59k spent 14k on it expected 85k val ------------- he came back with 65k ---------ive appealed but they are not playing the game------------they dont play we cant play-----------does that mean i am in negative equity on other two props -------------- i dont think so but if his value is correct and the market has dropped 20% in the last 3mths i am ---------- dont take it as read ---- this game is far from easy --------- do you homework------- research---------- still fail -------------- not simples-----------BD:) 1 Link to comment Share on other sites More sharing options...
Richlist Posted January 23, 2012 Report Share Posted January 23, 2012 In a falling market or where your equity in the property is small that scenario is only to be expected as lenders obviously want to safegaurd their security. Ask yourself.......would you lend money in a falling market......I certainly wouldn't ! If the valuation is inaccurate its up to you to prove them wrong. ..... * Get half a dozen valuations from estate agents. * Commission your own detailed survey/ valuation using suitably qualified surveyor (RICS etc). * Identify recent sales of identical property to back up your valuation findings. * Highlight any positives that the failed valuation has missed......unique location, size, features, desirability etc etc. Ask the valuer to comment on your findings and if he fails to deliver in your favour report him to his professional body. Sometimes you have to go the extra mile to get what you want in life. Link to comment Share on other sites More sharing options...
bigdaddy Posted January 24, 2012 Report Share Posted January 24, 2012 Link to comment Share on other sites More sharing options...
bigdaddy Posted January 24, 2012 Report Share Posted January 24, 2012 In a falling market or where your equity in the property is small that scenario is only to be expected as lenders obviously want to safegaurd their security. Ask yourself.......would you lend money in a falling market......I certainly wouldn't ! If the valuation is inaccurate its up to you to prove them wrong. ..... * Get half a dozen valuations from estate agents. * Commission your own detailed survey/ valuation using suitably qualified surveyor (RICS etc). * Identify recent sales of identical property to back up your valuation findings. * Highlight any positives that the failed valuation has missed......unique location, size, features, desirability etc etc. Ask the valuer to comment on your findings and if he fails to deliver in your favour report him to his professional body. Sometimes you have to go the extra mile to get what you want in life. my point is you say it is SIMPLES clearly that is not the case in fact the opposite is true------- this is a risk business ---------- sometimes you have to go the extra mile to get what you want in life---------- really ------------- are you saying that after trying to prove them wrong you have had this success in changing the valuation------- valuers are reluctant to change their minds even if wrong ----- the same lender has my other two properties ---------- valued last year for equity release at 82k and 85k! these are not of course within the 120day window they refer back to-------we have a comparable sale within that time of 90k-------------by the way it is my understanding its down to the broker to appeal against a poor val. fill in a proformer and take it to the lenders business manager with as much info you can muster---- less than a mile away i have a property valued at 85k 3months back its only two bed ---------all sort after properties in a normal market -----------------------------------------------------you wouldnt lend money in a falling market what a load of tosh ,,, banks will lend in any market why do you think there are more buy to lets today than ever before ///// --------------- BD Link to comment Share on other sites More sharing options...
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