A remortgage can be a quick and easy process. Your current lender may be willing to offer you a similar rate, however it’s worth shopping around to get as many remortgage quotes as possible. After all, having a great deal can save you a lot of money over the years.
When you’re comparing remortgage quotes, the main areas to focus on are:
- Lender arrangement fees
- Survey fees
- Interest rate
- Mortgage term
- Early redemption charges
Focusing solely on the lowest mortgage rate won’t guarantee you the best deal. Once you assess the overall picture, such as the points above, only then will the best deal become apparent.
If you’re looking to secure a better mortgage rate or wish to borrow more, you can make an enquiry with an advisor at any time. We’ll do all the number crunching for you!Enquire Now
How are remortgage quotes assessed?
Remortgage quotes will be based on your loan to value (LTV) and the type of remortgage you need. Our advisors have access to remortgage deals at 40-95% LTV (possibly lower than 40%). The type of remortgages our advisors specialise in are:
- Buy to let remortgages
- Bad credit remortgages
- Debt consolidation remortgages
- Shared ownership remortgages
- Commercial remortgages
- Self-employed remortgages
Today’s remortgage deals
Securing a remortgage can be straightforward, especially with a great credit score and secure income. If you’re self-employed or have bad credit, then your assessment will be more complex. This is because you perhaps won’t be eligible for every lender and may need a specialist lender if your situation is extreme. You can speak to an expert advisor to help guide you in getting the best remortgage quotes.
You can view today’s remortgage deals below.
How does LTV affect a remortgage quote?
Loan to value (LTV) is simply the size of the loan in comparison to the property value. A 90% LTV on a £100k property, would indicate a £90k loan. The higher the LTV, the more risk a lender is placing on themselves.
If a lender agrees to a 90% LTV and the property decreases in value by 15%, the lender could make a loss if the mortgage isn’t repaid and they have to repossess and sell the property. For this reason, a remortgage with a higher LTV will typically have a higher rate than a remortgage with a lower LTV.
There are remortgage deals at 90% and even higher, however remortgages with high LTV ratios tend to be limited, simply because of the risk to a lender. As remortgages with high LTV ratios are limited, it’s less competitive and therefore rates can be high. The most competitive remortgage rates often start at a 75% LTV. Anything smaller than a 75% LTV should enable you to secure very competitive rates.
To summarise, if you’re after a high LTV remortgage, your remortgage quote may be higher than if you were to remortgage on a lower LTV.
How does the mortgage type affect a remortgage quote?
Mortgages come in all different shapes and sizes. As a result, so do the rates. Lenders also vary quite considerably in terms of the remortgage types they’ll consider. A lender that specialises in bad credit remortgages may approve a remortgage, whereas a high-street lender may decline. With all these variables in mind, the value of your remortgage quote had endless possibilities.
A clean credit file with a sizeable income can enable you to secure the best remortgage deals available. A bad credit file or being self-employed with accounts for one year will limit your options and if there are eligible lenders, their rates could be high.
Our advisors specialise in every type of remortgage there is and have access to specialist lenders for the really tricky remortgages. You can make an enquiry or simply ask our specialists a question.