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Hi I have a question about a secured loan i took out several years ago. I dont want to give to much info at this stage however I took out a loan and the maximum I could borrow was 125%, i actually got given between 145% & 165% LTV depending on the valuations done by the loan company at the time. The 165% loan was almost 10x the equity I had in my house. They loan company based my loan on my valuation which was just a stab in the dark. They accidentally sent some documents to me the other day which showed they did a valuation on my house which was massively under what I had thought the value was at the time. I would have never taken on such a huge LTV if I had known the value of my house was lower than what I thought as I would be in negative equity for ever. Do I have a case for irresponsible lending or mis sold case? I have struggled for many years as i could not really afford the loan anyway but have always paid the lender each month because it was secured on my house. Anyone have any thoughts... ..and yes there is a degree of stupidity in taking the loan out in the first place but i was desperate.
NatWest is launching a new 90 per cent LTV first-time buyer mortgage tomorrow with a five year fixed rate. The mortgage comes at an initial rate of 4.79 per cent with no product fee and is available to all intermediaries. At the end of the initial rate period, the rate reverts to 4 per cent. More; http://www.mortgagestrategy.co.uk/latest-news/natwest-to-launch-new-90-per-cent-first-time-buyer-ltv-mortgage/1056053.article