Showing results for tags 'ltv'.
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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.
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