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was originally published on 19th April 2021 and the property market has now resumed and this information has become outdated.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.
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.
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:
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.
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.
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.
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.
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:
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.
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 - 19/04/2021