If you’re looking to review your remortgage options, then you’re probably wondering how much you can borrow

Whether you’ve recently changed jobs, lowered your hours, or perhaps need to borrow money to extend your house for a home office, it can be tricky to understand how much to apply for.

You would’ve thought that the answer to this is to do with how much you earn, which it is, but your remortgage success also depends on a lot of other factors. 

How Much Can I Borrow?

Income or joint income is the biggest factor of how much you can borrow for your remortgage

Companies who lend you money will multiply your income or joint income to work out what they’re willing to lend you.

How many multiples is dependent on rules set by each company who lends money, which they keep secret. Overall, it’s common for banks to let you borrow 4 - 5 times your annual salary. 

So, if you earn £35,000 a year, you can afford a remortgage for at least £140,000, right?

In theory, yes, but a bank won’t just hand over the cash based on a multiple of your annual salary. There are other factors they need to consider like your LTV (loan-to-value) and affordability. Your annual salary is, however, a great place to start. 

Buying a home

Remortgage Borrowing Deposit

How much you can borrow when you remortgage is also based on borrowing against the value of your house, which is called the LTV (loan-to-value)

Lenders need to assess what level of risk your property and you represent, viewing a person with a lower LTV percentage as less risky. If your property is valued at £200,000 and you’re looking to borrow £150,000, then your LTV would be 75%. 

You don’t need a deposit with a remortgage like you did with your first mortgage, you need to show how much equity you have. 

Your equity is not how much you have paid off your mortgage - it's the current market valuation minus how much you owe. 

So, the amount you can borrow when you remortgage is concerned with your income, your equity and the level of risk you represent to a lender.

So far so good, but it’s also important that you can afford to repay the remortgage each month, which is where affordability comes in.

Can I Afford to Remortgage?

Whether you can afford your mortgage payments will be assessed by the lender when you apply for a remortgage. You can use our repayment calculator to understand what your monthly repayments might be. 

One of our mortgage advisers can also help you to understand what you can borrow versus what you can comfortably afford to pay each month -- they'll also discuss your lender options with you.

It’s also worth noting that your credit history of paying on time each month on your mortgage and other bills impacts your ability to obtain a remortgage. If you’re concerned, it’s best to be upfront with the mortgage adviser, as they can choose lenders who are more likely to lend you money.

Remortgage Deals

Now you have roughly worked out what you can afford to borrow, you’ll need to look at what remortgage rates and remortgage deals are available. You can do this yourself by looking at our remortgage best buys and by getting in touch with one of our advisers on 0330 433 2927.

It’s important to look at the cost of borrowing (interest rate), any fees, the overall cost of borrowing (APRC), flexibility to overpay and take mortgage payment holidays, any incentives like cashback and free valuations, and who the product is available to. Your John Charcol mortgage adviser will help you find a deal suitable to your needs and circumstances.

Some remortgage products have a minimum and maximum amount and restrict the rate to people who have a lower LTV. In general, the lower the LTV you have, the cheaper the remortgage rate you can access.

How Long Does It Take to Remortgage?

The remortgage process can take 4 - 8 weeks if there are no complications along the way. 

All lenders that are regulated by the Financial Conduct Authority (FCA) have rules and procedures to protect you, which means that you’ll be taken through a process to ensure that you understand the financial obligations and details of the remortgage. 

You’ll receive remortgage key facts documents, which details everything you need to know about the remortgage deal you’re interested in. You’ll need to sign and return documentation to confirm that you’d like to proceed with the new remortgage. 

Dependent on whether you chose to stay with the same lender or change to a new lender will determine the evidence required and remortgage process.

A remortgage adviser can help you to understand the remortgage process from understanding how much you can borrow to application and beyond. To get in touch with one of our expert advisers today, give us a call on 0330 433 2927 or enquire online.

Remortgage Quote

Once you have found the remortgage rate for you and checked that you can afford to repay the monthly repayments, you’ll need to apply for your remortgage. It’s important to consider the benefits of staying with the same lender in addition to moving to a new lender, as there are pros and cons. 

You’re likely to have less or no fees with your existing lender to transfer you on to a new product, but as an existing customer, you will not be offered new customer remortgage deals, so your rate might be higher. 

You’ll also have a track record with your existing lender, so they don’t usually ask for as much paperwork and proof of identity -- as you would have done this initially. 

The benefit of moving to a new lender for your remortgage is the low initial cost of borrowing (interest rate) which is reserved for new customers only. You might also be able to access new features, flexibility, and incentives. 

However, new customer remortgages often have fees and costs associated with them and you’ll have to provide paperwork to prove who you are, your income, and various other documents.


Home Insurance

Do you want new home insurance to go with that new mortgage? Our in-house team can arrange bespoke buildings and contents insurance to suit your new requirements, for free.

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With John Charcol, you’ll have the option of speaking to your very own expert protection adviser who’ll learn about your situation and find the right cover for your needs.

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JC Legal

We can find you a solicitor to manage the conveyancing part of the process with JC Legal. We choose from an exclusive panel of carefully selected solicitors and conveyancers, saving you time and ensuring you receive excellent service.

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Equity Release

It’s easy to overlook your property as part of your finances, but your home is probably the biggest asset you have. Release money from your home with John Charcol's partnership with Key Retirement. Find out more and start the process today.

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What Our Customers Think

John Charcol

John Charcol0330 057 5173£

Cutlers Exchange, 123 HoundsditchLondonEC3A 7BU



4.86 based on 2258 reviews

  • LocalBusiness

    It was amazing experience Mr Shaahid was extremely proactive to get me mortgage.

  • LocalBusiness

    Excellent from start to finish. We were in a bit of a unique situation to get a mortgage and Maz (Mufazzal Choudry)has been brilliant at every step. Communication has been clear and helpful and we couldn’t recommend him highly enough.

  • LocalBusiness

    We had excellent service from Samm Walker when arranging our life insurance recently. Samm was very friendly, helpful and patient with us whilst going through the whole process. Highly recommended! Thank you!

  • LocalBusiness
    Verified Buyer

    Excellent service from start to finish. From initial consultation, to getting the offer finalised, Mufazzal Choudhury was great at guiding us through the process and taking the lead on sorting everything out. Would highly recommend Mufazzal/Maz and John Charcol as a mortgage broker. Maz was open to questions at most times of the day fitting us in around our busy schedules. He's been continuously diligent, continuing to provide us revised offers and reduced rates as lenders lower their products.

  • LocalBusiness
    Verified Buyer

    As a self-employed expat looking for a buy-to-let mortgage, I needed a broker who could track down a competitive deal for niche borrower, and Charcol brokers Mark Brazier and Hollie Yeates did it. As well as finding me the perfect mortgage, they offered brilliant support throughout the process, and everything went very smoothly their end.

  • LocalBusiness

    We recently used John Charcol for the second time. This time our broker was Mark Brazier, who was brilliant throughout the whole process. He was really down to earth, which made it easy for me to discuss any concerns I had. He went through a few different options and we worked out what would best suit us. Emma Moores helped progress the purchase and was also fantastic, responding quickly to calls / emails and she couldn't do enough to help. I can't thank either of them enough. Would use again in the future without a doubt.


There are many valid reasons to remortgage. If you’re considering remortgaging your home but need help finding the right option for you, contact John Charcol. Our team of experienced mortgage advisers can recommend a range of remortgage options to suit you. Request a call back or call us on 0330 433 2927 to get in touch.

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