made offer and EA asked what our LTV was

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sweetie

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My wife made an offer on a property today a significant figure over the previous top bid and the EA asked what our LTV was? We can furnish our mortgage offer but thought this sounded strange. It's a bit of a fixer upper so part of our mortgage loan will be going towards that and the sale would be subject to satisfactory survey obviously. Would it be that they would favour someone with a lower LTV as they could borrow the funds easier for such a purchase?
 
The EA should have no right to this information. Only issue of concern is that you have funding ability to close the deal if/when called upon to do so.
 
sweetie said:
My wife made an offer on a property today a significant figure over the previous top bid and the EA asked what our LTV was? We can furnish our mortgage offer but thought this sounded strange. It's a bit of a fixer upper so part of our mortgage loan will be going towards that and the sale would be subject to satisfactory survey obviously. Would it be that they would favour someone with a lower LTV as they could borrow the funds easier for such a purchase?
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More lightly to see how much gazumping can he do with your LTV.
None of his business
 
They could have been trying to determine if you were (realized you should be) on mortgage approval under new CBI lending restrictions which is subject to lower LTV rates. That you aren't someone with expired mortgage approval under old rules.
 
He can and should ask you for proof of funds. So he can confirm you are a serious bidder. That might be showing him approval in principle from the bank. But you can obsure the amount to maintain your privacy. LTV is a random question, I wouldn't worry about answering it. Top bidder is top bidder and you sound like a serious buyer.
 
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