LTV Help?

bullvine

Hi,

I am looking for a bit of advice. My house has never been in negative equity, I bought it in 2009 and had a lot of cash up front, the mortgage at the time was around a 3rd of the value of the house when valued for the mortgage.

My problem is that I have always been on the Standard rate and to be honest I never realized a LTV existed.(I was very naive). I checked the rate on my banks site and it turns out the LTV for <50% is around 0.5% less than the standard variable currently.

My question is that, do you think there is anyway my bank would switch over to the LTV rate for me? Or am I locked into the standard rate?

Any help at all, thanks

roro2

You should be able to switch onto the LTV rate without a problem, contact them to confirm. I presume it's AIB or PTSB. The bank will look for a valuation report to confirm the LTV which will cost about €100.

bullvine

Thanks, its Haven, rang them yesterday, they told me no, they are only offering it to new customers.

roro2

Disappointing. It used to be the case that you could just switch over.

bullvine

yeah, very annoying when its .5% difference in the interest rate. The only other option is to move, which is a little bit of a pain.

Trish56

bullvine wrote: »

Hi,

I am looking for a bit of advice. My house has never been in negative equity, I bought it in 2009 and had a lot of cash up front, the mortgage at the time was around a 3rd of the value of the house when valued for the mortgage.

My problem is that I have always been on the Standard rate and to be honest I never realized a LTV existed.(I was very naive). I checked the rate on my banks site and it turns out the LTV for <50% is around 0.5% less than the standard variable currently.

My question is that, do you think there is anyway my bank would switch over to the LTV rate for me? Or am I locked into the standard rate?

Any help at all, thanks

I actually checked with all the lenders today regarding your query as another poster on a different forum was quite adamant that you can. I got a definite no. The only way you can avail of a cheaper rate 3.85% for a loan to value of less than 60% is to re mortgage which will incur legal fees which would be approx. €820 inc. of professional fee, outlay and VAT.

bullvine

Trish56 wrote: »

I actually checked with all the lenders today regarding your query as another poster on a different forum was quite adamant that you can. I got a definite no. The only way you can avail of a cheaper rate 3.85% for a loan to value of less than 60% is to re mortgage which will incur legal fees which would be approx. €820 inc. of professional fee, outlay and VAT.

3.85% is very low considering I'm paying 4.6%, do you know which bank that was with? thanks.

Trish56

KBC are offering a rate of 3.85% for loan to value of less than 60% and announced on Friday last that they will pay €1000 towards legal fees and 1 years free home insurance for all mortgages drawn down between 1st February and end of April 2014.

Marchbride

Trish56 wrote: »

KBC are offering a rate of 3.85% for loan to value of less than 60% and announced on Friday last that they will pay €1000k towards legal fees and 1 years free home insurance for all mortgages drawn down between 1st February and end of April 2014.

Trish is that only if you have LTV of >60%? Great deal if for all mortgages but is doubt it

Trish56

Marchbride wrote: »

Trish is that only if you have LTV of >60%? Great deal if for all mortgages but is doubt it

Yes Loan to value must be less than 60% to get 3.85% . Rate of 3.99% for Loan to Value between 60% and 80%.

Marchbride

Trish56 wrote: »

Yes rate must be less than 60% to get 3.85% . Rate of 3.99% for Loan to Value between 60% and 80%.

Oh no I mean the 1k toward legal fees and insurance deal??

Trish56

Marchbride wrote: »

Oh no I mean the 1k toward legal fees and insurance deal??

The 1k towards legal fees is only available to switchers/remortgage with KBC.

KCross

Look here
boards.ie/vbulletin/showthread.php?p=93204351#post93204351