LTV and apr%

SRGFC

Hi,

I am using rough number here, I originally took out a 30yr fixed @3.94% for £153,000.

I am around 18 months into that and aspire to own more capital.

My houses value on zoopla is around £200,000. it was valued at £190,000 when I took the mortgage.

I am aiming to only need a 60-70% LTV but was wondering how this would work.

being new to this I have never remortgaged, I assume that for a 65% LTV I would be borrowing £130,000.

But how is the value calculated?

Is it based on the original or current valuation?

Thanks

SRGFC

Idiophreak

SRGFC wrote: »

But how is the value calculated?

Is it based on the original or current valuation?

The lender will send a valuer to assess the property and see how much it's worth to the lender as security.

kingstreet

Take an average of the sale prices of similar properties to yours which have sold within the last 120 days and within 0.5m. These are the kind of comparables surveyors use to value for a remortgage.