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Two mortgages on one property - remortgage.
JReacher1
Posts: 4,663 Forumite
Morning,
hopefully someone can help. I bought a new house 18 months ago and ported my mortgage over from my previous property. I got a second mortgage to cover the extra money. One mortgage was a three year term while the other was two years. In six months when I remortgage the second mortgage how does that work around calculating the LTV? Both mortgages are with HSBC so will they work out LTV by calculating the property value and then adding both mortgages together and use that as the LTV figure on the remortgage?
hopefully someone can help. I bought a new house 18 months ago and ported my mortgage over from my previous property. I got a second mortgage to cover the extra money. One mortgage was a three year term while the other was two years. In six months when I remortgage the second mortgage how does that work around calculating the LTV? Both mortgages are with HSBC so will they work out LTV by calculating the property value and then adding both mortgages together and use that as the LTV figure on the remortgage?
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Comments
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@JReacher1 You're right, the LTV should be based on the overall lending amount (adding all mortgage parts).
I am a Mortgage Adviser - You 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.
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To clarify you don’t have two mortgages.You have one mortage with two sub accounts.0
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