What Can Be Done if Your LTV Falls Short

robertmckee14

We are currently in the process of remortgaging and our LTV is 79% (based on a recent valuation). The LTV limit on the mortgage we want is 80%. If they value our house at a lower price so that we go above the 80% limit can we pay £xxx in a lump sum to make up the difference? If so, when and how do you do this?

Thankyou

Ian_Griffiths_Halifax

You could reduce the loan amount by sending the difference in funds to your solicitor to make up the shortfall. They will let you know how much you are short when they are preparing the completion statement as you may not be simply short by the difference between your current mortgage balance and 80% of the value. You may have some legal fees, Telegraphic Transfer Fees and mortgage exit fees to pay as well.

robertmckee14

Ok, well at least it is an option. The difference if it comes to that will be quite small so we should be able to get the money (i think).

Thanks alot

rob

allan673

they may still allow the mortgage if its only slightly outside the 80% mark?

Dick_here

Build an extension quick !