Whether you are thinking about a remortgage to get a lower interest rate, or want to use the equity in your home to release some cash, it's always vital to make sure you're getting a competitive deal.
For tailored support with remortgaging, and access to exclusive rates available through an expert UK brokerage team, contact Revolution Finance on 0330 304 3040.
Remortgage Loan to Value Ratios
The Loan to Value (LTV) ratio is the size of your borrowing, in relation to the value of your property. For example, a £95,000 mortgage against a property worth £100,000 is at 95% LTV.
Revolution deals with a vast range of remortgages, for all sorts of reasons. These, and your eligibility circumstances, will shape what kind of LTV you need, and therefore the best lenders to apply to.
We negotiate remortgages at:
- 95% LTV
- 90% LTV
- 80% LTV
- 70% LTV
- 60% LTV and below
If you are unsure whether you can borrow at a high LTV, or need professional support with deciding how to structure your remortgage, get in touch.
As a whole-of-market UK mortgage broker, the Revolution team deals with clients from across the spectrum, from those seeking a remortgage and struggling with bad credit history, to investors looking to release equity to expand their property portfolio.
Our specialist remortgage products include:
- Buy-to-let remortgage options for investors.
- Bad credit remortgages for applicants with a low credit score or adverse credit history.
- Self-employed remortgages for clients outside of standard employment.
- Shared ownership remortgages for multi-owner properties.
We aim to make the remortgage process simple, fast, and stress-free, so we get started with scouring the market for the best deals, with just a few key pieces of information:
- Your average annual income.
- Your age.
- The value of the property.
- How much you'd like to borrow.
Bad Credit Remortgages
Having an adverse credit history or a low credit score can make finding the right remortgage lender a stressful experience.
Suppose you have a clean credit history and can demonstrate that your income makes the remortgage borrowing easily affordable. In that case, the process is often much more straightforward, and you can achieve competitive rates from most lenders.
However, if any of your circumstances fall outside of the norm, such as being a contractor with variable income, it becomes more challenging to find lending from high street providers.
One of the most frequent questions we are asked is about which lenders to apply to, and how you know what remortgage products you are eligible for - which, sometimes, is impossible to know without making an application that could be immediately rejected.
In any circumstances, if you need a remortgage, then seeking expert support is the best option. Contact Revolution Brokers on 0330 304 3040 or drop us a message at firstname.lastname@example.org.
How Important is LTV to my Remortgage Interest Rates?
In a nutshell, the lower the LTV, the lower the risk to the lender. That is because the property value is much higher than the amount being borrowed, and so they would be easily able to recoup the funds were the property to be repossessed.
Each lender will have different criteria, but remortgage rates are based on how much it costs that lender to extend a mortgage to you - and how significant the risk that the repayments will not be made.
For higher LTVs at 90% or above, the risk is much greater than a lower LTV loan of, say, 70%, and therefore you'd expect to be quoted higher interest rates.
While 90% LTV remortgages or above are a specialist product, we do work with a network of lenders who are experienced in lending up to this level.
Does it Matter what my Remortgage is for?
It can do, yes. Some lenders have rules about what remortgage situations they will lend to, and those that they won't.
Common reasons for a remortgage include:
- Home renovations.
- Consolidating debt.
- Releasing equity to cover a holiday or wedding.
- Refinancing to secure a better rate.
Some lenders will have preferred reasons to lend. For example, you might find few mortgage providers in the mainstream that will accept a 90% LTV application to consolidate other debts, as they consider this too high risk to fit into their lending profile.
If you'd like to remortgage, are unsure which rates offer the best deals, or need help negotiating competitive terms with expert advice, contact us today. The Revolution team is available on 0330 304 3040, or via email at email@example.com.