Remortgage purpose: Debt Consolidation (maximum LTV)
Our standard acceptability
Indicates the maximum loan to value (LTV) a Buy to Let lender will accept where there is an element of debt consolidation on a remortgage application. For example Trevor owns a property that is worth £200,000 and has a current outstanding balance of £140,000. He would like to consolidate an unsecured loan which has an outstanding balance of £10,000 and therefore needs a total loan of £150,000 giving him a LTV of 75%. He approaches his bank who tells him that they are happy where there is some debt consolidation so long as the overall LTV does not exceed 75% and therefore Trevor is able to proceed with an application.
The Society will lend up to 70% LTV.Criteria categories:
- remortgage purpose
29 August 2018