We’ve teamed up with Salcey Mortgages to help answer all of your mortgage related questions.
Today’s question is:
“Q: What does loan to value mean?”
“A: LTV stands for Loan to Value. Put simply what percentage of your property has a mortgage on. When someone buys a property we often talk about a deposit as a percentage i.e 10% deposit. When you have a property and looking to re-mortgage, we often talk about Loan to Value i.e what percentage of your property has a mortgage on.
Obviously we would all love to have a 0% LTV meaning we don’t have a mortgage!
For example, a £300,000 house with a 60% LTV has a £180,000 mortgage!”
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