Does 2nd Charge affect Ist Charge Loan To Value (LTV)?Make Text Bigger
I currently have 4 Mortgages with one of High Street Leading Bank on Buy To Let basis. The LTV has always been below 60% as such I always qualified for best possible deals on my properties with them due to low LTV.
However, recently, instead of taking further advance, due to their stringent criteria, I opted for 2nd Charge Loan from one of specialist lender therefore my first charge mortgage remained intact and easily managed to take 2nd charges on each property to expand my property portfolio.
Now my question is, does my LTV with first lender is affected as a result of second charge or it does not have any impact at all as they still have first charge over the property? As I am concerned that, I may not qualify for good mortgage rates when time comes to switch the deal if the LTV has been impacted.
I have asked this question from few brokers and they seemed to be unsure. Any input would be greatly appreciated.
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