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Choosing the Right UK Remortgage Lender

Most lenders offer remortgage products, but it can be tricky to know which lender to go with and which remortgage options are the best fit – read on for advice from the Revolution remortgaging team.

Choosing the Right UK Remortgage Lender

One of the most common queries the Revolution team receives is how to find a remortgage lender who can offer the most competitive rates and terms.

There are multiple reasons you may wish to remortgage - and one of the most popular reasons is to find a lower interest rate, or to find a better deal rather than switching to a standard rate after your fixed period has ended.

Here we will run through the most important things to consider when choosing which lender to apply to for a remortgage.

Whether you are with a mainstream lender, a high street bank, or a specialist mortgage provider, it is always worth taking the time to review the rates on offer from competitors. We will also explain the advantage of broker-only remortgages and how these are ideal for applicants who fall outside of 'standard' lending criteria.

If you need tailored advice and support with your remortgage application, give our team a call on 0330 304 3040 or send us an email to [email protected].

Comparing UK Remortgage Providers

Most lenders will consider new remortgage applicants, and there are a variety of offers on the market. Some will offer perks such as:

  • Free legal charges.
  • Free property valuation services.
  • Cashback on completion.

This can, however, make it confusing for applicants who can't see like-for-like comparisons, and don't want to commit to a long-term financial product when there could be better deals available.

Start by considering your requirements:

  • What sort of remortgage do you want to apply for?
  • Have your financial circumstances changed since you first took out a mortgage?

Applying for a remortgage isn't far different from taking out fresh mortgage lending. It is vital to understand how each lender works and what criteria they have before you apply. These include checks such as:

  • Mortgage credit checks.
  • Affordability assessments.
  • Standard lending criteria tests.

Each lender will also have a different fee structure, with costs sometimes unclear.

Given the variety of choices on the market, it is crucial to compare lending policies and to check how they stack up against your existing mortgage provider.

We often work with applicants who have struggled to find the right remortgage, because their lender of choice has strict policies that they fall outside of. Sometimes, this is as simple as being a self-employed business or working through the CIS scheme.

An expert broker is always the best way to find the right lenders, understand the fees and terms, and negotiate the best rates.

About Your Mortgage
Single or joint mortgage?
What’s your yearly income?

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Based On Your Yearly Income, You May Be Able To Borrow

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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.

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Depending on your personal circumstances, some lenders may let you borrow 5 times your salary.

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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 Do I Choose the Best Remortgage Provider?

Each remortgage applicant is different; you might want to remortgage to finance home improvements. Perhaps you have debts you'd like to consolidate, or you want to release equity to pay for a new car.

The first step is to identify what your goals are and then think about any parts of the application that might be difficult for a mainstream lender to accept.

Examples include:

  • Remortgaging a non-standard property; e.g. one with a thatched roof.
  • Having recently changed jobs or being a freelance professional.
  • Bad credit issues, or having a minimal credit history.

Revolution Finance Brokers specialises in non-standard mortgages and uses our experience and vast network of niche lenders to negotiate advantageous deals that you won't find on the open market.

If you need help finding the right lender, get in touch, and we will get the ball rolling.

Which UK Lender is Best for Remortgages?

It isn't easy to give a broad indication of the best lenders, as this depends on what you want from your remortgage. For example:

  • Do you have a preference in the remortgage type - i.e. fixed rate, offset mortgage, variable rates or a tracker mortgage?
  • What do you want to release the equity for?
  • Are you remortgaging to switch to an interest-only mortgage?

Alongside these considerations, your personal circumstances will also dictate which lenders you should apply to, depending on their lending criteria.

Here we have summarised some of the remortgage deals on offer from some of the largest high street lenders, to give you an indicative idea of which applicants they can, and cannot, accept.

Remortgage Provider:

Applicant Criteria:

Rates / Terms Available:

Accord Remortgages

Accord does not deal with applicants directly, and so can only be applied to through a broker.

 

Remortgage options include remortgaging to raise capital, including to pay off a Help to Buy loan.

