70% LTV remortgages

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Carl Atkinson

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Last updated:

October 7, 2020

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Remortgaging is the ideal time to save a lot of money, and getting a 70% LTV mortgage should help with that.

70% Loan to Value (LTV) Remortgages

When you remortgage you have a chance to switch LTV bands and apply for a cheaper rate.

A 70% mortgage is a very competitive loan-to-value ratio, and that means many banks and lenders will compete for your business, increasing your choice. This is because you aren't seen as that risky by a lender as your property value is almost a third higher than the amount they are lending you.

What is a 70% LTV mortgage?

An 70% loan-to-value (LTV) mortgage is simply when you put down a 30% deposit for your house and the mortgage covers the rest.

When remortgaging, it is slightly different as you won't really be dealing with deposits.

However, to get a lender's 70% LTV rates, you simply need your loan to not be higher than 70% of the value of your house. When remortgaging it's important to remember that's the current value of your house, not what you paid for it 2, 3, or 5 years ago when you originally got your mortgage.

In terms of LTV tiers, 70% sits in the middle with 95% the most expensive and 60% usually the least expensive.

If you have a lower rate, you'll pay less interest and your monthly repayments should fall after you remortgage.

Example 70% LTV loan amounts and house prices

If you wan to borrow a set amount at a 70% LTV rate, your property needs to be valued accordingly. Also, note, that you still need to pass eligibility and affordability checks.

Loan amount Property valuation
£70,000 £100,000
£85,000 £120,000
£105,000 £150,000
£140,000 £200,000
£210,000 £300,000
£350,000 £500,000

What rate can I expect with a 70% LTV mortgage?

It depends on the lender and your circumstances, LTV is a big influencer on your final rate, but it is not the only thing lenders will look at before deciding your rate.

However, currently 70% LTV rates are around 1.3% for a fixed period of 2 years.

Always look at the total cost however, because some fees can inflate the real rate. Your expert Mojo adviser can help you do this.

Are lenders still offering 70% LTV remortgages during the coronavirus outbreak?

Yes. There's a good chance, as you represent less risk to a lender, your valuation will still be carried out and you can remortgage with no disruption.

Can you get a 70% LTV as a first-time buyer?

Yes. You just need to save up a 30% deposit. A Help to Buy equity loan may help get you there, but you will also need to pay that back at some point.

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