If you have no immediate plan for moving house and feel like you’re already living in your ‘dream home’ remortgaging for an extension may be the way forward. You may want to create a bigger living space if you have a growing family or plans to have kids in the future. This could be a kitchen extension, a loft conversion or a conservatory extension.
Nowadays, the most popular reason people look to remortgage their home is for a kitchen extension. It’s becoming more apparent that this is easier than they may have initially thought.
The first step here will be to remortgage your property to raise additional funds. In order to remortgage your property, you will need to search for various different remortgage deals. Your options involve sticking with your lender where you will be limited to their products to switch onto and their products only. Alternatively, you could shop around with different lenders, possibly leaving you with a much better deal that could save you some money in the long run.
By getting in touch with an experienced mortgage broker in Hull, you will get access to all of the unique lenders we have on panel, each with their own remortgage deals and criteria. If you go directly to the bank, you will not get access to these deals. Additionally, with the current climate of the UK and the effects of COVID-19 on the market, the mortgage rates have never been as low; particularly fixed-rate mortgage deals. It seems there has never been a better time to get a remortgage for home improvements!
The costs of remortgaging for extensions can vary. For an extra £100 – £200 a month, you could borrow an extra £25,000 – £50,000. There are many factors that will affect how much you will have to pay back per month and how much you can borrow in total. It is down to the specifications, such as how big the home extension is planned to be.
It is also worth remembering that you will have to go through another affordability assessment, even if you switch deals through the same lender you were with before.
The rates are lower than they have been for a while, meaning there has never been a better time to remortgage onto a better deal. Your lender may also extend the time frame of your remortgage process, meaning that your home improvements could start 6-9 months down the line.
As a trusted remortgage advisor in Hull, we always recommend that you get in touch so we can see how we can help. Our advisors are able to search through thousands of remortgage deals and pick out the most appropriate one for you and your future plans.
We know that times are difficult at the moment, so having someone like us by your side could make the process so much simpler, saving both your 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!