When remortgaging, the biggest challenge is always ensuring you get a rate that is lower than the one you are currently paying. If you have a mortgage on a competitive rate, deciding to remortgage might mean being offered interest charges at higher than they are now.

Typically, a residential mortgage will have a fixed interest period, but then after this initial time, reverts to the lenders Standard Variable Rate (SRV).

SRVs can range from 3-5% with most lenders, and upwards of 6% in some cases.

Remortgage rates with LTVs of 95% are around 5% plus on the current averages, which means there is a greater chance you won't find a mainstream lender who can remortgage at lower than your current rates.

To find a competitive interest rate on a high LTV remortgage, you can:

• Look at paying some of the existing mortgage balance off, to reduce your remortgage application to 90% LTV; and thus, be able to apply to more lenders and secure better mortgage rates.
• Work with an experienced broker to identify lenders who can offer 90%+ remortgages at around 3.5% interest rates (currently the best deals on the market).
• Ensure you only apply to lenders who will remortgage at a higher LTV, and compare the eligibility criteria to ensure you don't spend time on an application that won't be accepted.

If you're struggling to find a lender who fits your needs, the Revolution team is always on hand to help!

Remortgage rates change daily; and published rates may not be offered, depending on multiple other criteria.

Lenders will consider:

• Your equity in the property.
• The reason(s) for the remortgage.
• Your credit score and credit history.
• Other loans and obligations.
• Income and affordability.

If you are looking for a 95% remortgage, and want to find the most appealing offers available, contact Revolution Finance today.

Our team is available on 0330 304 3040, or you can email us at info@revolutionbrokers.co.uk.