Thinking about extending your home? If you’re a homeowner, remortgaging in Manchester could be a great way to fund your project. Instead of using savings or high-interest loans, you may be able to borrow more on your mortgage. This can provide the funds needed to create extra space while potentially securing a better mortgage rate.
Manchester’s housing market has remained strong, and many homeowners are choosing to extend rather than move. An extension can add value to your property, making it a smart long-term investment.
Why Homeowners in Manchester Consider Remortgaging for an Extension
The cost of moving can be high. Stamp duty, legal fees, and estate agent costs all add up. That’s why many homeowners in Manchester prefer to stay in their current homes and extend instead. Whether it’s an extra bedroom, a bigger kitchen, or a home office, remortgaging for home improvements in Manchester can make this possible.
Manchester’s rising house prices also play a role. In areas like Didsbury, Chorlton, and Altrincham, many homeowners now have more equity in their properties. This can be used to secure extra borrowing at competitive rates, helping to finance an extension without expensive loans.
Before applying, it’s also worth considering planning permission and building regulations. Some lenders may ask for details of the work before approving your application.
How Does Remortgaging Work for a Home Extension?
Remortgaging means switching to a new mortgage deal, often increasing the loan amount to release equity. Lenders will assess your property’s value, your current mortgage balance, and your financial situation.
For example, if your home is worth £300,000 and you owe £150,000 on your mortgage, you may be able to increase your loan to £200,000. This would free up £50,000 for your extension. Your income, credit history, and monthly outgoings will determine how much you can borrow.
If your home has gained value since your original mortgage, you may also access better interest rates. This could make remortgaging in Manchester more affordable than other forms of borrowing.
Things to Consider Before Remortgaging
Before remortgaging, check if your current lender charges early repayment fees. These can impact whether switching to a new deal is cost-effective. Our mortgage advisor in Manchester can help you compare options and assess affordability.
It’s also important to budget for your new repayments. While borrowing more can fund your extension, your monthly costs may rise. Make sure the new mortgage remains manageable.
Another key step is checking if you need planning permission. Some extensions require approval from Manchester City Council. Lenders may also ask for building plans before approving your application.
How Our Mortgage Advisors in Manchester Can Help
Finding the right remortgage deal can feel overwhelming. That’s where speaking to a mortgage advisor in Manchester can help.
We compare deals from a range of lenders to find the most suitable option for your needs. Whether you want to understand your borrowing potential or need help securing the best remortgage rates, we’re here to guide you.
If you’re thinking about remortgaging for a home extension in Manchester, speak to our mortgage advisors today. We’ll help you secure the right deal and fund your home improvements with confidence.
Date Last Edited: March 19, 2025
