Low LTV Mortgages

tec_2

Hi - I have a property worth £290K and outstanding mortgage is £160K making the LTV 55%. The mortgage is up for renewal very soon and I am contemplating using our ISA's built for many years towards the mortgage and see if we can get a "better" deal if the LTV is lower?

Does anyone know of any companies offering you better rates if the LTV is low - say between 20%-40% LTV ?

Thanks

thriftymomma

How about an offset mortgage where the balance of your savings actually helps reduce your mortgage term instead?

luckyfool

Not really, typically the best products are available under 60%.

tec_2

Thanks for your replies. This is the dilema - whether to move both our ISA's to one provider and go with an offset mortgage or to just bite the bullet and reduce the morgage. I am therefore wondering if I get a better deal if my LTV is less than 50%?

gowgowuk

thriftymomma wrote: »

How about an offset mortgage where the balance of your savings actually helps reduce your mortgage term instead?

Hi,
Do you know which bank is offsetting against an ISA account? I was looking at the First Direct offsett mortgage, but they don't include cash ISAs...
Thanks

tec_2

gowgowuk wrote: »

Hi,
Do you know which bank is offsetting against an ISA account? I was looking at the First Direct offsett mortgage, but they don't include cash ISAs...
Thanks

I'm aware of Woolwich and Intelligent Finance so far. If there are others, I'd be interested to know too.

happybroker

why would you need to have the cash in an ISA to offset? If your not receiving any interest on it due to offsetting then what is there to get tax relief on?

anyway, as luckyfool says, ltv's below 60% are where the better interest rates are.

gowgowuk

happybroker wrote: »

why would you need to have the cash in an ISA to offset? If your not receiving any interest on it due to offsetting then what is there to get tax relief on?

anyway, as luckyfool says, ltv's below 60% are where the better interest rates are.

It's just that I have an existing ISA worth 8 years of contribution and for which I don't want to loose the tax relief status.

happybroker

sorry I got the wrong end of the stick on that one, apologies