Issues with my business and the bank

Julie1924

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.

Browntoa

Banks rules , banks decision , affordability rules.

Unless you find another lender who will allow you to remortgage without that property

Julie1924

Thank you for the advice