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Additonal borrowing LTV question
bclark
Posts: 882 Forumite
Hi all.
I currently have a mortgage on our house where the LTV is 60% and we are looking to borrow some additional money in order to build an extension. We are not 100% sure how much we will want to borrow yet but the ballpark figure will put us around the 75% LTV mark.
I am aware that we would ideally stay below the 75% mark in order to get better rates but one thing that I was wondering was if we went above that rate would that affect our existing borrowing?
At the moment the deal we have was based on a lower LTV so I just wondered whether or not our provider would have an issue about the LTV now being a higher level?
I currently have a mortgage on our house where the LTV is 60% and we are looking to borrow some additional money in order to build an extension. We are not 100% sure how much we will want to borrow yet but the ballpark figure will put us around the 75% LTV mark.
I am aware that we would ideally stay below the 75% mark in order to get better rates but one thing that I was wondering was if we went above that rate would that affect our existing borrowing?
At the moment the deal we have was based on a lower LTV so I just wondered whether or not our provider would have an issue about the LTV now being a higher level?
0
Comments
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What's your existing mortgage product? As this will determine when and if there's any impact.
The lender will factor in the additional borrowing when making you an offer for the funds.0
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