I received an email from the bank late this afternoon. The message only said the bank wants to get hold of me and to call the sender (email signature said they were from loans management/credit restructuring), so I'm not sure what the reason is but it's got me wondering. Being Friday and late I now can't get hold of the person until next week.
I have two properties, one is freehold but in a very small town so worth $115k or so. The other is in Auckland, worth around $890k. The freehold property was used towards purchase of the Auckland property so the mortgage security is across both. Amount owing on Auckland house is $378k.
I presumed LVR is on total value so around 38%, but now I'm wondering if it's only calculated on the property that the loan was used to purchase (making that around 43%).
Loan accounts are in order, both properties rented, and I presume the LVR (either way) is at an acceptable level.
Does anyone see anything wrong with the above numbers, which may now be a concern for the bank? Or have any idea what the 'loans management/credit restructuring' group do?
Thanks
I have two properties, one is freehold but in a very small town so worth $115k or so. The other is in Auckland, worth around $890k. The freehold property was used towards purchase of the Auckland property so the mortgage security is across both. Amount owing on Auckland house is $378k.
I presumed LVR is on total value so around 38%, but now I'm wondering if it's only calculated on the property that the loan was used to purchase (making that around 43%).
Loan accounts are in order, both properties rented, and I presume the LVR (either way) is at an acceptable level.
Does anyone see anything wrong with the above numbers, which may now be a concern for the bank? Or have any idea what the 'loans management/credit restructuring' group do?
Thanks
Comment