Remortgage For A Home Office | Mortgage Advice In Hull
Remortgage Advice in Hull
Remortgaging your home
The outbreak of COVID-19 has left a lot of people having to work from home. People are realising that this working from home life suits them and are thinking about continuing this way after the lockdown ends.
You can access everything that you need to from home and you can easily contact your coworkers through video calls, etc. Technology has made communication so easy. Whether you are working from home or in an office, you can get the same job done on your computer.
How to remortgage for a home office
If you are interested in remortgaging for a home office, you will have to remortgage your property to raise additional funds. These funds will be used to convert your chosen office space, we usually find that people want one in their spare room or sometimes a garage.
You will need a find a remortgage deal, whether this is on your own or with help from a local Mortgage Broker in Hull, it’s up to you. If you choose to go on your own and go directly to your bank you will only have access to their deals, but if you shop around, you will see that there are thousands of deals out there and could often be better than your banks.
If you approach a Mortgage Broker in Hull, like us, we will search through thousands of remortgage deals for you and find you the best one based on your personal circumstances. An advisor at Hullmoneyman always has your best interests at heart and will try their best to find you a perfect remortgage deal.
The costs of a home office
In order to get started, you are going to have to get an estimate of how much you think that the works are going to cost. For example, this could range from £5,000 to £15,000. The cost will be affected by things like the room size and how much work is needed on the room to get it in shape for office work.
Now is the best time to remortgage, the interest rates are some of the lowest rates that we’ve ever seen. 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.
Potentially, you could end up saving money down the line as you won’t be spending money on travel every week as you will be working from home. Working from home will also massively reduce your carbon footprint and will provide that flexibility for the school runs!
Are you looking to remortgage for home improvements?
If you have a spare room or a garage that you would like to convert into an office, get in touch with your local Remortgage Advisor in Hull. We have been finding outstanding remortgage deals for our customers for over 11 years now, we 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.