Mortgage: Changing LTV Rate & APR

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karlitob

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Hi all,

Consider: Home purchased a few years ago with a 92% mortgage. Since then, the value of the house has gone up so much so that the LTV has dropped into the 50-80% or possibly the <50% rate. How would one go about it?

i) Switcher Mortgage: but there is a cost for conveyancing. Any other costs?

ii) Can one refine the terms of the mortgage i.e. not switch, stay with the same bank, provide a number of valuations to the house etc. Without the cost.

Love to hear opinions.
Thanks
 
karlitob said:
How would one go about it?
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What, if anything does it say in your mortgage agreement regarding LTV‘s ?

It was a clear and simple process with Danske LTV Mortgages but all lenders conditions vary and possibly, with some, it is not an option at all.

Name the lender and maybe someone here has already done it and could more accurately advise.

With Danske LTV Mortgages; Provided 3 years had elapsed since drawdown, and I had not defaulted, then, I could apply to go on a lower LTV rate.

I had to provide a valuation at my expense, from a qualified valuer acceptable to them, and confirm the property was my PPR, that was it, I got my lower rate, the only cost was the valuation.
 
Hi thanks for reply.

Bank of Ireland. I suppose I never really thought of a review of mortgage terms - will do that now. I guess I had thought the process would be as simple as you described it. If my rate of based on LTV, which changes, then surely the terms and conditions change. Thanks again.
 
Very similar position here. On an 80% LTV rate with BOI. Thinking of attempting to switch to KBC / AIB at < 50%. We could potentially shave at least .8% off our rate if successful.

I'm wondering how a valuer will arrive at the valuation for the house. For instance, the purchase price of most recent sale on the property price register (nearly one year ago) on our road would not put us at < 50% LTV, but very recent offers on asking prices on our road would.
 
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