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Additional Borrowing - Valuation - Lloyds
girl_withno_name
Posts: 1,530 Forumite
Hopefully an easy one, any help very much appreciated 
I'm looking to take additional borrowing on my mortgage with Lloyds. They've informed me (at the third discussion with them) that this is subject to a maximum LTV of 80%.
Does anyone know how they will establish the value used, in order for them to determine 80% of it please? I forgot to ask and their lines will be closed by now!
The FAQs online say:
I'm looking to take additional borrowing on my mortgage with Lloyds. They've informed me (at the third discussion with them) that this is subject to a maximum LTV of 80%.
Does anyone know how they will establish the value used, in order for them to determine 80% of it please? I forgot to ask and their lines will be closed by now!
The FAQs online say:
How do I know what my loan to value percentage is?
If you apply for additional borrowing, we will tell you what your loan to value percentage is. This is based on your overall mortgage balance, including your existing mortgage and any additional borrowing, and your property value as determined by us.
You were only killing time and it'll kill you right back
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Comments
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Do you have a rough idea on valuation? Are you going up to the 80%?
They will probably need to send a valuer round to check the value, in which case you will have a fee to pay for that - probably in the region of a couple of hundred.0 -
The mortgage company apparently have an indexed value on file (165) which is very different from the estate agent's value (145) when I asked them earlier this week.
To be honest, I actually thought until today that I would be able to go to 90% LTV so I do think I would need to go up to 80% (if not completely change plans based on this extra info)You were only killing time and it'll kill you right back0
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