K
kckc123
Guest
Hi everyone I'm a long time reader first time poster.
Ok here it goes we are nearing the end of our very long self build and on completion (we have to get a final valuation) we can drawn down a final 12k which we need for finishing the house, furniture and other essentials.
I'm not at all financial savy and I'm starting to worry that we will not be able to draw down final payment but even more worried that somehow the bank (ptsb) could force us off our tracker.
Here are some details;
Our Letter of Approval - Particulars of Mortgage Loan (2007) statues that the "Estimated Value" of our property was 475K obviously this is not the case and the value would be more like 300K-350K (that is just a guess - house is 3,700sq ft on 1.5 acre site, with detached two storey granny flat/garage - house finished to a high standard).
Our loan type is a "Disc tracker (Ltv <80%/<500K) Home Loan" and the LTV stated on the particulars states our LTV is 74%. I have read through the letter of approval and conditions and can't see any specific condition re LTV but i don't really know what i'm looking for.
I'm hoping someone can give me some advice on whether the bank can force us off our tracker now that our property is worth less than expected. Our mortgage was 350K.
Ok here it goes we are nearing the end of our very long self build and on completion (we have to get a final valuation) we can drawn down a final 12k which we need for finishing the house, furniture and other essentials.
I'm not at all financial savy and I'm starting to worry that we will not be able to draw down final payment but even more worried that somehow the bank (ptsb) could force us off our tracker.
Here are some details;
Our Letter of Approval - Particulars of Mortgage Loan (2007) statues that the "Estimated Value" of our property was 475K obviously this is not the case and the value would be more like 300K-350K (that is just a guess - house is 3,700sq ft on 1.5 acre site, with detached two storey granny flat/garage - house finished to a high standard).
Our loan type is a "Disc tracker (Ltv <80%/<500K) Home Loan" and the LTV stated on the particulars states our LTV is 74%. I have read through the letter of approval and conditions and can't see any specific condition re LTV but i don't really know what i'm looking for.
I'm hoping someone can give me some advice on whether the bank can force us off our tracker now that our property is worth less than expected. Our mortgage was 350K.