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Re mortgaging-LTV value

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  • Re mortgaging-LTV value

    Myself and my husband are first time buyers, who are quite young and very new to this stuff. We have a few worries and circumstaances which we feel could make things very difficult:

    We have a 97% LTV-What happens if we cannot find another fixed mortgage for a 97% rate? Do we have to find the extra 2% and be put onto a 95% LTV or because we are already on a 97% they cannot change it?

    We live in Shared Ownership Property-We found Halifax was the only company that would do this and the 97% LTV.

    With the economic situation we fear that they are just going to demand more money at re mortgage time later on this year because we are on 97% LTV and their website is showing a top LTV of 95%.

    Please help!!!!!

  • #2
    Hi

    Please advise the the equity % you have on the property as is shared equity.

    Some lenders can lend up to 100% of the equity if the equity stake you own is less that the max LTV.

    If your stake is 70% of the property value and you may be able to borrow 100% of the 70%.

    Cheers
    Steve

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    • #3
      We have a 50% share in the property. We already have a mortgage loan value of 97% and want to know if we shop around or try to refix it can we still do so on a 97% or will we have to put more money in e.g an extra deposit as it were because there is no longer a 97% LTV value available, to take us to a 95% LTV?

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      • #4
        Originally posted by Seagull269 View Post
        We have a 50% share in the property. We already have a mortgage loan value of 97% and want to know if we shop around or try to refix it can we still do so on a 97% or will we have to put more money in e.g an extra deposit as it were because there is no longer a 97% LTV value available, to take us to a 95% LTV?

        If the shared ownership is with a Housing Association, it is possible to get 100% of the 50% equity, depending on where you live.

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        • #5
          But we are just looking to renew a 97% rated mortgage not get a brand new one. Would we still need to find a deposit, like when we first got a mortgage?

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          • #6
            Originally posted by Seagull269 View Post
            But we are just looking to renew a 97% rated mortgage not get a brand new one. Would we still need to find a deposit, like when we first got a mortgage?

            Ok, what will happen is that halifax will revalue the property and if the new value is higher than before they may offer a mortgage on 95%LTV otherwise you stay on SVR or you may pay a part of mortgage to qualify for the new products.

            Cheers
            Steve

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            • #7
              The Halifax SVR will most lightly be a lot cheaper than any 95% mortgage you will find in the current market anyhow.
              Worldwide Financial Planning is a specialist independent provider of Large mortgages.

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