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Property Portfolio
Has anybody else had a similar situation.
On our property portfolio we now only owe £365,931.00 to the bank for loans taken out to buy properties. These properties are now worth £1,030,000.00 and that is the lowest valuations. We have asked them to release 1 property that is part of the portfolio as part of a divorce settlement. The bank have said that the "primary assessment is the debt serviceabillity" and they have to take into account the current rental less the costs and less the tax payable and that this needs to meet the loan payments if the bank of England base rate was to increase to 3,5%. This property is no longer rented as my wife has lived in it for 4years so no income would be lost if they released it. Also saying that our portfolio doesn't meet the banks policy and they require 100% of the net sale proceeds of any property that they release the charge over. So basically they will only release the property in question if the market price of £240,000.00 is paid. I am now at a loss as to what to do, does anybody have any advice please.
On our property portfolio we now only owe £365,931.00 to the bank for loans taken out to buy properties. These properties are now worth £1,030,000.00 and that is the lowest valuations. We have asked them to release 1 property that is part of the portfolio as part of a divorce settlement. The bank have said that the "primary assessment is the debt serviceabillity" and they have to take into account the current rental less the costs and less the tax payable and that this needs to meet the loan payments if the bank of England base rate was to increase to 3,5%. This property is no longer rented as my wife has lived in it for 4years so no income would be lost if they released it. Also saying that our portfolio doesn't meet the banks policy and they require 100% of the net sale proceeds of any property that they release the charge over. So basically they will only release the property in question if the market price of £240,000.00 is paid. I am now at a loss as to what to do, does anybody have any advice please.
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Comments
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Are you a business?
Does the bank hold individual mortgages on the properties?
Is this one loan account with all the mortgages on - do they have a debenture on your total assets?1 -
Yes we are a business.
Thet are not mortgages, they are multiple loans to buy properties but no loan is attached to any one individual property. The loans were set up 16yrs ago to be able to buy and sell property and make profit from the proceeds.
There are several loans and no they do not have a debenture on the total assets.
Thank you0 -
I suggest the small business boards then or even the mortgage one - they will have more expertise than me.2
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Thank you for you help0
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Sell another property from the portfolio to reduce the lenders exposure and bring it back within prescribed limits.1
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