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Posted: Mon Jan 07, 2008 10:32 pm
by Beechy
I was at a meeting to day with a mortgage broker and during the conversation it came to light that some lenders in the sub prime market were now at 72/73% of LTV.
Have any info they can add to this?
Dave Beech
Posted: Tue Jan 08, 2008 10:26 am
by northumbrian69
Excuse my ignorance but what is LTV[?][?]
Posted: Tue Jan 08, 2008 10:29 am
by MelanieGiles
Loan to Value - ie the percentage of the value of the property you are able to borrow.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
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Posted: Tue Jan 08, 2008 10:36 am
by Beechy
LTV = Loan to Value
For example if your house is woth £100,000 and the lender is using an Loan to Value of 85% this would mean they would be willng to make an advance of £85,000.
Taking this a little further, if your outstanding mortgage is £70,000, this means you could raise £15,000 as a offer to creditors as some form of settlement at some stage. This could be in the form of Full and Final or voluntary payments plus equity release depending on an individuals situation.
Dave Beech
Posted: Tue Jan 08, 2008 10:03 pm
by Andrew Graveson
I'm aware of deals available at the 85% to 90% mark for those in IVA's at the current time.
If it needs to be self-cert then the mark may be lower.
Availability comes down entirely to personal circumstances.
Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk
Posted: Thu Jan 10, 2008 10:01 pm
by mikebdomain
The sub prime market is getting back to where is was before the sub prime boom, mortgage products are getting harder to get, but as Andrew says the 85% products are still available for those with the right circumstances.
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