MegaSack DRAW - This year's winner is user - rgwb
We will be in touch
Spoke with IFA and asked for some options on moving to a more expensive property
He tells me I can port my existing mortgage and take out another mortgage with the same provider. He provider an illustration on a ltv of 60% this is for the new mortgage, not the new plus the existing ported. I asked surely they take into account the ported mortgage when doing ltv calcs. Ie the ltv is actually new mortgage + ported mortgage vs valuation.
He said no.
Is this right? Am I missing something here? Surely not?
The LTV calc takes into account the whole total mortgage not just the new part or the old part by itself.
So I've not got a very well informed IFA then? I did query it, you'd think he'd check?