Let to buy mortgage company valuation

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J
JontyWilson
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Dear Sir/Madam

I am not sure if you can help but I thought it worth a try.

I am remortgaging my current property to rent out and use the equity to purchase another house. The estate agents in the area valued the property between 165000 and 179950.

I started with the property on the sales market but put it on at the low valuation (165) to try for a quick sale however due to the property we are buying becoming vacant, I am now looking at letting to enable the move to happen quickly.

However I have just had The Mortgage Works in to value the property and they have valued it at 150,000 and say there is no way to appeal.

Is this common and how can 2 local estage agents be so different in their valuation?

Is there anyway I can appeal or are there any other companies offering 80% loan to value mortgages?

Any guidance would be appreciated as I am not a full time landlord so do not know if I am missing anything.

Many thanks in advance

19/07/2010 00:00

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