ltv increased since 2009

Dandytf
Dandytf Posts: 4,808 Forumite
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in Mortgages & endowments
having swapped at end 5yr fix to 2yr fix
ive since been advised my home is valued@52k

i purchased at 65k 2009
mtg was 85% ltv 15% deposit

using natwide hpi calculator I thought this year i was 62.5 ltv approx
new natwide valuation rules advise the re avaluation is 52k approx

what i dont understand is how can the purchase price change this year increasing ltv to 90%
Replenished CRA Reports.2015 Zoe i nav -67-131 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
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Comments

  • Edi81
    Edi81 Posts: 1,442 Forumite
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    Where in the uk are you? Northern Ireland?
  • Dandytf
    Dandytf Posts: 4,808 Forumite
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    Edi81 wrote: »
    Where in the uk are you? Northern Ireland?
    I dont understand the relvence of your question

    No offence intended thoughI'll answer Scotland

    feel free to explain further if required

    thanks
    Replenished CRA Reports.2015 Zoe i nav -67-131 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
  • jayII
    jayII Posts: 40,693 Forumite
    House and flat values can go down as well as up. New build flats in some areas (outside London) frequently seem to lose value during the first few years. Thankfully you're not in negative equity!

    Hopefully the value of your home will start increasing now.
    [FONT=&quot][FONT=&quot] Fighting the biggest battle of my life. :( Started 30th January 2018.
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  • Dandytf
    Dandytf Posts: 4,808 Forumite
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    jayII wrote: »
    House and flat values can go down as well as up. New build flats in some areas (outside London) frequently seem to lose value during the first few years. Thankfully you're not in negative equity!

    Hopefully the value of your home will start increasing now.
    65k to 52k

    I,m certain prices are decreasing at an alarming rate or am i exagturating needlesly

    thanks anyway- think moving next year maybe a cut my losses type decision
    Replenished CRA Reports.2015 Zoe i nav -67-131 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
  • getmore4less
    getmore4less Posts: 46,882 Forumite
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    Dandytf wrote: »
    having swapped at end 5yr fix to 2yr fix
    ive since been advised my home is valued@52k

    i purchased at 65k 2009
    mtg was 85% ltv 15% deposit

    using natwide hpi calculator I thought this year i was 62.5 ltv approx
    new natwide valuation rules advise the re avaluation is 52k approx

    what i dont understand is how can the purchase price change this year increasing ltv to 90%

    It is not the purchase price that has change but the valuation.

    It is LTValue not LTPurchace
  • Dandytf
    Dandytf Posts: 4,808 Forumite
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    getmore4less wrote: »
    It is not the purchase price that has change but the valuation.

    It is LTValue not LTPurchace

    I agree which is why I asked.

    To be fair I didnt make myself clear my mrg swap paperwork arrived last week stating purchase price 52k wheras i have 2009 mtg paperwork stating purchase price 65k total amount borrowed 56k (after 15% deposit)
    Replenished CRA Reports.2015 Zoe i nav -67-131 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Dandytf wrote: »

    To be fair I didnt make myself clear my mrg swap paperwork arrived last week stating purchase price 52k wheras i have 2009 mtg paperwork stating purchase price 65k total amount borrowed 56k (after 15% deposit)

    Mortgage valuations are done on the basis of purchase price or market valuation, which ever is the lower.
  • Dandytf
    Dandytf Posts: 4,808 Forumite
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    Thrugelmir wrote: »
    Mortgage valuations are done on the basis of purchase price or market valuation, which ever is the lower.

    Excellent answer

    Thanks all msers for reliable accurate kind advice.
    Replenished CRA Reports.2015 Zoe i nav -67-131 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
  • FutureDreams
    FutureDreams Posts: 23 Forumite
    I recently had a property valued and the report gave a valuation of £60,000 less than we expected. When I queried it the valuer had matched it against a repossessed property sold at auction. Sometimes they get it wrong.
  • Dandytf
    Dandytf Posts: 4,808 Forumite
    First Anniversary Name Dropper First Post
    FutureDreams wrote: »
    I recently had a property valued and the report gave a valuation of £60,000 less than we expected. When I queried it the valuer had matched it against a repossessed property sold at auction. Sometimes they get it wrong.
    Inetersting though what i havent yet mentioned is 50-55 k was average valuation from 3 local agents over winter when i wasnt certain of work at the time.

    thanks all my concern has been answered.
    Replenished CRA Reports.2015 Zoe i nav -67-131 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
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