Shared Ownership remortgaging - what is my LTV?

suzanne79

Hi,

I am currently on a 5 year fixed rate mortgage which is due to run out at the end of April.
Just wondering how i work what the LTV is on my mortgage?

We have a shared ownership property - owning 50% of the home.
We got a 100% mortgage 5 years ago for 100k.

Our current mortgage balance is approx 95k. Does this mean that our current ltv is 95%?
Or does it go by the current house price (our share is currently worth approx 110k now)

Please help!

Thank you
Suzanne

CloudCuckooLand

The LTV is the relationship between what you own and what you owe..."loan-to-value".

£110k value of your part of the house vs £95k remaining balance.

86% -ish?

lauraaurora

Just out of interest, who are you with at the moment, and who are you looking at remortgaging with? And what's the APR? I am in a very similar position, although we hopefully have a 75% LTV...

suzanne79

We are currently with Leeds Building Society. Have a rate of 4.99% until end of april and then the best fixed rate they can offer us after that is 7.69% so we are looking to switch asap!

So rather than telling people we have a 95% remortgage i should actually be saying its more like 86%?

Thanks for your help so far.

££sc££

Yes!
95k (current mortgage balance) divided by 110k (value of share) x 100 (to make a %) = 86.36%
Good luck on the mortgage hunt

Burridge60

Not every lender will lend for Shared Ownership and comparison tables and best buy tables on a loan to value basis won't really help either.
Probably best to describe your mortgage and situation to any prospective lender or broker you approach exactly as you have done in your opening post.