I received the first bit of bad news in relation to my search for buy-to-let mortgage. Whilst the valuer had valued my buy-to-let property at the figure I had submitted in the mortgage application. He disagreed with the rental level I had put forward. Luckily the differential wasn't great.
"I said £575" my surveyor said "£550"
The downside of our £25 variance was to knock £1500 of the size of my original buy-to-let mortgage application because of the impact on the required rental cover. To be honest I was relieved that it wasn't more given the shaky state of the housing market and just how jittery mortgage companies are. I cast my mind back to the conditions after the 1988 house market crash. Getting a valuer to agree a valuation in the 1990s was like 'trying to get blood out of a stone'. We obviously haven't quite got to that stage yet. I suspect though that we are rapidly approaching it.
I gave a nod to the mortgage broker money back mortgages to go ahead with the reduced mortgage of £81000. Then it was just a case of wait and see to find out what pronouncement the 'big mortgage god in the sky' or the mortgage underwriter would say........
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