House Prices #4 Property market, buying and selling

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Can someone please help me understand LTV? My fixed term mortgage comes to an end towards the end of this year and I’m just browsing to see what sticking with TSB would offer me. Their rates are dependent on LTV (0-60%, 60-75%, 75-80%, 80-85% etc) but I’m not sure where I fall?

Not sure if these are the figures I need to provide but I bought my flat for £80k, mortgage was £53k and there’s £48k left to pay on it.
 
xbxbx said:
Can someone please help me understand LTV? My fixed term mortgage comes to an end towards the end of this year and I’m just browsing to see what sticking with TSB would offer me. Their rates are dependent on LTV (0-60%, 60-75%, 75-80%, 80-85% etc) but I’m not sure where I fall?

Not sure if these are the figures I need to provide but I bought my flat for £80k, mortgage was £53k and there’s £48k left to pay on it.
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How much is the flat worth now.

LTV stands for loan to value ratio i.e. how much you have borrowed vs the value of the property

ETA so the idea is as you pay off more of the original loan (and the value of the property will traditionally increase with time too) you "own" more of it.
 
HoGi said:
How much is the flat worth now.

LTV stands for loan to value ratio i.e. how much you have borrowed vs the value of the property

ETA so the idea is as you pay off more of the original loan (and the value of the property will traditionally increase with time too) you "own" more of it.
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Oh I’m not sure.. it was valued at £83k when I bought it so I got it for slightly less than home report value. I’ve made quite a few changes like new flooring all throughout, all walls re-plastered, new bathroom suite etc but nothing structural. I guess it could be worth more than the £83k now but that would be a total guess on my part.

Would it be worth getting a new valuation? Is that the norm before mortgage renewals? I’m in Scotland if that makes a difference to anything. I’m so clueless with all of this.
 
xbxbx said:
Oh I’m not sure.. it was valued at £83k when I bought it so I got it for slightly less than home report value. I’ve made quite a few changes like new flooring all throughout, all walls re-plastered, new bathroom suite etc but nothing structural. I guess it could be worth more than the £83k now but that would be a total guess on my part.

Would it be worth getting a new valuation? Is that the norm before mortgage renewals? I’m in Scotland if that makes a difference to anything. I’m so clueless with all of this.
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When we have remortgaged the existing lender has given a rough value of the property, just based on initial price and increases in the area etc. We haven't had the house revalued despite doing quite a bit of work on it, as most lenders aren't interested in cosmetic changes they only want to know if you have increased square footage. Which is a shame as we got the house cheaper as it was really grotty and have done a lot of work, but I suppose lenders see it as any new owner will want to put their stamp on it so cosmetic changes aren't worth as much to them.

We did swap lenders at our last remortgage because of this as another lender valued the house 20k more without even looking at it, which put us in the next LTV bracket.
 
HoGi said:
When we have remortgaged the existing lender has given a rough value of the property, just based on initial price and increases in the area etc. We haven't had the house revalued despite doing quite a bit of work on it, as most lenders aren't interested in cosmetic changes they only want to know if you have increased square footage. Which is a shame as we got the house cheaper as it was really grotty and have done a lot of work, but I suppose lenders see it as any new owner will want to put their stamp on it so cosmetic changes aren't worth as much to them.

We did swap lenders at our last remortgage because of this as another lender valued the house 20k more without even looking at it, which put us in the next LTV bracket.
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Ah I see, I think I’m understanding it now. Thanks so much for your help☺️
 
Quick question. At what stage do you recommend starting packing things up?
I'm so worried something will happen and it will fall through somehow,and so don't want to be too eager.
 
Upintheair83 said:
Quick question. At what stage do you recommend starting packing things up?
I'm so worried something will happen and it will fall through somehow,and so don't want to be too eager.
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we had exactly a week between exchanging and moving. We didn’t start packing until we exchanged and in hindsight I wish we’d had started packing unnecessary stuff much sooner 🤣 but we too were worried about it falling through and not happening!

we still made it work and it turned out fine but if we were to do it again I’d definitely start packing books/clothes I didn’t need/kitchen stuff/ and organise the loft etc much sooner.

edit to say: we have a toddler and I am also pregnant with twins which made it much harder 😂
 
aggytha said:
we had exactly a week between exchanging and moving. We didn’t start packing until we exchanged and in hindsight I wish we’d had started packing unnecessary stuff much sooner 🤣 but we too were worried about it falling through and not happening!

we still made it work and it turned out fine but if we were to do it again I’d definitely start packing books/clothes I didn’t need/kitchen stuff/ and organise the loft etc much sooner.
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That's what I'm worried about. But my husband is out of the country all next month and iv got a toddler and am working. So I'm thinking maybe start doing things now. I have no idea when or if we actually will be moving. I'm unsure of the timescale of these things.
 
Upintheair83 said:
Quick question. At what stage do you recommend starting packing things up?
I'm so worried something will happen and it will fall through somehow,and so don't want to be too eager.
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ASAP for things you won't need and where you have the ability to store them. Last time we started packing things like books well before moving because we had shelves that could accommodate them in boxes so it was no skin off our nose to pack them. The earlier you can start packing, the better in my view, as you'll have time to label boxes properly and to throw away anything you don't want to take. By the end you'll just be chucking stuff in boxes and hoping for the best.
 
We started before we put our house on the market to tidy it up a bit - utilising the inlaws garage for clutter we could live without. Then as soon as we had SSTC we started doing bits here and there but I was reluctant to do too much until we exchanged. We basically packed everything during the evenings last week and this weekend just gone, so now are essentially living in a bare house for the rest of this week. I would say it absolutely did not take as long as I feared, and we have WAY more stuff than i thought we did. I hope we have enough space in the van 🙈 It was very funny eating dinner (leftovers out the freezer ofc) in the kitchen last night as it was so echoey without the curtains, pictures on the wall etc.

Best purchase for packing a tape dispenser like this one, although I got ours for £2 in Poundland https://amzn.eu/d/ittdewJ
 
epl000 said:
We started before we put our house on the market to tidy it up a bit - utilising the inlaws garage for clutter we could live without. Then as soon as we had SSTC we started doing bits here and there but I was reluctant to do too much until we exchanged. We basically packed everything during the evenings last week and this weekend just gone, so now are essentially living in a bare house for the rest of this week. I would say it absolutely did not take as long as I feared, and we have WAY more stuff than i thought we did. I hope we have enough space in the van 🙈 It was very funny eating dinner (leftovers out the freezer ofc) in the kitchen last night as it was so echoey without the curtains, pictures on the wall etc.

Best purchase for packing a tape dispenser like this one, although I got ours for £2 in Poundland https://amzn.eu/d/ittdewJ
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Thanks so much for this! It's really eased my mind because the thought if it is very overwhelming!
Also, when did you go sstc? How long ago was that? Xx
 
Upintheair83 said:
Thanks so much for this! It's really eased my mind because the thought if it is very overwhelming!
Also, when did you go sstc? How long ago was that? Xx
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A week ago today, so we essentially packed up everything in 5 evenings and 2 days. I even fitted in a swim one evening last week too... 💪 you got this!
 
Notworthy said:
I was going to suggest this. My friend paid £700 for the removal company to do everything while she sat in the garden drinking wine. Absolute bargain
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HAHA literally same as us. Although I was just hovering I did feel a bit awkward to be honest but it made it SO much easier and literally not one thing broke!!
 
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