Hi,
My situation is a follows.
Myself plus OH currently own two properties. One is PPR, one is Investment property. Investment property has been fully occupied by the same tenants since it was rented out 6 years ago, and rent is paid in full every month.
We owe 185 on the investment property, its valued at 280
We owe 228 on the PPR, its valued at 350.
Both mortgages are with EBS with a tracker on the PPR of +0.9%.
Last summer we went sale agreed on another house valued at 495,000. We got full approval in writing for a 90% mortgage from EBS with no requirement to sell either of the other two houses. At the point where we were getting down to signing contracts, the vendor decided they didn't want to sell, and pulled out. Fast forward to January of this year, we went sale agreed on another house. It was on the market for 349, but we got it for 310 as we we not in a chain and already had loan approval. Contacted the EBS again and asked them to get the ball rolling. No problem, just send in up to date statements, income certs and all will be fine.
In the meantime, we had also decided to sell the Investment property. Got a call a few weeks ago from the EBS asking us to take the house off the market as they would not take the rental income into account for the new mortgage if the house was up for sale. We took the house off the market. This morning, got a call from the EBS stating that they will give us a max of 80% LTV load, on the condition that we first SELL the rental property. This does not make sense to me. Two weeks ago they told us to take it off the market, today they are saying we need to sell, six months ago we had approval for a much larger mortgage at 90% LTV, with no requirement to sell anything. I'm trying to set up a meeting with the manager of the local EBS tomorrow. I now fear will will also loose this house. Can anyone give me advise as to how to proceed in a meeting with the mannager tomorrow.
By the way, our combined salaries are 175 K per anum - no loans other than mortgages. One Instuitue of Technoloy lecturer, one private sector multinational employee.
Thanks,
Geri.
My situation is a follows.
Myself plus OH currently own two properties. One is PPR, one is Investment property. Investment property has been fully occupied by the same tenants since it was rented out 6 years ago, and rent is paid in full every month.
We owe 185 on the investment property, its valued at 280
We owe 228 on the PPR, its valued at 350.
Both mortgages are with EBS with a tracker on the PPR of +0.9%.
Last summer we went sale agreed on another house valued at 495,000. We got full approval in writing for a 90% mortgage from EBS with no requirement to sell either of the other two houses. At the point where we were getting down to signing contracts, the vendor decided they didn't want to sell, and pulled out. Fast forward to January of this year, we went sale agreed on another house. It was on the market for 349, but we got it for 310 as we we not in a chain and already had loan approval. Contacted the EBS again and asked them to get the ball rolling. No problem, just send in up to date statements, income certs and all will be fine.
In the meantime, we had also decided to sell the Investment property. Got a call a few weeks ago from the EBS asking us to take the house off the market as they would not take the rental income into account for the new mortgage if the house was up for sale. We took the house off the market. This morning, got a call from the EBS stating that they will give us a max of 80% LTV load, on the condition that we first SELL the rental property. This does not make sense to me. Two weeks ago they told us to take it off the market, today they are saying we need to sell, six months ago we had approval for a much larger mortgage at 90% LTV, with no requirement to sell anything. I'm trying to set up a meeting with the manager of the local EBS tomorrow. I now fear will will also loose this house. Can anyone give me advise as to how to proceed in a meeting with the mannager tomorrow.
By the way, our combined salaries are 175 K per anum - no loans other than mortgages. One Instuitue of Technoloy lecturer, one private sector multinational employee.
Thanks,
Geri.