I had an existing mortgage with NIB last year at .5% above ecb rate. We took out a further loan of approx 150k to get building work done on the house (and at the time still fell into the .5% bracket on the combined loans). We arranged this with the bank in April 2008 and it was structured as an interest only loan until such time as we fully drew it down. We fully drew it down last month and the bank are now going to consolidate the original loan and the building work loan into 1 residential loan. They have told us that they will honour the .5% above ecb rate (2.5%) ltv loan that they agreed last April subject to us getting an up to date valuation.
They supplied us with a valuer to do this and he is due to the house next week. I'm a bit concerned as to what he may report back. There are houses on my raod that are up for sale at values that would secure our ltv at 2.5% however when I mentioned this to the valuer he discounted it saying it's the actual sale value that counts! When I asked him how can he get at such a figure he said he can't? He said he has to take into consideration the market in the area etc. He kind of suggested that we should possibly think about renegotiating a new rate with the bank. As he was recomended by the bank I now have alarm bells going off in my head?
When the bank told us last year that they would give us an ltv of .5% over ecb rate (our ltv rate was better than 50%) there were also ltv rates for (I think) 60% ltv, 80% ltv etc. If we don't now secure the 50% ltv I still want to secure one of these other rates as there better than current NIB rates but as the rates on the NIB site have all been updated I don't know where to get my hands on the old rates?? Does anybody know what they were or how I would get them??
They supplied us with a valuer to do this and he is due to the house next week. I'm a bit concerned as to what he may report back. There are houses on my raod that are up for sale at values that would secure our ltv at 2.5% however when I mentioned this to the valuer he discounted it saying it's the actual sale value that counts! When I asked him how can he get at such a figure he said he can't? He said he has to take into consideration the market in the area etc. He kind of suggested that we should possibly think about renegotiating a new rate with the bank. As he was recomended by the bank I now have alarm bells going off in my head?
When the bank told us last year that they would give us an ltv of .5% over ecb rate (our ltv rate was better than 50%) there were also ltv rates for (I think) 60% ltv, 80% ltv etc. If we don't now secure the 50% ltv I still want to secure one of these other rates as there better than current NIB rates but as the rates on the NIB site have all been updated I don't know where to get my hands on the old rates?? Does anybody know what they were or how I would get them??