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About your mortgage
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Based on your yearly income,
you may be able to borrow
Most lenders will let you borrow 4.5 times your annual salary so, as long as you have a standard 10% deposit, you should be able to borrow this much.
Depending on your personal circumstances, some lenders may let you borrow 5 times your salary.
Lenders usually cap the amount they lend at 5.5 times your salary, so it’s unlikely you’ll be able to borrow more than this.
How to Find a Cheap Remortgage Rate
When remortgaging, the primary goal is usually to save money. business finance broker works with thousands of clients who successfully remortgage to reduce their outgoings, switch to a better rate, or release capital from their equity.
If I Remortgage, How Can I Get the Best Deal?
Few people choose to stick with the same mortgage for the full duration of the term - and you might end up remortgaging multiple times.
When you switch to a better rate, you reduce the cost of your mortgage. However, it is essential to work with a broker who can ensure you are getting the best deal.
Sometimes, you might reach the end of an initial term, usually after two, five or ten years. These mortgages might be:
- Tracker rates
- Discounted rates
In any case, when you reach the end of the fixed-term, you can almost always save money rather than going onto your lender's standard variable rate. This can also be an opportune time to remortgage at a higher value to release equity.
The right deal for you depends on your circumstances, what you are paying now, and how you'd like to restructure the terms of your mortgage.
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How Can I Get the Cheapest Remortgage After my Fixed Rate Term?
Many people remortgage at the end of a fixed-term. Still more think they won't save much money, or the process is too complicated, and stay with the same lender.
It is usually best to wait until your fixed term ends before remortgaging since there will often be early exit penalties to pay.
You might find that most lenders offer similar rates; however, an independent broker has access to deals that are often not available on the open market and might be highly competitive in comparison with an offer from a high street lender.
If you're considering remortgaging, the process works like this:
- Give Revolution Brokers a call on 0330 304 3040.
- We'll book a convenient time with a remortgaging expert.
- They will ask about your circumstances and take down some details.
- We scour the market for the absolute best rates available.
- Your adviser will let you know what they think the best deals are.
- If you decide to proceed, we collate the documentation and apply for you.
- Once the final lending offer is received, the paperwork is processed, and you start saving money!
Can I Get a Cheap Remortgage for More Borrowing?
You can usually, depending on the scenario, remortgage at a higher value to release equity. You'll usually need at least 5% equity to be able to do so.
If you put down a deposit of 20% or higher when buying your home, you could choose to extend the mortgage value, by reducing your equity, or by increasing the mortgage value to include the rest of the equity you have built up over the initial term.
Do Lenders Need to Know Why I Want to Release Equity?
They will want to know the reasons since different lenders have different policies around what purposes they can remortgage to release capital for.
Common reasons include:
- Consolidating debts.
- Paying for an extension or renovation.
- Raising cash to support a first-time buyer family member.
- Purchasing a car or holiday.
- To raise the deposit funds for a buy to let property.
Can I Remortgage Cheaply Onto an Offset Mortgage?
You can - offset mortgages are an excellent option for homeowners with a healthy savings value. This type of loan offsets your savings against your mortgage and therefore reduces the balance against which your interest is calculated.
The downside is that you won't earn interest on those savings. However, at a time when interest rates are low, savings interest is minimal, and it is often far more beneficial to choose not to raise that interest, as you will save more money by offsetting the interest paid on your mortgage.
Where are the Best UK Remortgage Rates?
There are millions of UK lenders, and you can find countless interest rate calculators and comparison websites. That said, be wary of online calculations since these can only ever be indicative.
Some of the most competitive specialist lenders do not advertise rates online, do not pay to participate in price comparison websites, and offer products only through trusted brokers.
Where Can I Find the Best Fixed Rate Remortgage Deals?
With many fixed-rate remortgage options, the best one depends on the interest rates, and what your plans are for your property.
If interest rates look set to be increasing, a fixed rate is an attractive option. If interest rates are likely to dip, a short-term fixed-rate deal can save you more money.
Should you be considering a move, or to sell your property in the future, then shorter-term fixed rates will save more money.
What Options are there for Fixed-Rate Remortgages?
Most fixed-rate mortgages will run for:
- A two-year fixed term.
- A five-year fixed rate.
- A ten-year fixed-rate mortgage.
Cheapest Two Year Fixed Remortgages
Two year fixed rates are often the lowest. However, if there is an arrangement fee, remember that you will need to pay this again in two years.
Therefore, it is essential to compare overall costs as a lower interest rate might end up being more expensive because of periodic arrangement fees.
Best Five Year Fixed Remortgages
Five year fixed rate mortgages come in a variety of options, with some offering low interest, some offering free fees, and other offering other perks.
The best course of action is to work with an independent broker who can recommend the best options and compare like-for-like lending costs.
Cheapest Ten Year Fixed Remortgages
Ten year fixed rates need careful consideration to ensure you are likely to save more money than on a shorter term.
The positive is that you won't need to pay arrangement fees for another decade and have the assurance that your mortgage payments will not change.
Fewer lenders offer ten year fixed mortgages, but more options are coming onto the market. It's also worth remembering that if you find a better deal during those ten years and want to switch, you will probably have to pay early exit penalties.
Are the Best Remortgage Rates Still the Cheapest Options?
Interest rates are only one factor when it comes to the cost of a remortgage. You also need to compare prices, and charges such as valuation fees.
