Woolwich BTL increase LTV Question
Discussion
Hi
My parents have a couple of BTL properties with Woolwich Mortgages, each below the max LTV for the product (75%).
The exact product is no longer available, and are not in any "tie-in" but they are thinking of taking some equity out of the properties (iro £20k).
Whilst I appreciate they can call the bank tomorrow, what are they likely to say about increasing the LTV?
I guess they won't get the same rate as they currently have (it is better than any current product), so will they have to re-mortgage or can they take a different product purely on the equity they take out, so long as they remain below the LTV limits?
My parents have a couple of BTL properties with Woolwich Mortgages, each below the max LTV for the product (75%).
The exact product is no longer available, and are not in any "tie-in" but they are thinking of taking some equity out of the properties (iro £20k).
Whilst I appreciate they can call the bank tomorrow, what are they likely to say about increasing the LTV?
I guess they won't get the same rate as they currently have (it is better than any current product), so will they have to re-mortgage or can they take a different product purely on the equity they take out, so long as they remain below the LTV limits?
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