Ok,
The short and sweet of it. Live in house now 2 years.
At time of buying this time 2 years ago bank agreed the value. happy days.
this year we were told they had de valued out house by a set % across the board.
Rang today to sort a loan extension to allow us build onto the house.
Now told the house has devalued even further where we are un able to get any funding towards house.
Now this seems like lot of bolox. I had asked and few people were sure that value of house could not be dropped with out an actual inspection an valuation done.
Now looks to me whats happening is the value is dropped to match the remaining mortgage left so we will be on the higher interest rate and the bank doesn thave lower it.
John
The short and sweet of it. Live in house now 2 years.
At time of buying this time 2 years ago bank agreed the value. happy days.
this year we were told they had de valued out house by a set % across the board.
Rang today to sort a loan extension to allow us build onto the house.
Now told the house has devalued even further where we are un able to get any funding towards house.
Now this seems like lot of bolox. I had asked and few people were sure that value of house could not be dropped with out an actual inspection an valuation done.
Now looks to me whats happening is the value is dropped to match the remaining mortgage left so we will be on the higher interest rate and the bank doesn thave lower it.
John
