Nationwide increase maximum remortgage loan to value limit
Nationwide Building Society has recently announced a significant enhancement to its remortgage options, offering homeowners greater flexibility and accessibility in refinancing their properties. The building society has raised the maximum loan-to-value (LTV) ratios for like-for-like remortgages. By increasing their remortgage loan to value limits, Nationwide should drive a lot more borrowers to their products and offerings.
Changes To Maximum Remortgage Loan To Value
Under the new adjustments, homeowners opting for like-for-like remortgages can now access up to 95% of their property’s value, showcasing Nationwide’s dedication to providing great solutions for borrowers with different remortgage needs.
What Is A Like-For-Like Remortgage?
Like-for-like remortgages involve switching to a new mortgage deal without increasing the total mortgage amount or borrowing additional funds. For example, if you have £400,000 outstanding on your current mortgage, you will apply to borrow £400,000 for your next mortgage without raising any more capital, but hopefully securing a new more competitive deal and rate.
Nationwide Loan To Value Remortgage Criteria
Nationwide’s loan to value remortgage criteria covers a range of different remortgage scenarios, each designed to cater to the specific requirements of homeowners. Here are the current maximum borrowing limits for each type of remortgage that Nationwide offers:
Remortgage loan to value like-for-like: Up to 95% LTV
So, for example, you could have a property worth £500,000 with a mortgage of £475,000 that you can remortgage on to a better deal with Nationwide.
Remortgage LTV with additional borrowing: Up to 90% LTV
For example, you could have a property worth £500,000 with a £250,000 mortgage and then remortgage with Nationwide up to a maximum of £450,000 (90%).
Remortgage with additional mortgaged properties in the background: Up to 85% LTV
You could own a residential property with a mortgage on it and also own either mortgaged buy-to-lets or a mortgaged second residence and still borrow up to 85% with a remortgage.
Remortgage for debt consolidation or paying off a second charge: Up to 80% LTV
If you have some debts that you want to consolidate, you can potentially remortgage your property up to 80%.
Interest only/part and part: Up to 60% LTV
If you are looking to change your mortgage to interest only or part interest only/part repayment, you can remortgage up to 60% LTV.
What Other Remortgage Benefits Do Nationwide Offer?
In addition to the increased LTV ratios, Nationwide offers lots of other benefits for those opting to remortgage through them. These include a complimentary standard valuation, a choice between free standard legal fees or £500 cashback, day one remortgage service, 90-day product reservations, a 10% overpayment allowance on fixed-rate products, and no early repayment charges (ERCs) on tracker products.
Always Use A Mortgage Advisor For A Remortgage Application
Getting the best remortgage deal can be quite tricky, and seeking expert advice is crucial to ensuring a smooth and beneficial process. Experienced mortgage brokers, such as ourselves at Oportfolio, specialise in providing personalized unbeatable guidance. We look after the whole remortgage process for you, so that you don’t need to worry about a thing. If you or anyone you know is looking to remortgage, then please give our team a call. We are here to help.
