The loan to value (LTV) is essentially the size of mortgage a lender is prepared to offer you in relation to the value of the property you are buying or remortgaging.
It is expressed as a percentage. So, for example, if a lender offers a mortgage deal which has a maximum 80% LTV, that means they will lend you up to 80% of the property value.
Mortgage LTVs typically range from 50% up to 95%.
There are a number of criteria that must be taken in to account when calculating exactly. These could include but are not limited to:
Your monthly outgoings or regular commitments
Whether your income is a basic salary or includes bonus, commision or overtime
Whether you are self employed
The amount of deposit you have
Your age and whether you are borrowing past your retirement date
The lender however has the final input in to determining how much you can borrow. Each lender has their own criteria and as a broker we are perfectly placed to match you to the right lender for your borrowing requirements.
The calculators do not have the final say in how much you can borrw, your repayments etc., but this is where our expertise and experience in the field come in to play. We can sometimes make available a higher borrowing by taking your personal circumstances in to account.
*all potential borrowing is subject to affordability checks and credit status.
