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Mortgage LTV bands and getting cheaper rates?
homeless9
Posts: 375 Forumite
Next year I will be renewing my mortgage as my first 5 year term comes to an end....
I have a LTV of 24%....
Do LTV's work in increments of 5%? So in theory would I need to get this 24% down to 20% to trigger the next best mortgage rate?
Curious to know so I can decide what overpayments to make before my current term ends.
I have a LTV of 24%....
Do LTV's work in increments of 5%? So in theory would I need to get this 24% down to 20% to trigger the next best mortgage rate?
Curious to know so I can decide what overpayments to make before my current term ends.
0
Comments
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60 is the lowestlbm 11/06/12 dept total 11499.471
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Thought that might be the case as the websites I looked at to find out about this only mentioned 90% down to 60%, but didn't directly say that 60% was the lowest LTV that triggers cheaper rates.pogg000 said:60 is the lowest
ok, so I am getting the cheapest rates I can possibly get.
Cheers.0 -
Not every lender will do products in bands of 5% anyway.0
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Typical bands are 60% 65% 70% 75% 80% 85% 90% 95% (most lenders will use some, not all, of these)
Most commonly used bands are 60% 75% 85% 90%
Occasionally, you will see a 50%I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
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