Remortgaging Your Home
People who have no plan in moving home in Coventry and have already found their ‘dream home’ may think about remortgaging for home improvements. The most popular home improvements are extensions, as it’s really easy to build out onto your garden or convert your loft.
People who have a growing family or plans to start one may want more living space and decide upon an extension. Surprisingly, remortgaging for an extension is much easier than people think.
How to Remortgage for Home Improvements
To get the ball rolling, you will have to remortgage your property to raise additional funds. To remortgage, you will need to find a new remortgage deal to switch onto. You can either do this with your current mortgage lender or with a Mortgage Broker in Coventry.
The main difference is that if you go to your lender you will only have access to their deals and their deals only, whereas a Mortgage Broker in Coventry, like us, will have access to thousands of unique remortgage deals across many different lenders, not just one. Coventrymoneyman has multiple different lenders on panel, each with different lending criteria, meaning that we should be able to match you with a perfect deal that fits your personal and financial situation the best.
The Costs of an Extension
At the moment, the costs to remortgage for a home extension are very low. This is because of the impact that the coronavirus has had on the mortgage market. COVID-19 has made the interest rates plummet to some of the lowest that we have seen in over 20 years.
The costs can vary, it is down to factors such as the size of the extension and how much work will need to be carried out. Take this example, for remortgaging and raising £25,000 – £50,000 in additional funds, you may only have to pay back £100 – £200 a month on top of your current monthly payments, which really isn’t a lot. Of course, the less you borrow for the extension, the less that you will have to pay back every month. There has never been a better time to remortgage!
You will also need to consider that in order to remortgage, you will have to go through another affordability assessment, even if you switch deals through the same lender.
Are you Looking at Remortgaging for Home Improvements?
It doesn’t just have to be for an extension, sometimes people want to remortgage for a home office and there is nothing wrong with that. The main thing is to get a great remortgage deal that will benefit your personal and financial situation.
The good news is, a remortgage advisor in Coventry at Coventrymoneyman can help you achieve that perfect deal. They will go above and beyond for you, searching long and hard, for that 1/1000 remortgage deal. What’s better than having an expert Mortgage Advisor in Coventry by your side to guide you through the remortgage process and be there to answer any questions you may have along the way.
Get in touch with one of our amazing advisors today and receive a free mortgage consultation in Coventry. We hope that we hear from you soon!
Date Last Edited: December 6, 2023
