LTV 67% mortgage
Discussion
If I buy a house for, say, £200,000 and put £70,000 towards it can I do a deal with a mortgage provider to get a special rate and terms as I'm only borrowing 67% of the market value of the house?
Anyone know of any particularly good banks/building socs for such deals?
Ta
Awaits the Minimax
Anyone know of any particularly good banks/building socs for such deals?
Ta
Awaits the Minimax
rfisher said:
If I buy a house for, say, £200,000 and put £70,000 towards it can I do a deal with a mortgage provider to get a special rate and terms as I'm only borrowing 67% of the market value of the house?
Anyone know of any particularly good banks/building socs for such deals?
Ta
Awaits the Minimax
best deals available are generally under 75% ltv although currently there are some storming deals on up to 95% ltv eg 2 year fix from accord with quite a few bells and whistles for 4.34%
what kind of deal are you after and i'll post up the best rate for you
benmc said:
Have a search here
www.moneyextra.com
Ben
I prefer moneysupermarket but each to their own
be careful with these websites as they just show rates - they do not guide you or give you clue as to whether you fit the criterior of the institution concerned
>> Edited by minimax on Thursday 3rd November 11:22
timmy30 said:
With that kind of cash to put down it might be worth working out whether an offset mortgage would work for you as well, especially if you're a 40% tax payer.
I like offset mortgages but they're a lifestyle choice - if you haven't much in the way of savings of have an overdraft they're not much good because of the variable rates and the reality that the rates offered are not that good...totally depends on the circumstances as to whether they are most appropriate or not
minimax said:
what kind of deal are you after and i'll post up the best rate for you
Not sure.
Present lender gave me a good fixed rate for 2 years but tied me in for 6! Allows over-payment up to 15% for 1st 6 years.
Really looking for the most flexible, good rate, no tie in if possible. Would like to be able to overpay for all of the mortgage not just 6 years, to underpay if I need to and switch without penalty.
Probably not possible, but maybe you know better?
Happy to continue offline and pay you for your time if you prefer.
rfisher said:
what kind of deal are you after and i'll post up the best rate for you
Not sure.
Present lender gave me a good fixed rate for 2 years but tied me in for 6! Allows over-payment up to 15% for 1st 6 years.
Really looking for the most flexible, good rate, no tie in if possible. Would like to be able to overpay for all of the mortgage not just 6 years, to underpay if I need to and switch without penalty.
Probably not possible, but maybe you know better?
Happy to continue offline and pay you for your time if you prefer.
so you're currently with NR on their 2 yr fix with extended tie in then?
beware of the ERC clause that is likely to be 8% in the 3rd year
if you're looking to change just after the 2 yr benefit period has expired... I suggest you lower your sights to a dealwith no extended tie rather than no tie in at all as very few lenders will fix your rate and not tie you in for the period of the benefit period - this is usually only possible with variable/discount/tracker rates
for more info mail me, happy to dispense free information for PHers - all under the old pals act circa 5000bc
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