Consent To Lease refused due to low LTV

Pring

Hey folks,

Visited the bank (Halifax) today to ask if it was OK to lease my flat out and they said that my Loan to Value was sitting at 92% at the moment which means they couldn't approve it!

The guy couldn't answer my question as to what the valuation was based on, he just said "some index of housing" so does anyone have any idea? I can't see how it's possibly accurate given that I've put a new kitchen, new windows, doors, etc into my flat since I moved in and my neighbour sold for 10k over their valuation two months ago.

Anyone been in the same position and had success getting an independent valuation done and querying the bank's rate?

Any other advice?

My alternative is to put nearly 12,000 extra into my mortgage. Not something I particularly want to do...

Cheers,
Neil

Conrad

Call the Halifax and request a valuer attends your property to make an assesment. Have so comparibles ready to give the valuer. They might refuse or insist on a charge.

All owners, myself included have to recognise yesterdays valuations were the anomaly, and today's are returning to the normal trend price that would apply had it not been for free and easy credit.

Good luck