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remortgaging a BTL with no access
silvercar
Posts: 49,676 Ambassador
Thinking about remortgaging a BTL in the next few months.
The problem is that tenants are in residence, so how will a lender view this with regards a valuation?
I can show the AST to confirm the rental received. The LTV is 75% the rental. The mortgage is covered, just about, by the rental income but I could reduce the mortgage down to a level where the rental income covers the mortgage payments by 130% if necessary.
The problem is that I don't want to upset the tenants' "quiet enjoyment" of the property by sending a valuer in.
Would all lenders insist on access to the property?
The problem is that tenants are in residence, so how will a lender view this with regards a valuation?
I can show the AST to confirm the rental received. The LTV is 75% the rental. The mortgage is covered, just about, by the rental income but I could reduce the mortgage down to a level where the rental income covers the mortgage payments by 130% if necessary.
The problem is that I don't want to upset the tenants' "quiet enjoyment" of the property by sending a valuer in.
Would all lenders insist on access to the property?
I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
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Comments
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75% LTV should only require a 'drive by' or 'external' inspection.
Andy0 -
AndyWallace wrote:75% LTV should only require a 'drive by' or 'external' inspection.
Andy
Good news, though they made an internal inspection when we bought in the Summer.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
our landlord sent a valuer round last year, didn't bother us at all after they had assured us it wasnt' cos he wanted to sell
Trying to get on top of finances one step at a time0 -
Good point Wiggly. Though at the moment the phone line is disconnected so it would be difficult to agree a convenient time.
Is the line drawn on drive by valuations higher (LTV) on BTL remortgages than BTL purchases? Actually maybe I should be asking is the line higher on BTLs than residential. when we moved our LTV residential was less than 50% and they still visited the property.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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