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Find the right 90% remortgage for you
How to find the right 90% LTV remortgage
You may be able to remortgage to a 90% mortgage if you have 10% equity in your property. You can choose a remortgage by using a mortgage broker, who can help you choose a deal based on your personal circumstances.
A broker can also help you understand what your repayments will be depending on the deal and they can help you apply for it.
Remember that mortgage deals with the lowest interest rate might not always be the cheapest deal for you. The lender's additional product fees can end up making your overall mortgage more expensive.
Check you can get a 90% remortgage deal
Before you apply for a 90% remortgage deal, work out what equity you have in your home by:
Finding out what your property is worth
Working out how much is outstanding on your current mortgage
Your equity will be the difference between the current value of your home and your mortgage balance. If this is 10%, you might be able to get a 90% remortgage deal provided you meet other eligibility criteria.
When a 90% remortgage makes sense - and when to wait
A 90% LTV remortgage can make sense if your current deal is ending and you want to avoid a standard variable rate (SVR), or if you need to borrow extra money and don’t have enough equity for a lower-LTV option.
It’s also useful if you plan to stay in the property for a while and want the certainty that comes from locking in a new rate now.
However, you may want to wait if house prices look uncertain or you expect to build more equity soon, for example, through overpayments or rising property values. Even a small reduction in LTV can unlock significantly better rates, so timing your remortgage carefully could save you money in the long run.
Which deal should you choose?
When looking for a remortgage, make sure you're getting a deal that works for you and your circumstances. An independent broker can look across the market to compare mortgages and find the best options for you.
Pros and Cons of remortgaging at 90% LTV
Potential Benefits
Risks
90% remortgage FAQs
Can I borrow more with a remortgage?
Yes, remortgage providers will usually let you borrow more than you owe on your property, particularly if your home has gone up in value. You can use the extra money for specific purposes like renovations.
The lender will want to know what the cash is for and will carry out affordability checks to make sure you can make the repayments comfortably.
Can I get a mortgage without a deposit?
Although they're much more unusual now compared to before the 2008 financial crash, you may be able to get a mortgage without a deposit.
However, most 100% mortgages are guarantor mortgages, which means you can only get one if you can find someone (usually a family member) to act as guarantor and agree to be responsible for covering the mortgage payments if you cannot.
For most other mortgages, you need at least a 5% deposit.
Can I apply for a remortgage in advance?
Yes, you can get a mortgage offer from a lender before you need it. Some remortgage offers last for several months.
It is always good to plan ahead and make sure you have an offer in place before your current deal ends so you don’t end up moving onto your lender’s standard variable rate.
How long does it take to remortgage?
It's usually quicker to remortgage than it is to take out a mortgage to buy a new home. It's especially quick if you're getting a new deal with the same lender and not borrowing any extra money.
Typically, a straightforward remortgage takes about four to eight weeks but this can be longer if your application is rejected or there are any problems.
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