11:25 AM, 29th March 2015, About 6 years ago 20
Last February I purchased my first buy to let property, a 2 bedroom mid terrace house in Lowestoft. The house had been owned by a lady for the last 58 years and was practically uninhabitable. Nevertheless, The Mortgage Works valued it at £67,500 and agreed to a 75% mortgage with no conditions of repair.
I purchased the house for £65,000 and then fully renovated the property and let it out at above the minimum rent required by The Mortgage Works.
I have now, 18 months later, got The Mortgage Works to revalue the property so I could get a further advance and recycle my deposit for my next property purchase. However, to my surprise, the house has been valued at just £70,000!
I just can’t understand this as a similar property on the same terrace sold £72,500 18 months ago and is smaller. There has been at least an 8% price rise in this area since then and comparable properties are currently selling for around £85,000.
Has anybody had a similar experience and how did the issue get resolved ?
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