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10-10-2018, 17:43   #31
gaius c
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Originally Posted by theteal View Post
I know of people getting a better rate from the bank due to the increased value of the property.
This. If you're doing anything with the mortgage, you need to get a valuation done.
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11-10-2018, 10:57   #32
loveisdivine
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I emailed our broker and he said Haven (our mortgage provider) haven't historically let people change LTV but the Haven rep had been saying for a while that it was going to change. Apparently he will be seeing the rep this morning and will ask the question.

We need the value of the house to have increased by a minimum of €18500.00 to get us under 80%.
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11-10-2018, 11:36   #33
Sleeper12
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I emailed our broker and he said Haven (our mortgage provider) haven't historically let people change LTV but the Haven rep had been saying for a while that it was going to change. Apparently he will be seeing the rep this morning and will ask the question.

We need the value of the house to have increased by a minimum of €18500.00 to get us under 80%.

I could be wrong but I think I remember the government forcing lenders to change about 4 or 5 years ago. The government were getting a lot of stick, as owners of the banks,, because we were the highest interest rates in the EU. Banks said they couldn't afford to reduce rates as they needed variable rates to subsidize the loss making trackers. As far as I remember the compromise was reduced LTV. I don't know who Haven is & maybe the compromise was just for the banks the government owned. BOI, AIB & Permanent
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11-10-2018, 12:26   #34
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Originally Posted by loveisdivine View Post
I emailed our broker and he said Haven (our mortgage provider) haven't historically let people change LTV but the Haven rep had been saying for a while that it was going to change. Apparently he will be seeing the rep this morning and will ask the question.

We need the value of the house to have increased by a minimum of €18500.00 to get us under 80%.
I can't understand why banks wouldn't let you change, as the alternative is that you could just switch mortgage (unless there's some specific reason why you're 100% tied to that provider). I haven't reached that stage yet, but if/when the value of my property increases to such an extent that I'd be in a different LTV bracket, I'd suggest to my lender that either they move me, or I move to a different lender.
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11-10-2018, 14:58   #35
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If loans are securitised in certain ways it could be easier for them to be redeemed than altered. Guesswork rather than knowing if that is the case
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11-10-2018, 16:17   #36
ted1
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Exactly. Totally untrue that they don't allow you to change. They allow you to change once in the loans lifetime. We changed last year after a valuation.
They told me that I couldn’t change
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11-10-2018, 17:29   #37
loveisdivine
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Update from the broker, Haven expect to be able to do LTV changes before Christmas. Waiting on some "system update". The broker will contact me when it's available and go from there.
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12-10-2018, 09:29   #38
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Update from the broker, Haven expect to be able to do LTV changes before Christmas. Waiting on some "system update". The broker will contact me when it's available and go from there.
Ask them if they'll backdate it, given that their IT system schedules are nothing to do with you. They probably won't, but I'd make the point anyway.
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