FD - question on borrowing up to LTV

disney_cjd

Hi all those that know...

So here is the thing. We have a FD mortgage and we are way under the LTV max of 80%. We want to borrow up to the max 80% but they are telling us this is "new borrowing" and therefore not available on our current rate.

(We are on a .79 + BOE BR tracker offset).

Now I am sure that there was something about being able to borrow up to the LTV by way of a Loan on the same terms as the mortgage. But I can not find this.

Do you all know if this is right?

Thanks
C

disney_cjd

bump

In fact I am certain they told me we could so have they missold?

pokey128

Hi
I recall something similar being said to me when we took out our mortgage (also +0.79%) but I think it was that you can borrow back any capital you have paid off providing you still have the LTV of 80% if that makes sense.
So if you borrowed 80k and paid back 10k in overpayments then you could borrow that 10k again providing your house was still worth 100k

Could be wrong though

Good luck and let me know what they say if you challenge it

Met_Bobby

Not sure about the mis-sold bit but your mortgage offer documentation will have all details. If you don't have it then ask for a copy of the file. It may cost £10.00 admin charge but they must give you a copy if you ask. A quicker way would be to ask for the complaints department at the lender and talk it through with them. If it is in the documentation it will be sorted for you, If it isn't then it won't be.
Someone else may have had experience of this and could bemore help

spuds_2

Pokey is correct I believe. What you can borrow back is what you have off-set. FD seem to call this drawing down the capital. If you can't find the documentation, ring FD pretending to be a new borrower and ask.