With the unfortunate outbreak of COVID-19, a lot of people have been left working from home. It has become apparent to many of these people prefer this way of working and are thinking about sticking with it once lockdown eventually comes to an end.
At home you have access to anything you could possibly need and you can easily contact your coworkers through video calls and so on, as technology has made team communication so easy. Regardless of whether you are working from home or in an office, you can often still do the same job if you at least have access to a computer.
If you are looking to remortgage for a home office, you will need to raise additional funds by researching your remortgage options. The funds raised will be put towards remodelling a room for your chosen office space. We commonly see that people want one in either their spare room or a garage.
The next step will be to find a suitable remortgage deal, either on your own or with the assistance of a mortgage broker in Hull, the choice is yours. You could go directly to your bank, however, you will only have access to the deals that they offer in-house. If you shop around, especially with the assistance of a mortgage advisor, you will see that there are thousands of deals out there to choose from. Often these can be better than the ones the bank have on offer.
Our mortgage advice team are able to search through thousands of remortgage deals for you, finding one that matches your circumstances and future plans. A dedicated mortgage advisor in Hull will always have your best interests at heart.
To get the ball rolling, you will need an estimate of how much you think the works are going to cost. For example, this could range from £5,000 to £15,000. Your total costs will be affected by things like the room size and how much work is needed to turn your room into a fully fledged office.
With some of the lowest interest rates we’ve seen in a while, now seems to be a prime time to pull the trigger on your remortgage. Assuming you manage to get a 2% interest rate on a typical 25-year mortgage term, to borrow £5,000 you may only pay back £21 per month and to borrow £15,000 it shouldn’t be any higher than £65 a month.
You have the potential to save money down the line as you won’t be spending money on travel every week due to working from home. This will also massively reduce your carbon footprint and will provide possible flexibility for any school runs.
If you have a spare room or a garage that you would like to convert into an office, get in touch with your dedicated Remortgage advisor in Hull. We have been finding the best remortgage deals for our customers for a long time. Our team know how to secure that 1/1000 deal!
You may also find that your lender could extend the time frame of your remortgage process, meaning that you will get your home office further down the line once the lockdown is over, perfect timing!
We offer a free Remortgage consultation at Hullmoneyman and we consider every single remortgage situation. Get in touch today and we will see what we can do to match your remortgage needs.