How to get the best mortgage and remortgage deals - Loan to Value explained UK (LTV)
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- Опубліковано 4 жов 2024
- When you're getting your first mortgage or remortgaging, don't underestimate the importance of Loan-to-Value, or LTV.
Moving between the different tiers (say from a 95% mortgage to a 90%, all the way down to 60%) can save you a huge amount of cash in monthly mortgage payments and reduce how much interest you pay over the lifetime of the loan - hopefully saving you thousands of pounds.
In this video I've explained what Loan-to-Value is, shown how to calculate it AND set out the factors that will lower the percent you owe vs what you hold in equity.
W A T C H N E X T
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• Should you overpay you...
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A B O U T A N D Y
Andy Webb is a money blogger and journalist. He runs the award-winning website Be Clever With Your Cash, hosts the Cash Chats podcast, presented Channel 5’s Shop Smart Save Money and writes every month for Reader's Digest. Andy also founded the community ukmoneybloggers.com.
DISCLAIMER
Content in these videos does not constitute regulated financial advice. Any offers mentioned were correct at the time of filming.
Thanks for explaining this so well. I’ve been really confused till now!
So simply explanation. Thank you mate!
I don't understand how house prices are so inflated when average working person can't secure more than 70k. It's corruption.
Cheers pal. Just viewing now and maybe putting offer in very soon. Learned alot. Thanks
Fantastic video! Very well explained! Thank you for sharing your knowledge! :)
The rich stay rich by spending less and Investing more while the poor stay poor by spending more but with no investment
that's right
Robert Kiyosaki 😜
Great stuff Andy! Thanks
What about LTV loans the other way. Where you have 80%+ deposit but are 50+ years old so want a low repayment over a short time say 5 to 10 years max.
Excellent video and content, thanks a lot!
Glad it helped!
Grate video,thank you. My husband is a British citizen living in the US. We are planning to move to England in 3 years time. Can we purchase a home in England and get a loan from a leaner. We have enough money to put 30% on a 200,000 pound home. What are your thoughts please.
i remortgage with 100% LTV and got total debt free
Extensive subject that was a bit hard to follow at times but appreciate it may not be able to simplify more. Some of the calculations lost me a bit. I will watch a second time to see if it makes more sense.
Thanks David, there's a blog post you can check out too which might help where you had questions becleverwithyourcash.com/ltv-the-remortgaing-tricks-thatll-save-you-thousands/
@@BeCleverWithYourCash Thank you Andy. As you know I’m pretty new to the channel so it’s great to have a specific video to watch. Cheers again. David
great job
Mentioning example of when properties go down in value in those days. Very unlikely isn't it. I wonder if that ever happens in 2021.
It could happen, though the most likely reason for this to happen en mass would be a crash of some kind. But there could be localised changes that impact price.
Hi David, I’ve got a question. Can you get equity release from a Right to buy property? My statement- LTV 24%. 207,000 an balance 49,700? Thank Liz
Hi how to reduce the value of my property? I have help to Buy and I want to reduce the value of my property. I'm thinking to install solar panels and battery on credit do you think this will help thank you
my 2 year expires 30 Nov 22
can i ask my lender what my closing balance will be at that time to calculate my LTV more accurately
My remortgage is up in July I'm not sure if to put a lump sum on them
There's no easy answer! Do the calculations based on whether it'll bring you to a next tier of LTV, and if it does what those savings will be in the short and long term. If it doesn't help you get a better mortgage it doesn't mean overpayment is a bad idea, but you need to weigh up if the money could go to better use elsewhere.
@@BeCleverWithYourCash I have 2 house's to do
Could you possibly go over the cheapest way to borrow money? For example - £10k for a car.. car finance is 7.9% APR whereas personal loan looks to be 2.8%.. I just wanted to know whether there was a more smarter way. Many thanks
Hi Ess. Generally the cheapest rate is going to be better - but there will be terms you need to check, such as how long the loan is for, whether you can pay it early and so on. Car finance will be secured against the car - so they can take it back if you don't pay. With a personal loan you'll own it completely but owe the loan provider. But your credit score could also be a factor here. Finance might be easier to get than a loan, and the garage might be able to offer a discount this way too.
@@BeCleverWithYourCash thank you. I do have good credit but doesn’t a car finance effect my credit as much as a personal loan?
Hi David, can we pay in more money during remortgaging, and heard when LTV falls below 50 then number of deals available will be less. Is this true?
Hi Andy. Great advice. Me and my wife are getting our first home early next year. I have £150,000 £160,000 as a deposit. What mortgage would you recommend?
I can't recommend individual mortgages, so you'll need to either look at online comparison sites or speak to a mortgage advisor. Good luck!
How much???!!!! Haha!!!
whats the best bank accounts for teenagers?
Hi, thanks for info. just buying my fist house. I want to pay my mortgage sooner and pay less to the bank.
Do you know if I overpay every month i the fixed rate period of 2 years, will bank recalculate monthly and cut from the principal owed. I know the morgage is fixed and the percentage of interest is fixed. just want o understand if my overpayment will worth it or will be ignored until I finish with the fixed rate period ? thanks
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Dach Manors