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Consent to Let
shawin
Posts: 1 Newbie
Hi,
I am looking to reduce the LTV on my mortgage in order to get consent to let. I am with NRAM and tried a year ago but this was turned down due to LTV being too high. I am now in a position to pay a lump sum off the mortgage but want to pay only enough to get the consent. They want 70% LTV. I dont want to waste time applying if its going to be rejected at first.
First of all I asked all the below questions to the NRAM advisor and he couldn't answer any of my questions and was told to just apply and I may get the consent anyway (at 92% LTV - I doubt it). There is no way, I am told, of getting in contact with the Consent to Let team and so what I would like advice on is where NRAM get the valuation on my property from? As when I apply I do not send a valuation to them as part of the application and so it puts me in a grey area.
Do I get a independent valuation myself and then use this to calculate the 70%? Or is there a better source for the valuation? My concern is reducing the LTV to 70% based on my valuation and this being rejected by NRAM because they use a different valuation.
Your advice would be much appreciated.......
shawin
I am looking to reduce the LTV on my mortgage in order to get consent to let. I am with NRAM and tried a year ago but this was turned down due to LTV being too high. I am now in a position to pay a lump sum off the mortgage but want to pay only enough to get the consent. They want 70% LTV. I dont want to waste time applying if its going to be rejected at first.
First of all I asked all the below questions to the NRAM advisor and he couldn't answer any of my questions and was told to just apply and I may get the consent anyway (at 92% LTV - I doubt it). There is no way, I am told, of getting in contact with the Consent to Let team and so what I would like advice on is where NRAM get the valuation on my property from? As when I apply I do not send a valuation to them as part of the application and so it puts me in a grey area.
Do I get a independent valuation myself and then use this to calculate the 70%? Or is there a better source for the valuation? My concern is reducing the LTV to 70% based on my valuation and this being rejected by NRAM because they use a different valuation.
Your advice would be much appreciated.......
shawin
0
Comments
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Dont spend money on getting a valuation yourself as NRAM will want there own valuation0
-
Hi,
I work for a bank in the mortgage department. At the bank I work for, they use the current indexed valuation - this is obtained from the land registry and uses general sale prices in the area and upturn/downturns in the market. this is not property specific.
They should be able to give you this information so you can see what valuation they have. From there it may be worth trying to get some free valuations done through estate agents? sometimes they offer these!! you can then see if its worth paying for your mortgage provider to do an official reval on your property - they probably won't accept an independent one!!
Hope this helps.0 -
If you are reducing to 70% LTV have you looked at remortgaging to a proper Buy to Let ? It may be cheaper than NRAM.0
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