6% mortgage rates

[spring33]

Old thread https://www.mumsnet.com/talk/property/4813815-5-mortgage-rates?page=1

New thread, let's hope the next one won't be 7% interest rates or higher.

I was literally at 61% and the right was much higher, so I found the extra 800 quid or whatever it was to get it down to under 60%
I think that’s the way to go with people can

I would certainly be aiming for the highest LTV rate I could manage to bring the interest rate into the lowest banding possible.

Low LTV ratio rather as in this instance low is better than high

In reality, they are 5-6% even with 60% LTV. 10 years a bit better but still at >5% which tells you something about expectations.

What reality is that then raining in snoring ? I’ve just literally clicked the link above and got 3.9 %

Oh wow that's amazing

Apologies if this is an ignorant question but how do you work out LTV?

I owe approx £100000 but my house is currently valued about £270000

If you go onto Rightmove and just literally click on any house for sale, go down to the bottom of the advertisement you’ll see like a calculator and if you put in to the calculator 270,000 and then put is the deposit 170,000 because that’s what you’ve already paid off, it will tell you the percentage that you still owe on the loan

Yours is probably about 30% with my very rough maths

1 - (100,000 / 270,000) = 0.62 = 62%

170,000 divided by 270,000 times 100 is 62.96 (round up to 63%)

Just to make sure it's very clear. On your figures, your LTV is approx. 37% - so well within the 60% level required to get the best deals. You can get the best deals!

Other way around. 62% is the equity that she has all the rounded up at 63% therefore the outstanding value is 37%

Where are you looking to get 3.99% please? I can't find anything fixed under 5% with 30% LTV

Where is that if you don't mind me asking?

Thanks so much everyone makes sense now 😩😳😳

Monmouthshire and virgin money.

I have another mortgage at 50% and the broker wouldn’t touch it because of the amount of money, rather than the percentage. I think there’s a lot of variables to play around with and this is my worry once youve started to pay it off beyond a certain point nobody wants you to remortgage to them because there’s not enough money in it for them, but there is still a bit of risk.

@3BSHKATS

No way you are getting 3.99%. Presume you read 5.99% from those lenders.

Otherwise enlighten us and provide screengrabs.

If £800 = 1% then the total value of the property is £80,000 ?

Where the hell do you live?

Hi all,
Quite a few deletions on this thread, could we remember to play the ball and not the man? If you have concerns about a poster please do feel free to report them to us.

No, it’s not your maths is wrong. One percent is the outstanding Mortgage not the value of the property.

I take it I missed the usual suspects being see you next Tuesdays ? Hence the deletions

No it’s not, 1% of additional equity valued at £800 means the total value of the property is £80,000. The deposit (cash or equity) was worth 31.2k, you added £800 to make it £32k, ie 40% of £80k.