Mortgage renewal & LTV

[thrifty24]

My current fix of 1.7% is up in 3 months sigh! Opted for a 2 year fix at 4.7% which broker is handling. Current LTV is 68%, I could afford to pay £8k lump towards mortgage (would need to check cap on overpayment) but my question is wouod having a 60% LTV bring down the new interest rate at all?

You’d need to speak with your broker about this because it would be dependent on your specific circumstances, lender and product

As above, you need to ask the broker if he can find you a deal with a lower interest rate if you have 60 % LtV. If not, then you might be better keeping the cash in savings for emergencies/ earning you interest

Yes, it might, so it's definitely worth following up.

Are you leaving yourself enough of a buffer if you do choose to pay this off?

Yea it would. Eg nationwide has a 2nd at 4.49 for a 61% LTV. at under 60 % ltv its 4.29.

So also your broker has got you a shittier rate there than you could have just found yourself in ten seconds unless there are some eligibility issues

Why do you need a broker, do you have special circumstances? Just go online and have a look at what rates you can get for 40% LTV?

From memory with nationwide the LTV band is 60% or 65%, yes it makes a difference.
Don't forget to tell moetgage company if property is now worth more/argue the case that it is- easy way to bring down ltv at remortgage time that people forget to do, especially If staying with same lender.

Thanks all. Yes I could part with the cash to pay it towards the mortgage, although with existing overpayments it might take me over the 10% cap. Will give the broker a call tomorrow. I'm not sure if it is any different but I'm in Scotland and they have a free service where the broker can handle the admin and they get paid via the lender. I suppose I could also do it myself.

You know the details you provide to the broker? Well that’s what they cut and paste into the mortgage providers website and get parts commission.
Look at first direct, various LTV rates, a phone call & easy online process and unlimited overpayments.

@sometimesmovingforwards I'll definitely look at unlimited overpayments. I've plugged in the numbers with the different rates and it's £30 odd a month so will just keep the cash in the high interest account and can always plug it in as I go. As for data sharing, yes aware but as a lawyer with a fair bit of data protection experience, the data sharing that goes on here is nothing to be concerned about (think if you have multiple bank accounts/ investments/ pensions) but I can relate why people are generally concerned here.