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Ltv
Fowler0505
Posts: 27 Forumite
I have just got a new mortgage with Abbey for the purchase of a new property. Some of the loan is being ported and the rest is being topped up with an additional loan.
We should be moving in August and by then both loans will be on Abbey's SVR.
The property we are buying was on the market for £174,000 and an offer was accepted for £155,000. Abbey valued it at £155,000.
We would like to go onto another fixed rate soon after we move but are not sure how the LTV works. If the house is worth £155,00 we would have a LTV of 85%.
The question is whether we can lower our LTV if the house is valued higher. Before we start shopping for mortgage, how can we find out if the property might we valued higher than the offer which was accepted. If it was and our LTV was lower then obviously we would have access to some better deals.
I hope this makes sense and thanks in advance.
Liz
We should be moving in August and by then both loans will be on Abbey's SVR.
The property we are buying was on the market for £174,000 and an offer was accepted for £155,000. Abbey valued it at £155,000.
We would like to go onto another fixed rate soon after we move but are not sure how the LTV works. If the house is worth £155,00 we would have a LTV of 85%.
The question is whether we can lower our LTV if the house is valued higher. Before we start shopping for mortgage, how can we find out if the property might we valued higher than the offer which was accepted. If it was and our LTV was lower then obviously we would have access to some better deals.
I hope this makes sense and thanks in advance.
Liz
0
Comments
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They will use the purchase price (£155k)0
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Thanks Andy. At least we know where we are working from now.0
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