Remortgage

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.

Key product features

Your clients will receive a free standard mortgage valuation and a choice of free standard legal fees, or £500 cashback.

Free standard valuation

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.

Free standard legal fees

We'll pay the cost of the standard legal fee with a straightforward remortgage of registered land.

View our legal costs.

£500 cashback

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

If your client is repaying a Help to Buy equity loan in full, we'll lend up to 90% LTV to help them
Offers valid for 180 days
Day one remortgage
We lend up to 95% of the value of their home
Remortgage tolerance of up to £500 (NFI Online cases)
90 day product reservations
Capital raising on a mortgage free property
No Early Repayment Charge (ERCs) on tracker products
Choose interest only or part and part repayment basis across our remortgage product range
10% overpayment allowance on fixed rate product

Extra help with affordability for remortgage

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.

Remortgage
- Standard Ownership only, and the security address must be the applicant(s) main residence.
- Not available if capital raising to repay unsecured debt.
Employed or self employed
Minimum income of £40k for a sole applicant or £70k for joint applicants.

Meeting the criteria doesn’t mean we’ll always be able to offer extra help.

We won’t accept:

Applications in conjunction with any Scheme or Non-Standard Ownership type (such as Shared Ownership or Right to Buy)
Interest only
Applications for second properties. This includes holiday homes, dependent relative or for work reasons. Extra help will only be available if:
- an existing property remains in the background and
- the new property will be the main residence.

Next steps

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, choose a Fixed Rate (5 years or more) on the ‘Product Type’ question in Loan Requirements
If you key a DIP on a standard lending basis but this is unaffordable, you’ll have the option to resubmit on a 5 or 10 year fixed rate.

Extra help examples

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.

Remortgage with additional borrowing

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

Like for like remortgage

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).

Maximum LTVs

Borrowing limits table
Application type	Maximum LTV
Interest only/part and part	75% 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.

Borrowing limits

Product finder

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.

Product finder

Additional remortgage information

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.

Remortgages with no additional borrowing This will reveal additional content

This refers to clients who have no more than one mortgaged property and are looking to remortgage to Nationwide with no additional borrowing.

The loan amount requested must be less than or equal to the outstanding mortgage balance with the current lender. The product fee (if applicable) can also be added.

Remortgage Tolerance (NFI Online cases) This will reveal additional content

For a remortgage, if the new loan requested is insufficient to repay the existing mortgage, an additional amount of up to and including £500 ('the tolerance') can be requested by the conveyancer without the case having to be reprocessed. Conveyancers can only request tolerance for this purpose.

If the conveyancer requests more than £500, the loan amount will have to be increased, the application reprocessed and a revised offer issued.

The offer will include a condition instructing the conveyancer how this tolerance can be used. Where the tolerance of up to and including £500 is used:

The case will not need to be reprocessed.
A new offer will not need to be issued.
The case will not be declined if the maximum affordability or LTV limit is breached.

Note on Let Properties This will reveal additional content

Nationwide does not remortgage properties that are let.

For let properties please visit The Mortgage Works (opens in a new window), which is the specialist lender of Nationwide Building Society, to see their current range of Buy to Let remortgage deals.