Help very confused with LTV & Brittania!!!

Grolsch30

Hi,

As I have heard that the fixed mortgage rates are going up tomorrow with most lenders (from the lunch programme on BBC2 you know the one after daily politics).

So my Nationwide deal runs out end of July (currently a@ .38% repayment mortgage).

I have been looking at the Brittania fix for 10 yeears @ 4.89%

So I phone up Nationwide to see what deals they have for me.

My mortgage is for £96000 looking to take on £5k extra to pay for some improvements.

My loan to value they say for my property is 66% and they don't do 10 year fixes.

Best deal I could get was for 5.12& fixed for 5 years with £299 arrangement fee.

Looking at the Brittania website the 4.89% 10 year fix is for a minimum deposit of 40%.

http://www.britannia.co.uk/home/_site/channels/mortgage/products/long-term-fixed-rates.html

I thought great I am able to get this deal as I have more than 40% deposit!

Phoned Brittania and told the lady that Nationwide have valued my propert @ 66% LTV and I'd like this 4.89% 10 year fix product.

She then says that I cannot have it due to the fact that I am over the 40% LTV?!!! and can only get a 10 year fix @ 5.19%?

Can anyone explain how it works?

Looking for a 10 year fix £102k mortgage with ( according to Nationwide 60/66% LTV).

Many thanks

beecher

If your lTV is 66%, then your deposit is 34% - your LTV is too high to get the rate. LTV isn't the same as deposit.

Grolsch30

beecher wrote: »

If your lTV is 66%, then your deposit is 34% - your LTV is too high to get the rate. LTV isn't the same as deposit.

:rolleyes: Doh!!!


I see the light now :rolleyes:

many thanks