LTV Question

dave4343

Hi,

I purchased my new home in December 2012, purchase price 212k, valuation carried out in August 2012, which gave me a 21% LTV.

My main part of Mortgage currently on a 2yr fixed rate expires end of April 2013, question I have, is how long is the 21% LTV valid for, as I believe the LTV to be at 25% as I purchased the house cheap (due to my position at that time, no chain).

Trying to renew mortgae on line, but offers are limited due to the 21% LTV from last August.

Thanks

Dave

Crashandburn

Not too sure of the question.

Do you mean that you put down 21% on the property in Dec 2012 and you now believe this should be 25% ie you now are looking at 75% Loan to Value deals??

If this is the case, it also sounds like you are renewing your deal with your current lender. If so, you can ask them to review your property value and they may charge a fee for this service.

If you can clarify what you are trying to do, I'm sure people will help.

Thrugelmir

Did you purchase the property in December 2011?

dave4343

Crashandburn wrote: »

Not too sure of the question.

Do you mean that you put down 21% on the property in Dec 2012 and you now believe this should be 25% ie you now are looking at 75% Loan to Value deals??

If this is the case, it also sounds like you are renewing your deal with your current lender. If so, you can ask them to review your property value and they may charge a fee for this service.

If you can clarify what you are trying to do, I'm sure people will help.

Thanks for taking time to reply.

Yes, you understand the question correctly.

Ported main part of mortgage for home purchased in Dec 2012, main part of mortgage which was ported is a 2yr fixed and expires in April.

However, valuation for house purchase carried out last August was at purchase price of 212k. But I got this house cheap, as I was not in a chain, one in same road has just sold for 230k, therefore I believe LTV to be greater than 21%.

I am just asking, if I can get the property re-valued, or am I stuck with 21% LTV (as it was only valued a few months ago).

Thanks

Dave

Crashandburn

Worth a chat with your current lender. Each have a policy on revaluing properties on their mortgage books.

You may need to justify why you think the property has increased and they may charge say £70-100 for a reassessment.

Once they carry out the assessment, then their figure is usually finally.

Might be worth the gamble if the rate differential between the 80% deals vs 75% deals is so good.

Good luck

dave4343

Crashandburn wrote: »

Worth a chat with your current lender. Each have a policy on revaluing properties on their mortgage books.

You may need to justify why you think the property has increased and they may charge say £70-100 for a reassessment.

Once they carry out the assessment, then their figure is usually finally.

Might be worth the gamble if the rate differential between the 80% deals vs 75% deals is so good.

Good luck

Thank-you for replying, I will speak to my lender and see if can get a revaluation.

Thanks

Dave