LTV Band Swap

GeneralDisorder

Firstly, apologies if this question has been answered already, i did a search but couldn't find a thread with the answer to my question......

In terms of the LTV band for my mortgage, i'm currently in the >80% bracket on a variable rate mortgage with AIB.

I understand that when the outstanding capital amount remaining on the load drops below 80% I can request to move into the >50%<=80% bracket and reduce payments.

So my question is:
If the value of my home has appreciated and the current value of the house (as opposed to the amount that was originally drawn down) versus the current outstanding loan amount has resulted in the LTV being >80%, can i request AIB to move me to the lower bracket?

What does it involve if its possible, getting the house revalued?

ted1

GeneralDisorder wrote: »

Firstly, apologies if this question has been answered already, i did a search but couldn't find a thread with the answer to my question......

In terms of the LTV band for my mortgage, i'm currently in the >80% bracket on a variable rate mortgage with AIB.

I understand that when the outstanding capital amount remaining on the load drops below 80% I can request to move into the >50%<=80% bracket and reduce payments.

So my question is:
If the value of my home has appreciated and the current value of the house (as opposed to the amount that was originally drawn down) versus the current outstanding loan amount has resulted in the LTV being >80%, can i request AIB to move me to the lower bracket?

What does it involve if its possible, getting the house revalued?

I asked them today and it's not possible to change LTV, you could move to a different provider

sona_sasta

That seems strange - I did this at the end of 2013 by submitting a new valuation of the property. This was to move from the >80% LTV to the 50-80% LTV band

GeneralDisorder

Thanks for the replies guys, I must give AIB a shout so and see if its possible and see do they have preferred companies to do valuations.

wench

Their list of valuers is here http://personal.aib.ie/our-products/mortgages/residential-mortgage-panel

KCross

Look here:
boards.ie/vbulletin/showthread.php?p=93204351#post93204351

Heisenberg1

OP I am in the same situation and AIB will not allow you to switch LTV have a look at your original letter of offer it is in there. As others have said switching seems to be the only option.

KCross

look at my link in post 6… you don't necessarily have to switch… just threaten to switch.