Credit Crunch - difficult to re-mortgage!!!!
The valuer has been to the property and is more than happy with the property value but has down valued the rent achievable by 40%.
I have had tenants in the property and it's neighbouring properties for 5 years at the higher rent. Yet he says that the higher rent is not achieveable!!!
The result is the mortgage co will only offer a mortgage of 50% LTV a figure of 60% of my current mortgage!!!!
Other mortgages that I am currently going through are tricky, mortgage companies seem to be doing everything they can to back out of the deals and yet my portfolio is pretty low LTV overall.
Are you finding problems like this - I think it is only going to get harder!!!
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