Looking at remortgage rates is not sufficient to understand which deals are actually the cheapest.
In some cases, it can be challenging to compare remortgages since the terms and rates used are not always directly comparable. If you are stuck working out which remortgage is the most competitive option, give the Revolution Brokers team a call.
How Easy is it to Compare Remortgage Rates?
As we've seen, it isn't always easy at all.
Remortgages include a variety of costs and rates, and it is vital to compare the whole market rather than just one or two lenders. With perks such as free surveys, free arrangement fees, cashback and free legals, two deals with similar rates might cost a very different amount.
We always recommend using an expert broker, and not relying on arbitrary figures returned by price comparison websites.
Experienced brokers know which lenders to apply to, and which rates and fees offer the most advantageous options overall. We also understand how interest rates are anticipated to change, and therefore which remortgages are the best deals.
Are Remortgage Calculators Worth Using?
Remortgage calculators are useful, but should never determine which product you apply for.
They can help estimate your monthly repayments and can give you a rough idea of the amount of lending you can apply for. However, they do not include eligibility criteria, so there is no assurance that the lender will be able to accept your application.
As always, the only reliable way to understand the actual cost of a remortgage and to apply with confidence is to work with an independent broker.
How Does my LTV Impact my Remortgage Rate?
The Loan to Value (LTV) is how much you own vs the value of your home.
Lenders will consider the LTV to work out the maximum they can lend you. For example, if you have 10% equity, you'll need a lender who can mortgage up to 90% LTV. Likewise, if you have 30% equity, you want the cheapest remortgage deal at 70% LTV.
Usually, the lower the LTV, the lower the interest rate. This is because lower LTVs are also lower risk.
Is it Possible to Remortgage at 100% Loan to Value?
You can indeed remortgage a 100% mortgage, although usually, you'll need a guarantor, or a broker to negotiate terms on your behalf.
There are fewer product transfer options for 100% LTVs, and a broker is essential to ensure that you don't end up paying a steep interest charge.
How Can I Get the Cheapest Remortgage at 95% LTV?
If you're searching for a 95% remortgage, you are unlikely to find a good deal through a mainstream lender. Relevant factors include:
- The interest rates offered on a remortgage.
- The fees and costs involved.
- What benefits the remortgage offers you.
- Whether there is a fixed-rate interest period.
With 95% remortgages being a specialist product, you can usually find the cheapest deal through a broker. In some cases, interest rates on high LTVs are so steep it is more cost-effective to switch to the standard variable rate rather than to remortgage.
Can I Remortgage at a 90% LTV?
You can, and if you have 10% equity in your home, you have more lenders to choose from. As your equity grows, your interest rate will fall, and so you have more options when it comes to remortgaging.
90% LTV remortgages are available with:
- Fixed-term interest rates
- Variable interest rates
- Offset remortgages
- Fee-free offers
- Cashback offers
Having so much choice is great, but it can be more complicated to understand comparable costs or to know which 90% remortgage is the best option.
What 85% LTV Remortgage Deals are Available?
Many lenders offer 85% remortgages, and at this sort of LTV, you can usually get a competitive rate.
Fixed terms are available, usually for two, five, or ten year periods.
How Can I Get the Lowest Rate on an 80% LTV Remortgage?
With 20% equity in your property, you are likely to find remortgages offering perks and free fees to attract you to that lender.
However, it can be complicated to compare every possible deal, and using an expert broker is usually the best way to ensure you save as much money as possible.
Who Offers the Best 75% LTV Remortgages?
UK lenders can offer 75% LTV remortgages with rates on two year fixed terms at less than 2%. You can also find rates lower than 2% for five years.
Incentives are usually generous since you have 25% equity and are therefore a low-risk applicant. It can take a great deal of time to search the market and calculate the comparable costs, so a broker can streamline the process and ensure you're getting the best deal.
Are There Good Deals Available for 70% Remortgages?
With 20% equity, you have lots of options and can consider remortgaging to raise capital as well as reducing your interest rates.
Where Can I get the Best Remortgage at 65% Loan to Value?
If you only need a 65% LTV mortgage on your property, then you have negotiating power and can expect to find a low-interest rate, especially on shorter-term fixed rates.
Using a broker is always the best option, as they can recommend the most competitive deals, and negotiate favourable terms and perks on your behalf.
Are There Cheap 60% LTV Remortgage Options?
As with a 65% remortgage, at this level of equity, you have lots of options and lenders who will be happy to accept your application. The most favourable rates are usually on two or five-year terms, but you can also find great deals over ten years if you want a stable remortgage cost for the long-term.
Some mainstream lenders reserve their best rates for existing customers.
Therefore, if you're looking for a 60% remortgage, a broker is your best bet to ensure you don't miss out on a rate that isn't available on the high street.
Independent Support with Low-Cost Remortgage Options
As an independent, whole of market broker, we work with a vast network of UK lenders to ensure you understand all the costs and get the very best deal for your remortgage.
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Securing an excellent mortgage offer with Revolution Finance
Brokers couldn't be easier:
As specialist mortgage brokers for a huge variety of applicants, the whole-of-market consultants at Revolution provide access to an exceptional range of lenders, products and mortgage deals. That means you get the advantage of professional negotiation and broker-exclusives through an established lending network to ensure we always find you the most competitive mortgage available.
The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.
We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.