70% LTV remortgages
A 70% LTV mortgage will leave plenty of lenders competing for your business - increasing your choice vs. taking out a mortgage with a higher LTV ratio. It should also give you access to fairly competitive interest rates on your borrowing.
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What is a 70% LTV mortgage?
The loan to value (LTV) ratio of your mortgage is how much you’re borrowing, as a percentage of the total value of your property. This is one of the main ways lenders determine how much interest you’ll pay.
A 70% loan-to-value (LTV) mortgage is simply when you put down a 30% deposit for your house and the mortgage covers the remaining 70%.
70% Loan to Value (LTV) Remortgages
When you remortgage if you can reduce the LTV band of your borrowing, you’ll usually qualify for a cheaper rate. Most lenders tend to price their rates in bands at 5% intervals, so even moving from 95% to 90% LTV could save you some money. However, the more you reduce your LTV, the larger the savings you’re likely to make.
Remortgaging is slightly different to taking out a mortgage to buy a home, as you won't really be dealing with deposits.
However, to get a lender's 70% LTV rates, you’ll need 30% equity in your home. In other words, your remaining loan should only be 70% of the current value of your home. When remortgaging it's important to remember that the current value of your home is used, not what you paid for it when you originally got your mortgage.
If your home has increased in value, this makes it easier to reduce the LTV of your borrowing, as even if you’ve paid back very little, it will reduce the percentage of its value you’re borrowing.
Example 70% LTV loan amounts and property values
See the below examples which shows how much your remaining outstanding loan needs to be, compared to your property value, to qualify for a 70% LTV remortgage.
Keep in mind that you will still need to pass affordability and credit checks, as these will likely be carried out again if you switch to a new lender. An online mortgage broker like Mojo can advise you on what you need.
What rate can I expect with a 70% LTV mortgage?
It depends on the lender and your circumstances. Loan to value is a big influence on your final rate, but it’s not the only thing lenders look at.
Keep in mind that rates change regularly and those quoted won’t necessarily be available to everyone. Working with a fee free mortgage advisor can help you to find a 70% LTV remortgage that’s tailored to your needs and circumstances.
70% LTV remortgage FAQs
Yes. You just need to save up a 30% deposit. This can be difficult, given the cost of property, however, there are ways to get there quicker. You could consider a joint mortgage with up to 3 other people and split the deposit responsibility.
It’s also possible to use a gifted deposit, or to make use of a LISA account, which is where the government tops up savings specifically intended for home purchase, by 25% for first time buyers.
Yes, it’s possible. Most lenders don’t offer interest-only deals at above 75% LTV, however, given the added risk in higher LTV lending, and the added risk involved with interest-only borrowing.
Interest-only mortgages are most commonly used for buy-to-let mortgages, but it’s possible to remortgage to an interest-only mortgage on a residential mortgage.