LTV Threshold Query for Remortgage

stu2500

Hi all, I am due to switch deals/remortgage next month and I am bordering on 90% LTV, it is at 91.07% at the moment and shows on the Natwest online mortgage management system that I'm at 91% LTV as it stands.

My intention is to overpay to get the 90% LTV deal with Natwest and do a product switch. My question is, does the 90% LTV kick in at say 90.9% LTV or does it have to be exactly 90% or below? I'm happy to overpay as much as I need to but I'd rather overpay as little as possible to secure the deal.

I hope this makes sense, and would appreciate any insight in to this.

Thanks.

foxy-stoat

I would say 90% or less - anything over that, 90.1% and it would be in the next bracket. But ask them to clarify. While your there you could ask them what they think your property is worth through index linking, you may not have to pay as much as you thought, or more depending on their data.

stu2500

foxy-stoat wrote: »

I would say 90% or less - anything over that, 90.1% and it would be in the next bracket. But ask them to clarify. While your there you could ask them what they think your property is worth through index linking, you may not have to pay as much as you thought, or more depending on their data.

Thanks for the reply.

Is index linking another name for the HPI Valuation? If so, this is below our house price and last valuation amount as it is shown on the Natwest mortgage account page. If not, I will query with them when I call tonight after work.

stu2500

foxy-stoat wrote: »

I would say 90% or less - anything over that, 90.1% and it would be in the next bracket. But ask them to clarify. While your there you could ask them what they think your property is worth through index linking, you may not have to pay as much as you thought, or more depending on their data.

Looking a little further in to the website, which I couldn't seem to find before:

"The LTV figure shown here represents the outstanding balance of your mortgage as a percentage of the value of your property e.g. House Value £100k, mortgage of £75k = 75% LTV. Please note if your LTV was for example, 60.49% this would be rounded down to 60% and 60.5% would be rounded up to 61%."

Query answered, thanks again.

foxy-stoat

Its what Natwest say, or think, its worth based on whatever data they use. If you disagree you may have to pay for a valuation.

My lender valued my property £15K less after 2 years when I asked the same question at end of fixed time - it sold for £40K more a few months later.

foxy-stoat

stu2500 wrote: »

Looking a little further in to the website, which I couldn't seem to find before:

"The LTV figure shown here represents the outstanding balance of your mortgage as a percentage of the value of your property e.g. House Value £100k, mortgage of £75k = 75% LTV. Please note if your LTV was for example, 60.49% this would be rounded down to 60% and 60.5% would be rounded up to 61%."

Query answered, thanks again.

Good to know.