Can you remortgage to a higher LTV?
The interest rate you get will depend on the loan-to-value (LTV) of your new mortgage. This would make you eligible to remortgage onto a 70% LTV loan, however, if by releasing equity the LTV leapt to 80%, you are likely to pay higher interest rates.
Do you need valuation for remortgage?
As part of a remortgage application a lender will instruct its own valuation in order to be sure that the property is adequate security for the mortgage. The valuation will give the lender an indication of the market value of the property taking account of comparable sales data.
How does a remortgage valuation work?
A remortgage valuation gives you an indication of your home’s current market value. Once you start the remortgaging process, your lender will then do their own desk based or physical property valuation so that they can calculate your loan to value (LTV).
How long does a remortgage valuation take?
The remortgaging process typically takes from 4 to 8 weeks after you apply. For most applications, you’ll need to speak to one of the lender’s mortgage advisers, who are qualified to advise you about the best deal for your needs.
What happens if remortgage valuation is lower?
A mortgage valuation is a relatively quick check that the property you want to buy is worth what you say it is. It can be a real pain if your mortgage valuation comes back lower than the price you’ve already agreed to pay, as it means that the lenders are not happy to give you the amount you need to buy the property.
What does LTV mean on a remortgage loan?
LTV Explained. LTV or Loan To Value is a measurement of the ratio of what you’re borrowing to the value of the property. When you get a mortgage or remortgage, your lender will often carry out a remortgage valuation on the home that the mortgage is paying for.
How to work out your LTV when remortgaging?
How to work out the LTV when remortgaging To work out your current LTV, you need to find out how much of your mortgage you have paid back. This should show up on your mortgage statement or your mortgage provider will be able to tell you. You can also check your credit history to see.
How can I work out my LTV on my mortgage?
To work out your current LTV, you need to find out how much of your mortgage you have paid back. This should show up on your mortgage statement or your mortgage provider will be able to tell you.
Do you need to get your house valued for remortgage?
When remortgaging most mortgage lenders including your current mortgage lender will offer a free remortgage property valuation. The valuer will know the house prices in your area and they carry out a mortgage valuation which usually takes less than half an hour as there is no mortgage valuation cost.