Extending an interest only period with a bank

[z106]

Has anyone here had difficulty getting teh interest only period of their invesment propertry extended ?

My 5 year int only period on an investment property is nearly up.

I want to get it extended.

The bank manager is away for a few weeks so I can#'t ask him. No-one else in teh branch is certain of teh answer.
of teh most senior people that are present in the bank branch, teh stronlgy suspect it would not be possible.

Does anyone have any idea of how likely/unlikely this would be ?

 

[Yellow Belly]

Has anyone here had difficulty getting teh interest only period of their invesment propertry extended ?

My 5 year int only period on an investment property is nearly up.

I want to get it extended.

The bank manager is away for a few weeks so I can#'t ask him. No-one else in teh branch is certain of teh answer.
of teh most senior people that are present in the bank branch, teh stronlgy suspect it would not be possible.

Does anyone have any idea of how likely/unlikely this would be ?

You sound worried about this? It should not be a problem.

If they create a song & dance just threaten to refinance your portfolio on an interest only basis elsewhere. ( I would make sure that you have an application approved elsewhere before burning any bridges though!)

 

[Ravima]

as long as you had no problems servicing the debt to date, you should be OK.

 

[z106]

By teh way - perhaos I should have mentioned in my original post.

The current LTV for teh debt outstanding is nearky at 100%.

How significant is this do people think ?

Obvilusly if i was tryuing to get a new property with that kind of LTV I would have no chance.

Is the fact that teh monthly interest repayments throughout the last number of years were always paid on time enough to override teh LTV sisuation?

 

[rmelly]

how close to 100%, and is that based on a realistic valuation (e.g. recent sales in area) or finger in the air?