mortgage renewal online

sanova76

Hi, 
Need some info/advice please.
My mortgage is due for renewal.  I'm on fixed rate and planning to renew with fixed rate again.  I know I should ask the bank/mortgage advisor for these and I'll do it tomorrow. I want to make sure I understand the term/information they've given me online.  

My understanding on the term/deal:
Initial interest rate: the interest rate I would pay throughout my deal period
Follow on rate: the interest rate once the deal expires if I don't change/renew another deal
Product fee: the fee I have to pay should I choose this deal (the one I'll be choosing is £0.00 so I assumed I won't pay any fee)
Loan to value 60% - I don't understand this one.  
Sub accounts: I don't have additional borrowing so this not applicable to me?

Many thanks.
San

penino

Loan to value is the mortgage loan % against the full value of the house. So for example £100,000 house with a £40,000 deposit would give you a LTV of 60%.

sanova76

penino said:

Loan to value is the mortgage loan % against the full value of the house. So for example £100,000 house with a £40,000 deposit would give you a LTV of 60%.

Thanks for the reply.  As I already have a mortgage, will this relevant/affect my renewal?

tigsly

It depends on how much you have left to pay - and how much your house is worth... LTV - may move you between brackets making your deals different (lower LTV generally will give you better rates).