Re mortgaging-LTV value

[Seagull269]

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!!!!!

[BTLMortgages]

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

[Seagull269]

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?

[BTLMortgages]

Originally Posted by Seagull269

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.

[Seagull269]

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?

[BTLMortgages]

Originally Posted by Seagull269

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

[Ronny]

The Halifax SVR will most lightly be a lot cheaper than any 95% mortgage you will find in the current market anyhow.