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Home improvements can be costly and many occasions you may need to raise money for your home improvement project, two common ways of finance includes remortgaging and secured loan. Both these require you to have equity in your home and using this equity to raise money. Often with remortgages and home owner loans you find that your loan to value will effect that amount of money you borrow and the cost of the finance.

Your loan to value is a simple calculation, your LTV ratio is loan amount / Value of property. The lower your LTV the better the chance of getting approved for finance.

High LTV

If you have a high loan to value, this means you do not have alot of equity in your home, this can result in high borrowing costs as well as increased difficulty finding a loan or a mortgage. Before applying it is important that you calculate your LTV and ensure the lender has plans available for our loan to value, as being rejected may effect your credit score and increase the difficulty in finding a loan.