Finding the right 60% LTV remortgage to save on your monthly repayments.

Choosing the right remortgage is crucial to saving as much as you can over your mortgage term. 

A mortgage is likely to be your largest financial commitment and therefore it is vital not to make a mistake when choosing your deal.

With a larger deposit you are  likely to be considered as a lower risk by lenders, and as such you should have access to some of the cheapest rates on offer. 

Cheaper rates mean lower repayments and with a large deposit, your mortgage could cost you thousands of pounds less over the entire term.

If you are the fortunate position to have 40% equity than a range of lower rates will be on offer from lenders keen to attract low risk business.

Finding a new deal.

• Review your finances.

The first thing you will need to do is review your finances to see exactly what you can afford to borrow. 

The amount a lender will agree to advance will depend on your financial circumstances and credit rating, however a 40% deposit should open a lot of doors.

• Work out your loan to value.

If you have a 40% deposit then your loan to value will be 60%. Lenders are keen to lend to lower risk borrowers, therefore you should find some highly competitive rates are on offer. The lower your loan to value the lower the rate you will be offered.

• Decide which type of mortgage best suits your needs.

There are various types of mortgage products. Working out whether a fixed rate or tracker mortgage would be best or whether a current account mortgage or offset would be more appropriate is best done with impartial advice from an independent broker.

• Choose your mortgage term.

The mortgage term is how long your deal will run for. The longer the term the more you will repay. A shorter term deal may cost you less longer term, however monthly repayments may be slightly higher. Seek advice on this point as you should balance paying off your mortgage as quickly as possible, with monthly repayments that are easier to manage.

• Contact Deal Direct for a 'whole of market' mortgage search.

Our impartial advisers will compare all lenders remortgage offers to find the best deal most suited to your needs. We help you through every stage of finding, applying and being approved for the best mortgage on offer.

Call us for impartial advice and a low rate quote on 0800 048 8828, let  us find you a lower rate to switch to.