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LTV on new mortgage
masoni
Posts: 2 Newbie
Hi,
I purchased a house last year at a significant discount to its sale price. My mortgage is up for renewal soon and I wondered whether the value it's worth now will give me a better LTV and therefore a better rate:
My mortgage is £230k
My house value is £285k
The product I'm on is a 2yr fixed at 5.94% (95% mortgage).
Will my lender take the current valuation in to account and offer me rates for 80% LTV?
I purchased a house last year at a significant discount to its sale price. My mortgage is up for renewal soon and I wondered whether the value it's worth now will give me a better LTV and therefore a better rate:
My mortgage is £230k
My house value is £285k
The product I'm on is a 2yr fixed at 5.94% (95% mortgage).
Will my lender take the current valuation in to account and offer me rates for 80% LTV?
0
Comments
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Assuming the current valuation of £285k is correct then yes.
Was the discount from a homebulider? Is the property a newbuild?
If so, you could find the value has actually gone downI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, 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.0 -
It was a new build - but the development was very small and on a really good, sought after road. The same house type as mine sold for significantly more and current valuations (from 3 estate agents & the MSE recommended online valuation company) all come in at £299,950 - I thought I'd be a little conservative and go for the price it was originally marketed as.0
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Well then you can take your pick of the 80% dealsI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, 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.0
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