Nationwide BTL Mortgage Survey

khatif

New to here today. I am looking to purchase a BTL, offer of £230k accepted by seller. Nationwide surveyors agreed with valuation, but have put the letting income estimate as £800 per month.
It's a large 4 bedroom detached house with private driveway, garage, 2 large gardens. The property isn't in a great condition and we will be putting in new kitchen/bathrooms and redecoration. In the local area a 2 bed flat let's for over £800 PM.
I just can't get my head around why they've put letting income so low? 

K_S

@khatif Nationwide or TMW? It could be down to the condition of the property. It's not uncommon but in any case this isn't an exact science.

khatif

Sorry, it is TMW.
Surely they wouldn't actually think it would be let in the condition it is currently in. Nobody would want to live in it as is. We've got it at a really good price as it is needing work.

khatif

K_S said:

@khatif Nationwide or TMW? It could be down to the condition of the property. It's not uncommon but in any case this isn't an exact science.

Sorry, it is TMW.
Surely they wouldn't actually think it would be let in the condition it is currently in. Nobody would want to live in it as is. We've got it at a really good price as it is needing work.

K_S

khatif said:

Sorry, it is TMW.
Surely they wouldn't actually think it would be let in the condition it is currently in. Nobody would want to live in it as is. We've got it at a really good price as it is needing work.

@khatif Well, there you have it. "must be in a lettable condition, to be determined by the valuer". Most mainstream lenders will value it in the same way. You could try another mainstream lender or a specialist option that meets your requirements and then remortgage later on.

It's not an uncommon scenario at all, your broker should be able to place you with an appropriate lender if TMW doesn't work out in the end. Good luck!

khatif

K_S said:

khatif said:

Sorry, it is TMW.
Surely they wouldn't actually think it would be let in the condition it is currently in. Nobody would want to live in it as is. We've got it at a really good price as it is needing work.

@khatif Well, there you have it. "must be in a lettable condition, to be determined by the valuer". Most mainstream lenders will value it in the same way. You could try another mainstream lender or a specialist option that meets your requirements and then remortgage later on.

I've made application to Santander this morning. Hoping they use a different surveyor 🤞

khatif

Perhaps I've been watching too much homes under the hammer. 
I had hoped they would have given a rental value projection with works being completed. 

K_S

khatif said:

K_S said:

khatif said:

Sorry, it is TMW.
Surely they wouldn't actually think it would be let in the condition it is currently in. Nobody would want to live in it as is. We've got it at a really good price as it is needing work.

@khatif Well, there you have it. "must be in a lettable condition, to be determined by the valuer". Most mainstream lenders will value it in the same way. You could try another mainstream lender or a specialist option that meets your requirements and then remortgage later on.

I've made application to Santander this morning. Hoping they use a different surveyor 🤞

@khatif I hope you have better luck with Santander, this is their valuation criteria -

We will accept properties that our valuer considers:

• suitable for marketing as an owner-occupation property without alteration
• acceptable for mortgage purposes by mainstream lenders.
• capable of being let/re-let within a maximum of three months.
• capable of selling within six months.

Do update the thread on how it goes. Good luck!

[Deleted User]

khatif said:

Perhaps I've been watching too much homes under the hammer. 
I had hoped they would have given a rental value projection with works being completed. 

And if they give you the money and you don't complete the work?

Refurb btl products exist for a reason

khatif

Deleted_User said:

khatif said:

Perhaps I've been watching too much homes under the hammer. 
I had hoped they would have given a rental value projection with works being completed. 

And if they give you the money and you don't complete the work?

Refurb btl products exist for a reason

I am new to this, so didn't realise there was such a thing 😕
Will have a look into it though. Thanks 

khatif

K_S said:

khatif said:

K_S said:

khatif said:

Sorry, it is TMW.
Surely they wouldn't actually think it would be let in the condition it is currently in. Nobody would want to live in it as is. We've got it at a really good price as it is needing work.

@khatif Well, there you have it. "must be in a lettable condition, to be determined by the valuer". Most mainstream lenders will value it in the same way. You could try another mainstream lender or a specialist option that meets your requirements and then remortgage later on.

I've made application to Santander this morning. Hoping they use a different surveyor 🤞

@khatif I hope you have better luck with Santander, this is their valuation criteria -

We will accept properties that our valuer considers:

• suitable for marketing as an owner-occupation property without alteration
• acceptable for mortgage purposes by mainstream lenders.
• capable of being let/re-let within a maximum of three months.
• capable of selling within six months.

Do update the thread on how it goes. Good luck!

Thank you for your help! Much appreciated.