Valuation after Renovations

[Propertunity]

Actually I have to say that most of you are all wrong or the bank manager I spoke to is wrong or more likely I have misunderstood something?

Actually there comes a time in every investor's life when you realise that the nice sounding man in the cardigan with his one PPOR can't help you anymore.....you've outgrown him.

 

[mja]

Wow, and I nearly believed them and was not going to bother but I'm quite surprised they were that wrong.

It's good when you push the boundaries.

Now I wonder if it will be worth me trying to get the loan refinanced as Rob touched on? The reason is that we only just a few months ago got our mortgage for this property moved over from our other bank to refinance an IP. So we got a package with the new bank and now they have the PPOR & the IP although they are separate loans, not cross collateral. So we had to pay exit fees etc for the move and now if we get a refinance then I guess we would have to pay exit fees again even if we use the same bank! But maybe we should talk to another bank and see if they would revalue the PPOR (soon to be IP).

Use the services of a good mortgage broker. They can assess your current situation, you tell them where you want to be and they can map out a possible route to get you there. It might make sense, due to exit fees, to stay with the current lender. It might make sense to move one of the loans. There are lots of variables.

There are dozens of brokers on this forum who would easily be able to help you:

http://www.google.com.au/search?num...rsoft.com+"mortgage+broker"&btnG=Search&meta=

 

[brierleyg]

Hi Rachel

I am a mortgage broker that could help you with this situation. Let me know.

Thanks Greg

 

[rachels]

thanks everyone, I will have to think about this and try to work out a plan and I will remember all the tips and advice.