LTV

[yepreally]

I don't understand LTV's.

Bought a flat in 2022 for 330k. Owe £250k on mortgage.

Can you tell me what the LTV is please?

Additionally, fixed term runs out in summer. I understand it isn't a full application to get a new rate but is it a full application to request additional money on the mortgage?

Thanks

depends how much it’s worth now! LTV will be 250/current value x 100.

If you want to borrow more with your current lender there will be affordability checks. With a new lender, it would obv be full application.

75.75%

You will be able to switch to a new fixed rate with existing mortgage company. Switching to another or further borrowing will attract a new search / application etc.

Worth roughly the same. Thanks that's what i got from the calculator but second guessed myself

How much was the deposit you put down in pounds when you got the mortgage out and what was the original mortgage amount?

Further borrowing would seem to be a bad idea if your earnings haven't increased considerably ? Also the valuation may not come in as "roughly the same" if you bought at peak. Some boroughs are down a good 5% since 2022.
What's the thinking on increasing your debt ? Is it for something that will definitely increase value ? That's not so easy to achieve at present. Particularly as values are likley to fall again this year in some areas.

Put £70k down as deposit

£70k deposit. Mortgage was £260k

Haven't made any overpayments.

Additional borrowing wanted to clear credit card debt, approx £10k and do a bit of work on house. Approx £5k