Low LTV and Interest rate query

Jaxxb

Hi, We only need a 65k mortgage on a 250k house but I can't seem to find any interest rate deals that take into account the low LTV. Do mortgage companies offer individual deals based on the customers particular circumstances or are all their products 'off the shelf' so to speak.

I'm considering a 3 to 5 year fixed rate and did have an Abbey mortgage until we sold but now we're in rented with my mother and really need to find a place with an annex. I assume my mother will need to be on the mortgage as well as myself and my partner as she will have part ownership (hence the LTV rate) does anyone know if there would be a problem with this? (she's 64 yrs old)

Thanks

Kez100

We are low LTV and I find we have less choice, not more, as the fees tend to outweigh many of the IR advantages.

herbiesjp

Lenders have different tiers i.e. 75% 85% 90% borowing and they all work differently.

SO while one lender may offer the same rate up to 90% another may have 3 different deals for the 3 different tiers

Normally the lower the LTV, the better the rates that you will have available - but there is no haggling over the rate because you have a large deposit

Jaxxb

Ok thanks I'll keep looking as I've yet to find anyone quoting an IR for anything other than 90% or more LTV but then I've only checked out a handful on the internet so far. Does anyone know of any providers who offer the different rates according to the LTV as it could take me a while?

UK007BullDog

We cannot tell you the lenders as it is not just the LTV that is important but also the property type but more importantly your income AND if you want to add your mom then you definitely need a broker as that will be your biggest stumbling block.

So forget the LTV issue right now. You need to find a lender who is willing to take 3 people on the mortgage with one being nearly 65 years old.

Also due to the credit crunch a lot of lenders have pulled out, products have nearly halved from what we were used to and the lenders have changed their product ranges as well. So forget about the LTV right now and look at fees, rates and also the issue with your mom.

Finding a whole of market broker would be better time spent due to your quirkiness of mortgage requirements.

Jaxxb

Thanks - I was beginning to think the same but didn't really want to speak to someone over the phone. The mortgage would be covered just with my partners income (21k pa) and we haven't any debts or bad credit history. My mum being on the mortgage was because she would be part owner. Can you advise me on the whole of market or tell me someone who can?