Loan–to–Value (LTV). The maximum Loan available (excluding any higher lending charge) is based on the lower of the current value or purchase price of the mortgaged property (except where the transaction is at an undervalue, for instance because it was between family members, the LTV must be based on the purchase price of the property, subject to additional considerations). The maximum LTV for Loans of up to £570,000 is 95 per cent. The maximum LTV for Loans of more than £570,000 and up to £1,000,000 is 85 per cent. and for Loans of above £1,000,000 is 75 per cent. These maximum LTVs may be reduced by other policies such as those relating to, product LTV limits, property type restrictions, the purpose of lending, repayment types (such as interest-only and part principal and part interest), additional lending and underwriter requirements. Where the Loan is advanced for the purchase of a second/holiday home, or a home for immediate family members, the maximum LTV is 80 per cent.
Loan–to–Value (LTV) a fraction expressed as a percentage, the numerator of which is the principal balance of the Note, and the denominator of which is the appraised value of the Property as determined by Lender based upon a current “as–is” MAI appraisal for the Property obtained by and acceptable to Lender at Borrower’s sole cost and expense.
Loan–to–Value (LTV) a fraction expressed as a percentage, the numerator of which is the sum of (i) the outstanding and unpaid principal balance of the Note (which shall include any amounts of the Loan remaining to be advanced under this Agreement) and (ii) the outstanding and unpaid principal balance of the “Note” evidencing, and as such quoted term is defined in, the Term Loan Agreement, and the denominator of which is the aggregate appraised value of the Property as determined by Lender based upon the current “as–is” MAI appraisal for each Individual Property obtained by and acceptable to Lender at Borrower’s sole cost and expense.
