LTV mortgage?

Hello all,

We bought a house 12 months ago with a 92% mortgage. Between the combination of mortgage payments, price rises and renovations I now think that the LTV ratio of the house is just under 80%.

We would have to get a valuer from the Bank to come out and verify the value of the house. Not sure what that costs. We would save €12 p/m compared to the standard variable rate.

Do ye think it’s worth my while going for it? Any potential drawbacks? I know it potentially means that I’d have to pay more property tax, but we are exempt for 3 years.

Thanks as always,

Gambelore

are you talking about re-negotiating your mortgage rate? I’m not sure that is an option … unless I am seriously mistaken … .LTV ratios will constantly fluctuate over the life span of a mortgage and from my understanding the rate is set based on the initial drawdown.

We had a 1 year fixed originally and the bank wrote to us asking if we wanted to get another fixed mortgage, a LTV mortgage or go on the variable rate.

The bank is AIB

In a functioning market (and assuming you’re on SVR rather than fixed rate) the lender will reduce your rate after a revaluation, because if they don’t you can just remortgage with another bank at a lower rate.