Improving your home can be a good idea. Not only does it feel good to treat yourselves to improving your home or creating additional space for an expanding family. But, depending on the work and improvements you make, it can increase the house price. If in the future you are looking to sell the property, having these improvements made can help you push the value of your property and make it more appealing to potential buyers. It can also help speed up the sale and secure you a better price as well.
You can remortgage your home to help fund home improvements and raise the extra money you need to get the project completed. In fact, home improvements, extensions, and adding to an existing property, are some of the common reasons that people look at a remortgage. You need to consider if there are other options available to you and if remortgaging is the best choice.
Before you make any decisions, it is worth looking at as many affordability calculations and affordability checks as you can. Mortgage lenders will most certainly look at these to make sure that you can afford to remortgage as even on a fixed rate the monthly repayments on your new mortgage could be higher. You need to make sure that it is the correct decision and that a new mortgage deal is the best route for you to raise money to complete home improvements. We are here to help and can talk you through the options on remortgaging to help you make an informed decision.
There are other things to be aware of as well. With your existing mortgage, you will need to check and understand, that if you are in an introductory period or tie-in period then you could be subject to an early repayment charge. An introductory period is not uncommon on mortgages, especially in the first few years. If you look to remortgage during this time you are breaking the initial deal and so your mortgage lender will want to make sure they are not losing out on the interest, this is why they penalise you with this early repayment charge.
As a mortgage broker, if you are considering your options for raising money for home improvements then speak to our team of experts. Whether you are looking for mortgage advice, have questions about remortgaging or even if you would find better interest rates by looking at a home improvement loan or even using a credit card, making one of them the better choice for you.
identityfs is authorised and regulated by the Financial Conduct Authority and is registered in England. We pride ourselves on delivering first-class customer service and our team of experienced representatives tailor options and advice based on your needs. If you are looking to remortgage for home improvements, to raise capital, or to consolidate debts, we are here for you.