Remortgage for Home Improvement

That new kitchen you’ve always wanted, garden revamp or the extension you’ve always dreamed of can finally be within your reach when you remortgage to improve your home.

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How to remortgage for home improvements

In order to get a better deal, start to save money and fund home improvements, many people choose to remortgage. Remortgaging is the process of switching your current mortgage to a better mortgage deal, with potentially better mortgage rates so you end up paying less on your mortgage.

If you have a repayment mortgage, your monthly payments will gradually pay off the loan over the term of the mortgage. This means that when you come to remortgage at the end of your introductory period (usually two or five years) you should be able to get a deal with a better rate.

Increase borrowing with low mortgage rates

Not only can home improvements provide you with satisfaction, but the idea that adding a new extension to your home such as a loft conversion or extension can actually add value to your home is also an attractive prospect. Also, by remortgaging for home improvements, it will save you taking out a personal loan or using up your savings – which can be useful.

Things to consider

When it comes to remortgaging, instead of increasing the amount of debt you have, you could try and fund home improvements another way, as an extra £50 or £100 may not seem like a lot extra to be paying out each month, but that will be added to the total cost of your mortgage, which you could be paying for 25 years or more.

Your options

If you are looking into funding home improvements, remortgaging is just one of the options available to you. Remortgaging allows you to release equity from your property by increasing the amount of borrowing on your current mortgage. You could also choose to take out a secured loan – a loan that is secured on your property, but is separate to your main mortgage. Or you can take out an unsecured loan – a loan that is not secured on to your property or any other type of asset.

How we can help

We specialise in remortgaging for debt consolidation and capital raising and if you require access to the equity in your home to fund home improvements, we have access to some specialised products and deals that you won’t be able to find on the high street.

If you need expert assistance and advice on protection, insurance or mortgages, please get in touch with one of our mortgage advisors in Birmingham to find out how we can help. We can help you whether you are in the midlands or anywhere else within the United Kingdom.

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