Remortgages are available on both repayment and interest-only bases, and there is no minimum income threshold.

 

LTVs are available up to 75%, but non-standard properties made entirely of timber, and studio flats, are not accepted.

Aldermore Remortgages

As with Accord, Aldermore does not accept direct applications and are only available through a broker.

 

Remortgages are available to release capital, including for business reasons and to consolidate debts.

Aldermore is committed to supporting applicants who have struggled to remortgage elsewhere, so are a great choice if you have difficulties with your credit history and have been turned down.

 

Affordability criteria are more flexible, and so Aldermore remortgages are also popular with self-employed professionals.

Barclays Remortgages

Barclays remortgages are available for provider switches, and for applicants who want to raise finances for debt consolidation, personal reasons or for property renovations.

Note that interest-only remortgages are not available for debt consolidation.

Halifax Remortgage

Accept applicants wanting to switch from their existing mortgage provider, or to raise cash for uses such as a property renovation.

The online Halifax calculator provides rough ideas of repayment value, and the maximum they can borrow - however, there is no option for an interest-only remortgage.

HSBC Remortgage

There are multiple options for remortgage applications, and applicants may apply if they want to release cash for renovations, debt consolidation and raising finance for business purposes.

Most property types are considered; however, you cannot apply for an HSBC remortgage if you wish to raise capital for a Help to Buy loan repayment.

NatWest Remortgage

NatWest offers up to 90% LTV on remortgages, including to release equity for home renovations.

 

They do not offer remortgages for business purposes, to pay off tax liabilities, or to repay a Help to Buy loan.

Interest-only remortgages are available as well as repayment remortgages.

 

However, note that for an interest-only mortgage, you must earn more than £75,000 a year and hold minimum equity in your home.

Nationwide Remortgage

Offer either fixed-rate remortgages or tracker remortgages, with fixed rates up to ten years.

 

New applicants can choose between products with different fee structures, and benefits include free legal services, or £500 cashback.

You can use the Nationwide remortgage calculator to get an idea of terms available.

 

However, note that Nationwide will not accept applicants who purchased their property through Help to Buy.

 

You can apply to Nationwide if you used Help to Buy, but don't wish to release equity from your remortgage.

Santander Remortgage

Santander offers simple provider switches and does allow for equity release for property improvements, debt consolidation, and raising finances for property investment.

LTVs have a maximum of 75%, and applicants may not remortgage to raise finances for a business.

 

The online calculator gives a rough idea of costs.

 

There is a caveat in that if you wish to remortgage to consolidate debts, the affordability assessment will include those debts as if they remain outstanding - which means the maximum you can borrow is often less than through other providers.

Woolwich Remortgages

Woolwich has been incorporated into Barclays UK.

 

 

If you hold a Woolwich mortgage and want to remortgage, you can contact Barclays to discuss.

Other popular UK remortgage providers include:

  • Coventry Building Society
  • Lloyds
  • Mortgage Works
  • The Post Office
  • Shawbrook
  • TSB
  • Yorkshire Building Society

Why Should I Use a Broker to Remortgage?

Remortgaging your property can be complicated; and even if you are well versed in the terms and rates available, it is essential to understand what products are coming onto the market to ensure you don't end up spending more than you should.

Mortgages are a significant cost, running over many years, and broker-only remortgage rates can often save a large amount of money compared to products on the open market.

As an experienced remortgaging broker, the Revolution team takes a bespoke approach to every client, understanding what you want and your circumstances before identifying the most suitable lenders to apply to.

This avoids making unsuccessful applications to lenders whose criteria you don't meet, and thus avoids racking up marks on your credit history that can have a detrimental impact.

Professional UK Remortgage Support

Our team helps thousands of UK homeowners find competitive remortgage deals, often saving a considerable amount of money over their mortgage term by negotiating rates with the leading lenders.

For help with your remortgage, comparing interest rates, and finding a lender if a mainstream provider has rejected you, contact the business finance broker team at [email protected] or give us a call on 0330 304 3040.

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