What’s Changing?
Under the new approach, homeowners who select a 5-year or 10-year fixed rate mortgage will be assessed using a different affordability calculation. This may allow them to borrow more than they could on shorter-term deals.
- Available to both employed and self-employed borrowers
- Minimum income: £40,000 (sole) or £70,000 (joint)
- All applications will still undergo a full affordability assessment
Why Remortgagers Should Take Notice
Remortgaging means replacing your existing mortgage with a new one, either with your current lender or by switching to another. People usually remortgage to:
- Secure a better interest rate
- Release equity for home improvements, investments, or other needs
- Switch to a fixed rate for predictable payments
- Consolidate debt into a single repayment (where appropriate)
Nationwide’s new affordability method could be especially useful for those needing stability or planning significant upgrades to their property.
Extra Support for Those Not Borrowing More
Nationwide still offers up to 6.5x income at up to 95% LTV for eligible customers who are simply switching their mortgage without additional borrowing, one of the most generous policies in the UK market.
Industry Response
“So much attention has been given to helping first-time buyers in the recent past, and this is wonderful, but it’s also important that existing homeowners, especially those remortgaging, are given the same level of help. The better affordability of Nationwide for longer fixed terms is a move in the right direction that could make a huge difference for many borrowers. It’s great to see more lenders recognising the needs of remortgagers in today’s market.”
— Louis Mason, Head of Marketing and Communications, Oportfolio Mortgages
How Oportfolio Mortgages Can Help
- Compare products from a wide range of UK lenders
- Assess your individual circumstances for the best fit
- Guide you through every step of the remortgage process
- Help secure competitive fixed rates for long-term peace of mind
Contact us today to explore your options
Remortgage FAQ – UK Homeowners
1) What is a remortgage?
A remortgage is when you replace your existing mortgage with a new one, either with the same lender or a different lender.
2) Why remortgage?
Common reasons include securing a better rate, fixing payments, releasing equity, or changing your mortgage term.
3) How often can I remortgage?
You can remortgage at any time, but leaving a deal early may incur early repayment charges.
4) What is Loan-to-Value (LTV)?
LTV is the percentage of your property’s value that you borrow. A lower LTV often means a better rate.
5) Can I remortgage if I’m self-employed?
Yes, most lenders, including Nationwide, consider applications from self-employed borrowers, though criteria differ.
