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LTV Help
DilbertJones
Posts: 670 Forumite
We bought our house in AUgust 05, the 2yr fixed deal is coming to an end soon and I am looking around for a good deal at the moment.
Problem I have is our house is a shared ownership type affair, we own (Mortgage company) 75% - S.O own 25%
We bought the house for £105000 it is now worth something like £135000 ish but not had it valued, what would the LTV be if we were to borrow another £75000 like we did orignally.
The above numbers are not exact numbers but i need some clarification.
Problem I have is our house is a shared ownership type affair, we own (Mortgage company) 75% - S.O own 25%
We bought the house for £105000 it is now worth something like £135000 ish but not had it valued, what would the LTV be if we were to borrow another £75000 like we did orignally.
The above numbers are not exact numbers but i need some clarification.
0
Comments
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£75,000 devided by £135,000 x 100 = 55.55%
Ask your present lender if they can offer you a better deal first.
LipstickI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
What are you borrowing the extra funds for?
Shared ownership lenders tend to limit extra funds for buying further amounts of their propertyI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
not borrowing extra, just fixed deal is ending as stated above0
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what would the LTV be if we were to borrow another £75000 like we did orignally.
The above numbers are not exact numbers but i need some clarification.
This bit confused me then, as you ask about borrowing an extra £75k;)I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
in which case it is me who is confused as i know nothing about which i am speaking!!
To prove a point i have only just found out I am tied in till end of sept 08!!
Would it be feasable to borrow extra to top up the existing £75k i already owe and move to a bigger property? or would having 2 mortgages at different rates be very stupid?
I hope I am making myself clear0
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