Remortgage Advice in Birmingham
This article was originally published on 19th April 2021 and the property market has now resumed and this information has become outdated. Everything was 100% accurate at the date that this article was published.
There are many different reasons why someone may want to remortgage. it may be to improve your home e.g. through a home office, new kitchen, loft conversion, etc, to raise capital, or to release equity for another property.
Whatever your reason for wanting to remortgage, you will still have to go through a similar process as when you took out your initial mortgage. If you are looking to remortgage, then it may be worth approaching a remortgage advisor in Birmingham like us, we can help search 1000s of remortgage deals to find you a product that suits your financial situation.
Today we are going to focus on remortgaging for home improvements and even more specifically, for a home extension.
Remortgage for a Home Extension in Birmingham
If your home is feeling a little cramped or like it needs something else you may want to consider remortgaging for a home extension in Birmingham. Rather than going through the expenses and stress of purchasing another property, you could just extend your current home to allow more living space. Now is a perfect time to think about this remortgage option.
Why should I remortgage for a home extension?
As a Mortgage Broker in Birmingham, who’s dealt with lots of applicants remortgaging for a home extension, we have learned that people mostly do it for one of two reasons:
More Living Space
Customers commonly say “I’m moving to a bigger house for more room” when they haven’t thought about remortgaging first. If you are only looking to move home just for a house with an extension/loft conversion, you should look at your remortgage options first, as it may be cheaper for you plus you avoid the costs of buying a home in Birmingham.
If you want more living space because you are going to start a family/have a family, it may be simpler to extend your house through a remortgage rather than move home. You also may have already found your “forever home,” and you can afford to remortgage; there is nothing wrong with borrowing for this purpose at all.
Raise Property Price
Home improvements can often put extra value on your home. People sometimes remortgage for a home extension with plans to sell their property, and there’s nothing wrong with this too. Whether you plan to move out within the next couple of years or much further down the line, either way, you should see the price of your property rise due to the new extension.
When should I remortgage?
As of now (19/04/2021), we can still safely say that remortgage products are still competitive and are holding at a steady rate. So, now is still a great time to remortgage for home improvements. This is especially because of the constant rising of property prices, now could be the perfect time to invest in your home.
You should know that if you apply for a remortgage for home improvements and the amount you need to borrow is significant, the lender will reserve the right to ask you for estimates for the works you intend to have carried out. You do not necessarily have to use the Contractor that provided the quote to do the actual jobs.
Costs of Remortgaging
Depending on the work that you are planning to have on your home, you may find that remortgaging for a home extension in Birmingham barely affects your monthly mortgage payments.
Approximately, spending as little as £100 – £200 a month, could allow you to borrow £25,000 – £50,000 depending on the specifications. Lots of different things will be factored in when it comes to deciding how much you’ll be able to borrow when remortgaging for home improvements.
Home Extensions to Add to Your Home
There are plenty of different extensions and improvements you can choose to add to your property. Whether it’s an extension or a conversion, it doesn’t matter, both can be added to your home during a remortgage for home improvements:
- More storage – If you’ve run out of space to store your belongings, it may be time to remortgage for a home extension to create more storage room.
- New bathroom – If you feel like you need a nice, new, modern bathroom, then it’s perfectly okay to remortgage to do so.
- Conservatory – Conservatories are a great addition to any home. Particularly for garden lovers and people looking for more living space.
- Loft extension/conversion – A loft extension/conversion creates an extra room in the house; it also allows you to extend your living space without affecting your current garden. Whether it’s used as a bedroom, office, storage space, etc, we are finding these more and more popular each year, especially amongst customers with growing families.
- Extra bedroom – If you are growing your family or just want a bigger room for someone living inside of the house, you should look at remortgaging for a home extension in Birmingham to create an extra bedroom.
- Outdoor extension – This could be a garden extension, a new garage, or something else… the possibilities are endless!
- Off-street parking – If you always struggle to get parked on the street, it may be time to remortgage in Birmingham for off-street parking. This way you won’t have to look for spaces every day!
Adding a home extension can be time-consuming, but it can make a huge impact in the long run and your lifestyle. We have spoken to many customers who have taken our remortgage advice in Birmingham and have been happy with their results.
How can our Mortgage Advisors in Birmingham help?
Our Remortgage Advisors in Birmingham are here to help you through the whole remortgage process. If you want to remortgage for other means, no worries, we can still try and help!
Our Mortgage Advisors in Birmingham have been working with remortgage applicants for over two decades now and know exactly what they’re doing during the whole application process. Along with excellent remortgage advice in Birmingham, you could find yourself walking away with an excellent deal that saves you money in the long run.
When you remortgage for a home extension, you may find that your payments barely even change, and you get a brand-new extension with it too!
Contact us today and receive a free remortgage consultation in Birmingham. Our Remortgage Advisors in Birmingham will be more than happy to answer any remortgage questions that you have.
Date Last Edited: December 6, 2023
