High LTV Rate

scoopy2scoops

I'm coming to the end of a tracker deal with A & L, after which they'll stick me on the 4.99 SVR rate. They've offered my a couple of 2 year fixed deals at over 5.5% the reason being that as they say property prices across the board have dropped 20% so we now have a high LTV rate of 93% (where 2 years ago it would have been just under 75%).

Is the -20% accurate, i'm pretty sure there are regional differences, i've read a few local aritcles that say the drop where i live has been well below the national average (due to various factors).

What can I do, is it best to switch and get my house revalued (we've also spent about £10,000 on home improvements in the last 2 years), I can't see my property being worth -20% since we bought it.

Any good deals for high LTV mortgage seekers?

poppy10_2

scoopy2scoops wrote: »

Is the -20% accurate, i'm pretty sure there are regional differences, i've read a few local aritcles that say the drop where i live has been well below the national average (due to various factors).

Local papers are almost entirely funded by adverts from estate agents, so its hardly surprising that they tend to produce the most dross regarding house prices being "different here"

opinions4u

scoopy2scoops wrote: »

I'm coming to the end of a tracker deal with A & L, after which they'll stick me on the 4.99 SVR rate. They've offered my a couple of 2 year fixed deals at over 5.5% the reason being that as they say property prices across the board have dropped 20% so we now have a high LTV rate of 93% (where 2 years ago it would have been just under 75%).

20% figure is there or thereabouts.

Is the -20% accurate, i'm pretty sure there are regional differences, i've read a few local aritcles that say the drop where i live has been well below the national average (due to various factors).

It's in the interests of many to talk up the market.

What can I do, is it best to switch and get my house revalued (we've also spent about £10,000 on home improvements in the last 2 years), I can't see my property being worth -20% since we bought it.

£10k on home improvements will typically add £6k to £8k to the property. The indexing system A&L use won't know about those improvements though.

Any good deals for high LTV mortgage seekers?

Not really. Sound out a local whole of market broker and take it from there. I doubt you'll get a rate much better than 4.99% though.