Remortgaging Your Home
Sometimes people find their ‘dream home’ straight away and have no plans in moving home to Durham in the future, so they decide to remortgage in Durham for an extension. The most common home improvements that we see are kitchen extensions, conservatory extensions and loft conversions.
Nowadays, the most popular extension of the three is a kitchen extension. People are realising that it costs a lot less than what they originally thought, it’s easy to do too!
How to Remortgage for Home Improvements
To get the ball rolling, you will have to remortgage to raise additional funds. To remortgage, you need to find another deal to roll onto. You can either approach your lender and choose a remortgage deal from their limited products or go to a Mortgage Broker in Durham, like us, who will have access to thousands of remortgage deals across 38 different lenders.
A Mortgage Advisor in Durham at Durhammoneyman will support you through the whole of the remortgage process, recommending what you do at every step, as well as trying to find you the perfect remortgage deal to save you both time and money.
The Cost of an Extension
In the current climate of the UK and because of the effect of the Coronavirus has had on the mortgage market, the interest rates have dropped dramatically. They are at some of the lowest rates that we have seen over 20 years. So getting a great remortgage deal should be really easy and because of the interest rates, your monthly payments won’t really be affected.
For example, for an extra £100 – £200 a month, you could borrow an additional £25,000 – £50,000. There are lots of different things that will affect how much you will have to pay back per month and the amount that you can borrow overall. You will have to consider that the bigger the room is and the more work that needs doing on it will raise the amount that you can borrow and your monthly payments.
You will also need to note that in order to remortgage, you will have to go through another affordability assessment, even if you switch deals through the same lender.
Are you looking at remortgaging for home improvements?
Now is the best time to remortgage! The interest rates have never been lower, and they will slowly return back to normal. Also, lenders are probably going to extend the time frame of your remortgage application anyway, so the works won’t get started for another 6-9 months anyway.
As a Remortgage Advisor in Durham, we always recommend getting Remortgage Advice before going directly to your lender. A Mortgage Advisor at Durhammoneyman will always have your best interests at heart and work around your personal situation to match you with a perfect remortgage deal. What’s better than having a friendly Mortgage Advisor by your side to provide you with their help and guidance throughout every stage of the remortgage process.
We offer a free mortgage consultation here at Durhammoneyman, so get in touch and we can pass you straight over to a Mortgage Advisor who will talk you through all of your remortgage options in Durham.
Date Last Edited: December 6, 2023
