Remortgaging for Home Improvements

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Remortgaging for Home Improvements

How does it work?

The Costs of Home Improvements

When to Speak with a Mortgage Broker in Manchester

Seizing the Opportunity

As life goes on, you will undoubtedly want more living and breathing space in your home, it’s only natural. There are always ways to make more space; when it comes to living space, you can either physically move home or extend your current home, the choice is yours. Generally speaking, it can be cheaper to remain inside your current home as you don’t get all of the fees that are attached to moving home. So, if you’ve found a home that you can see yourself living in for years to come, it may be more beneficial to carry on living in the property.

If you choose to extend your home over moving home in Manchester you have to think about what you want from extending your home. Do you want a kitchen extension? A conservatory? Maybe a bigger garden? Whichever option you choose, you will still need to decide how you are going to do it.

This article is going to focus on the remortgagging for home improvements and how you can remortgage your home and come out with an extension.

Remortgage Advice in Manchester

Remortgaging for Home Improvements

Improving your home through a Remortgage could be the smartest thing to do, especially if you’re looking for a better mortgage rate anyway.

How does it work?

When you Remortgage / take out a product transfer, you are replacing your current mortgage deal with a new one. A Remortgage is when you swap deals through another lender and not your current one and a product transfer is when you swap products but stay with the same lender.

When Remortgaging for home improvements, you’re taking out another mortgage deal (through either way of remortgaging) to incorporate the costs for the intended home improvements. Your payments might be slightly more per month or your mortgage term may just extend for a few years or more. You may be paying more, but you end up with a lovely, new home extension.

The Costs of Home Improvements

Not only does Remortgaging for home improvements give your property a makeover, but it may also save you money on all of the fees that are associated with Moving Home.

Home improvements will likely increase your property’s value too. When it comes to selling the property further down the line, this can become incredibly useful when you are trying to get more money for your property.

Whilst it can save money, it’s worth noting that home improvements come with some significant costs of their own. These can include:

• Planning permission
• VAT
• Architects plans/services
• Materials
• Builders
• Building regulation inspections
• An Emergency Fund – Just in case things don’t quite go to plan

When to Speak with a Mortgage Broker in Manchester

In order to Remortgage for home improvements, you may need to release some equity within your property. You can do this at the point of Remortgaging.

Equity Release in Manchester can be quite a specialist subject, so we would recommend that you speak with a Mortgage Advisor in Manchester before making any decisions. You may not even need to go down the equity release route so it’s best to find out whether you need to or not first.

You’ll need to speak with a Mortgage Broker in Manchester in order to get the ball rolling on something like this. Remortgages tend to go a lot smoother and quicker than the first time you took out a mortgage, so you’ll hopefully be enjoying a nice and easy process once you’ve been assigned your remortgage advisor in Manchester.

Seizing the Opportunity

Here at Manchestermoneyman, we have Mortgage Advisors in Manchester working all throughout the day to help with our customer’s needs. If you’re looking to Remortgage your current property for home improvements or would like to further discuss the pros and cons of that versus moving home, get in touch and an advisor will run through all your questions.

Date Last Edited: February 13, 2024