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Mortgage Rate Query

  • 11-04-2010 1:57pm
    #1
    Plus 10
    Registered Users, Registered Users 2 Posts: 137 ✭✭


    Quick question someone might be able to help me with

    Scenerio
    Trading up on my house (equity in the old house) - ultimately the new mortgage was going to be <80% LTV.

    Discued a rate with the bank (<80% LTV rate) - at the time of drawdown of new mortgage due to a delay in selling the old house the mortgage was 90% and rate which applied at drawdown was 90% LTV rate.

    House sold, funds cleared, sum applied against new mortgage within 2 months (LTV <80% at this stage)

    Bank now tell me that the LTV rate which applies is that at drawdown and any future repayments doesn't impact on the rate (even though the LTV reduced within 2 months)

    Seem very unfair to me - any views?


Comments

  • #2
    Ogham
    Registered Users, Registered Users 2 Posts: 1,844 ✭✭✭Ogham


    Seems fair to me . Imagine if they were allowed to adjust it if the LTV went against you - would you be happy then?

    www.moneyguideireland.com


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