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Remortgage Deals with a 5% Deposit

Remortgage Deals with a 5% Deposit

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In the current lending climate, few lenders can offer a remortgage at up to 95% of Loan to Value (LTV).

Help to Buy has meant that more first time buyers can borrow as high as 95% of the value of their property, but securing a remortgage of this value is more specialist - with the main barrier being the risk analysis criteria that each lender must consider.

Revolution Brokers does work with niche lenders who can offer high LTV ratios, and who will consider a remortgage application leaving 5% equity in your property. To secure a 95% remortgage, it is vital to work with an experienced broker who can liaise with the right lenders.

For more support with any of the information contained in this guide, or with finding the best mortgage lenders offering up to 95% remortgages, give us a ring on 0330 304 3040 or drop us a message at info@revolutionbrokers.co.uk.

How Can I Remortgage my Property at a 95% Loan to Value?

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!

What Remortgage Rates Should I Expect to Pay on a 95% LTV?

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.

Check out our handy calculators

Our quick mortgage calculators are designed to give you an indication of how much you can borrow and allow you to consider the different mortgage options available to you.

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FCA disclaimer

*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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