Mortage query

Bridget1996

Hi

Im wondering can someone advise me please, We are looking to change the rate on our mortage to lets say a fixed rate with Ulster bank we are currently on a variable rate at moment, how do I go about calculating our LTV on our mortage, We bought house for 285,000 its currently valued at 180,000, there is probably about 237,000 left on it?

Thoie

If my house is worth 100, and I'm borrowing 70, then my LTV is 70%.

The calculation is borrowed amount divided by house value.

If I'm reading you right, your "borrowing amount" is 237,000 and the house value is 180,000, so your LTV is 148%, i.e. negative equity.

Jasper79

Bridget1996 wrote: »

Hi

Im wondering can someone advise me please, We are looking to change the rate on our mortage to lets say a fixed rate with Ulster bank we are currently on a variable rate at moment, how do I go about calculating our LTV on our mortage, We bought house for 285,000 its currently valued at 180,000, there is probably about 237,000 left on it?

Based on 237,000 mortgage on 180,000 property, you won't qualify for any LTV rates. You have no equity in your property.

Bridget1996

Anyone know if I apply for a fixed rate for lets say three years and I look to get a mortage to build a house would Being in a fixed rate hinder me?

athtrasna

Moved from A&P as this thread is purely about the banking and financial aspects

Local charter applies