Remortgage For A Home Extension | Mortgage Advice In Hull
Remortgage Advisor in Hull
Remortgaging your home
People who have no plan in moving house and have found their ‘dream home’ may consider remortgaging for an extension. People who have a growing family or have plans to have children may want more living space. This could be a kitchen extension, a loft conversion or a conservatory extension.
These days, the most popular reason to remortgage for your home is for a kitchen extension. People are realising that this is much easier to go about that they originally thought.
How to remortgage for home improvements
Firstly, you will have to remortgage your property to raise additional funds. To remortgage your property, you will need to search for different remortgage deals. You can either stick with your lender where you will be limited to their products to switch onto and their products only, whereas, if you shop around with different lenders, you could potentially find a much better deal that could save you some money.
With help from a Mortgage Broker in Hull by your side, you will also get access to all of their unique lenders who each have different remortgage deals with different criteria. You can’t access these deals if you go to your bank. Also, in the current climate of the UK and the effects of COVID-19 on the mortgage market, the rates at the moment have never been as low; particularly fixed-rate mortgage deals. Now has never been a better time to remortgage for home improvements!
The cost of an extension
The costs that come with a remortgage for an extension can really vary. For an extra £100 – £200 a month, you could borrow an extra £25,000 – £50,000. There are a lot of factors that will affect how much you will have to pay back per month and how much you can borrow overall. It is down to the specification of the home improvements such as the size of the extension.
You will also need to consider that in order to remortgage, you will have to go through another affordability assessment, even if you switch deals through the same lender.
Are you looking at remortgaging for home improvements?
The rates have never been lower, now is the best time to look for a remortgage deal to switch onto. It is also likely that your lender could extend the time frame of your remortgage process. This means that your home improvements could start in 6-9 months anyway.
As a Remortgage Advisor in Hull, we always recommend that you speak to a local Mortgage Broker like us. We will search through thousands of remortgage deals and pick out the perfect one for you and your personal situation. We know that times are difficult at the moment, so having a friendly local Mortgage Advisor in Hull by your side could make the process so much simpler and save you time and money.
Remember, we offer a free mortgage consultation to every customer, so get in touch with a Remortgage Advisor in Hull today and we will see what we can do!