I am lookin for the best deal on a fixed rate 90% ltv (£435k value) home mover
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I also want a deal that will allow us to borrow additinal funds for build work to the same property which acn be agreed up front based on surveyor valuation of drawings.
Used to be a staged payment arrangement in arrears but can't find any lenders doing this now. Any suggestions?
Answers (1)
Hi Homemover and welcome to Money.co.uk
I have spoke to a mortgage broker friend of mine and opinion is, under the current financial climate, it would be impossible to obtain loans as high as 90% LTV with a built in agreement to borrow more funds, possibly taking the planned loan at the outset up to 100% and possibly above. It seems that any high value loans currently on the market tend to be to existing borrowers with the few outlets that 'appear' to offer them.
The other two consideration in such a plan would be (1) interest rates on the rise, and (2) property prices again nudging down I suggest, particularly those in the price bracket you are looking in. I know it's great to be optimistic when planning you new home but there are limits! And personally I would not wish to move into a new home where negative equity could be a problem following a property price crash.
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