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  • FIRST POST
    • SusieWoozy
    • By SusieWoozy 9th Oct 17, 3:06 PM
    • 52Posts
    • 14Thanks
    SusieWoozy
    Mortgage Renewal
    • #1
    • 9th Oct 17, 3:06 PM
    Mortgage Renewal 9th Oct 17 at 3:06 PM
    We moved house back in May, porting our current mortgage of 117k on a 70% ltv rate and then added another 30k on a 89% ltv so my mortgage is made up of two sub accounts. The property is worth around 168k

    My fixed term on the 117k ends in January, I can therefore switch and fix again with my current lender from 1st November.

    My question is.... will Halifax renew the 117k on the current ltv of 70% or, will they take the view that the whole mortgage (both parts total is 85% - 90% ltv) and offer a rate based on the higher ltv.

    I hope that makes sense!?
Page 1
    • YHM
    • By YHM 9th Oct 17, 3:28 PM
    • 299 Posts
    • 97 Thanks
    YHM
    • #2
    • 9th Oct 17, 3:28 PM
    • #2
    • 9th Oct 17, 3:28 PM
    Hi Suzie

    Halifax would base it on the total mortgage that is held over the property, so it could be a case that your rate actually goes up, dependant on your ported rate and the available rates at your new higher LTV.
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
    • SusieWoozy
    • By SusieWoozy 9th Oct 17, 3:34 PM
    • 52 Posts
    • 14 Thanks
    SusieWoozy
    • #3
    • 9th Oct 17, 3:34 PM
    • #3
    • 9th Oct 17, 3:34 PM
    Thank you for your help. That's what I was concerned about! So.... we have done a lot of work to the house including the addition of a third bedroom (building regs compliant etc) would the lender take this into consideration when looking at the value of the property to work out the ltv?
    • YHM
    • By YHM 9th Oct 17, 3:36 PM
    • 299 Posts
    • 97 Thanks
    YHM
    • #4
    • 9th Oct 17, 3:36 PM
    • #4
    • 9th Oct 17, 3:36 PM
    Potentially. If you roll it over with your existing lender they may automate the valuation (ie just use market value data, local housesales etc) which would do you no favours. However, if you remortgaged it elsewhere, they are more likely to do a full valuation, which could show the extra work you have done and give a better LTV.
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
    • dimbo61
    • By dimbo61 10th Oct 17, 10:25 AM
    • 9,585 Posts
    • 5,181 Thanks
    dimbo61
    • #5
    • 10th Oct 17, 10:25 AM
    • #5
    • 10th Oct 17, 10:25 AM
    Have you added value ?
    I.E. extended the property by building a side or rear extension ?
    Built over the garage ?
    Or just altered the interior to make an extra bedroom.
    Last edited by dimbo61; 26-10-2017 at 10:46 AM.
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