Home Office Remortgage Advice in Manchester
Revamped business models and the rise of Self Employed workers are the main reasons why home offices are gaining popularity. With the whole nation under new lockdown rules and regulations, people are going to be working from home for the foreseeable future. There is only so long that you can continue working from your kitchen table, right…?
If you are looking into the possibility of converting a room into a home office then you must know that there are multiple ways to go about this, but we are going to tell you the easiest one – through Remortgaging.
Here is a helpful remortgaging guide from our YouTube channel MoneymanTV:
What is remortgaging?
Firstly, what is remortgaging? Remortgaging is renewing your mortgage deal or switching over to a new mortgage deal to replace your current one.
There are many reasons why you may want to remortgage, for example, you may want a more competitive mortgage deal with a better rate, your mortgage term could be coming to its end so you need a new deal to lapse onto or you may want to remortgage for home improvements.
Potentially, a remortgage in Manchester could extend your mortgage term for a little longer, however, it could be pay off down the line as you could be on a better rate or have a brand new home office for example.
Remortgaging for Home Improvements
When you remortgage for home improvements, your mortgage payments will slightly increase per month. This is because you paying for the home improvements on top of your mortgage as a collective amount.
If you feel like a home office is for you and you want to remortgage for a home office, your mortgage payments shouldn’t increase by that much. If you consider the average cost of £5,000 – £10,000 for a home office, you could be looking at as little as a £20 – £60 increase over a 25-year term. As we said before, yes your term will increase, but in the long run, you will have a brand new home office that you will hardly notice the payments for.
You will also have equity built up in your property, and this will be used to fund the work on your home. Remortgaging for a home office would save you money down the line, whereas if you choose to pay for it there and then, you could have to pay hundreds over pounds over a much shorter period.
Reasons to Remortgage for a Home Office
There are many reasons to invest in a home office, especially during these uncertain times. Whether you are self employed in Manchester or have been told by your company that you will be working at home in your role now, there are many reasons to why a home office may benefit you when working from home:
- More productive – Generally speaking, working from home can make people more productive. People like being in their own space so that they can get on with their job and feel comfortable at the same time.
If you have children, we do understand that it can be difficult in lockdown to balance their attention and your work, however, by the time your home office is ready, they will hopefully be back at school! - Travel costs – When you are working from home, you can disregard all travel costs. You won’t need to fill up your car every week or pay for a bus/train ticket every day.
- Saving time – Saving time is definitely a positive to having a home office. It may also reduce stress levels as you are no longer panicking about getting to work on time or rushing home for something important. You thankfully don’t have to experience rush hour traffic anymore and can also get away with extra time in bed!
- Same job from home – Thanks to technology, you can do everything that you can in an office at home, which is great for productivity. Meetings can still take place over the telephone or over a video call so you don’t have to worry about communication.
- Flexibility – Your business may allow you to work different hours that suit you best. Whether it’s to do the school run or to spread the working day out between your colleagues, there may be a valid reason to start and finish earlier.
- Environmentally friendly – Having a home office will reduce your carbon footprint and help the environment. You will be using electricity at home, however, you won’t be using your car which can help reduce traffic and fuel consumption.
Remortgaging vs Moving Home in Manchester
Yes, Moving Home in Manchester is an option, you could move into a bigger place with an office already built-in if you want to. On the other hand, you need to weigh up the costs of this option. On top of the property price, you will have to consider the costs of moving home in Manchester, these include removal fees, property survey fees, mortgage arrangement fees etc.
If you want to go ahead and remortgage for a home office and don’t want to move home, now is your best opportunity to get remortgage advice in Manchester.
Remortgage Advice in Manchester
For expert advice in Manchester from a remortgage professional, feel free to get in touch today. We offer a free remortgage consultation in Manchester where all remortgage situations are considered. So, if you are interested in slightly increasing your monthly mortgage payments to get a home office, you know who to contact.
We know that it can be frustrating working in your kitchen or from a make-shift desk; don’t tire yourself out and make a nice and peaceful place to work from home in.
Date Last Edited: December 11, 2023
