Remortgage Advice in Coventry
More people are working from home now than ever. People are really warming to it, they’re waking up later, putting the tea on early so it’s ready at five, they’re really considering continuing like this after the lockdown ends.
Everything is accessible from home, technology has allowed us all to communicate even though we are all in different places. We can video call our coworkers anytime we want in just the click of a button, there has never been a better time to remortgage for a home office.
How to Remortgage for a Home Office
If you are looking at remortgaging for a home office, you will have to remortgage your property and find a new deal to raise additional funds. These funds will be used to convert your chosen room into a home office. Usually, people choose to convert a spare room or a garage. Converting a garage will cost more than a spare room as they tend to need a lot more work done on them and can sometimes be bigger than a spare room. You shouldn’t worry about the cost though as it is more than likely that you will save money in the future anyway, here are some benefits from having a home office:
- You can disregard weekly travel costs as you are working from home (this is great if you work out of town)
- If you have children, you can avoid childcare costs and work around the school run
- You are doing your bit for the environment and reducing your carbon footprint
- You will have no distractions working from home, you will be more productive and get done what you need to (and even work a bit later if you really have to)
- You won’t have to keep nipping out to the sandwich shop!
To find a remortgage deal, you are going to have to either go directly to your current lender and choose one of their products or approach a Mortgage Broker in Coventry who will find a remortgage deal for you. To put it simply, your lender will only have access to their deals, whereas a Mortgage Broker in Coventry, like ourselves, will have access to thousands of remortgage deals.
A remortgage advisor in Coventry at Coventrymoneyman will search endlessly till they find that 1/1000 remortgage deal that matches your personal and financial situation perfectly. They will be right by your side and guide you through the whole remortgage process and be there to answer any question that you may have at any point during the remortgage process.
A Mortgage Advisor at Coventrymoneyman will always have your best interests at heart, whereas your local bank may not, they will probably be offering better deals to first time buyers in Coventry than to current borrowers looking to remortgage like yourself.
The Costs of a Home Office
You need to get an estimate of how much you think the home improvements will cost, you will need to factor in the room size and how much work on the room is going to required, your advisor can help you with this. This could range anywhere from £5,000 – £15,000.
There has never been a better time to remortgage for a home office, the interest rates are some of the lowest in 20 years. Assuming you manage to get a typical 25-year mortgage term with 2% rate, if you borrow:
- £5,000 – you may only be paying back no more than £20-£30 a month on top of your basic payments.
- £15,000 – you may only be paying back no more than £60-£70 a month on top of your basic payments.
This isn’t a lot at all, you will barely notice the money going out. Like we said before, you could be spending £20 or more on travel per week anyway, so this is a great saving.
Are you Looking to Remortgage for Home Improvements?
Are you liking the idea of working from home permanently? If so, it may be time to start shopping around for remortgage deals. If you want a no-hassle process and want to try and get the best deal available, we recommend that you speak with a Remortgage Advisor in Coventry.
Getting remortgage advice in Coventry could end up saving you time and money. Remember we offer a free mortgage consultation to every customer, so why not get in touch with one of our advisors and they will see what they can do for you. We can’t wait to hear from you!
Date Last Edited: December 6, 2023
