Remortgage purpose: Debt Consolidation (max LTV)
Indicates the maximum loan to value (LTV) a lender will accept where there is an element of debt consolidation on a remortgage application. For example Trevor owns a property that is worth £200,000 and has a current outstanding balance of £140,000. He would like to consolidate an unsecured loan which has an outstanding balance of £10,000 and therefore needs a total loan of £150,000 giving him a LTV of 75%. He approaches his bank who tells him that they are happy where there is some debt consolidation so long as the overall LTV does not exceed 75% and therefore Trevor is able to proceed with an application.
What is Criteria Brain?
Criteria Brain is an online research tool for UK based mortgage advisors. Authorized advisors are able to research mortgage lenders criteria in granular detail across many lenders. Without a system like this, the advisors research phase can often take many hours and for complex cases, days, which results in frustrating delays to customers. Criteria Brain fixes this problem by providing a platform which lenders can upload their rules to, in a format that allows advisors to extract the precise information they need in great detail and very quickly. The information contained within Criteria Brain is for advisor use only but by completing the simple form, you could be speaking to an advisor who can answer this question and many more.
Remortgage purpose: Buy out partner (maximum loan to value)