Here you can find information to support you and your clients to remortgage with us, including our key features, extra help with affordability and maximum LTVs.
At a glance a remortgage is moving from an existing mortgage to a new mortgage, with either the existing lender or to a new lender. Other examples of remortgage can also apply
Information:
We've made enhancements to the DIP process to show additional affordability when your clients are eligible to remortgage with extra help. For details, see the 'next steps' under extra help with affordability for remortgage below.
Your clients will receive a free standard mortgage valuation and a choice of free standard legal fees, or £500 cashback.
When your client transfers their mortgage to us from another lender, we always check the value of the property. And we always pay the fee for a standard mortgage valuation.
We'll pay the cost of the standard legal fee with a straightforward remortgage of registered land.
View our legal costs.
Cashback is payable by cheque or bank transfer to the current account the mortgage payment is taken from, within one month of completion of the new mortgage.
Additional features
Your clients may be able to borrow more when they remortgage, if they choose a 5 or 10 year fixed rate mortgage and meet eligibility criteria.
Meeting the criteria doesn’t mean we’ll always be able to offer extra help.
We won’t accept:
Applications for second properties. This includes holiday homes, dependent relative or for work reasons. Extra help will only be available if:
Note:
If the affordability calculator result for your client says we might be able to lend more with a 5 or 10 year fixed rate, log in to NFI Online to complete a Decision in Principle (DIP). In the DIP decision screen, if your client is eligible, it may return standard affordability and extra help for remortgage. By selecting Longer Term Fixed, only products of 5 years or more will be displayed at full application.
Below are two examples based on joint applicants. The first is based on joint applicants applying to remortgage with additional borrowing. The second example is based on joint applicants applying for a like for like mortgage.
Product: 5 or 10 year fixed rate
Income: £70,000
Term: 20 years
Maximum loan before: £280,700
Maximum loan after: £314,300
Uplift: £33,600
Loan to income before: 4x
Loan to income after: 4.5x
Product: 5 or 10 year fixed rate
Income: £50,000
Term: 40 years
Maximum loan before: £308,900
Maximum loan after: £325,000
Uplift: £16,100
Loan to income before: 6.2x
Loan to income after: 6.5x
For clients looking to remortgage without additional borrowing, they will still be able to borrow up to 6.5x loan to income (LTI) and up to 95% loan to value (LTV).
| Application type | Maximum LTV |
|---|---|
| Interest only | 75% LTV |
| Part and part | 85% LTV |
| Remortgage for debt consolidation or paying off a second charge (this includes non Help to Buy equity loans) | 80% LTV |
| Remortgage with additional mortgaged properties in the background (e.g. second property or buy to let property) | 85% LTV |
| Remortgage with repaying Help to Buy equity loan off in full | 90% LTV |
| Remortgage with additional borrowing | 90% LTV |
| Remortgage like-for-like | 95% LTV |
You can see a full breakdown of additional borrowing limits on our borrowing page.
Use our product finder to find the best deal for your clients. Select 'remortgage' from the list of client types and we'll show you the remortgage products available.
Below is further information relating to our remortgage product. If you can’t find the information you’re looking for, talk to our Business Development Advisers using Broker Chat.
