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Low Remortgage valuation - options
jawbreaker
Posts: 7 Forumite
Hey everyone,
Hope you are all well and hope I’m in the correct thread.
I am in the middle of processing a remortgage for my first buy to let, however the mortgage valuation came low, which leaves me with a shortfall of £6000. Therefore my option here is to more likely get a loan to cover the shortfall, and take out my BTL and then apply for a extension on the current lease. Or
The property is a flat, which is on a lease with 82 years left, and I want to extend the lease anyway. Which leaves me with the dilemma, do I extend my lease first and then ask the lender to re-valuate the property and take into account the new extended lease and hope they will except and the valuation will increase by £6000? Is that actually possible and will my new lease increase the valuation?
Thank you all
I am in the middle of processing a remortgage for my first buy to let, however the mortgage valuation came low, which leaves me with a shortfall of £6000. Therefore my option here is to more likely get a loan to cover the shortfall, and take out my BTL and then apply for a extension on the current lease. Or
The property is a flat, which is on a lease with 82 years left, and I want to extend the lease anyway. Which leaves me with the dilemma, do I extend my lease first and then ask the lender to re-valuate the property and take into account the new extended lease and hope they will except and the valuation will increase by £6000? Is that actually possible and will my new lease increase the valuation?
Thank you all
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Comments
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@jawbreaker Is this a purchase or a remortgage? Or are you remortgaging from a residential mortgage into a btl?
I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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@K_S the property was a consent to let, and now remortgaging to a BTL0
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Does that £6k short mean they won't lend or just wrong LTV for the rate you want.0
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They won’t lend the full amount required as the valuation is lower which makes my LTV I think at 79, and in order to make it to 75 they require me to pay the outstanding shortfall. Tried a few lenders and they seem to be the best value0
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