The outbreak of COVID-19 has left most people having to work from home. Surprisingly, a lot of people are warming to this change of scenery and are hoping to continue working from home after lockdown.
Technology has made it so that you can access everything you can from in an office from home. Communication between you and your coworkers is just as easy, you can video call in the click of a button.
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 room into an office space. People usually prefer to convert their spare room or their garage.
To get the ball rolling, you are going to need to find a remortgage deal to switch onto. This is so much easier with a mortgage broker by your side as they will search through thousands of mortgage deals on your behalf and sort out everything for you. A Mortgage Advisor in Durham at Durhammoneyman will always have your bests interest at heart and will work around your personal circumstances to help you secure a perfect remortgage deal.
If you approach your bank, you will only have access to their deals and their deals only, however, a Mortgage Broker in Durham like us have access to over 38 different lenders and thousands of different remortgage deals.
You will have to get an estimate of how much you think the works for our home office is going to cost. Depending on the size of the room and how much work needs doing on it, the price could range from £5,000-£15,000.
Now is a perfect time to remortgage as the interest rates have never been so low. Assuming you manage to secure a deal with a 2% interest rate for a 25-year mortgage term, if you borrow £5,000 you will probably only be paying back £20 extra a month. If you borrow something like £15,000, you shouldn’t be paying back more than £65 extra a month.
On top of saving more money by looking for a remortgage deal now, you are also saving money in the long term. You won’t be driving to and from work every day, whether it’s far away or close by, you are still saving money and also doing your bit to reduce your carbon footprint.
Parents may usually rely on an after school club or a childminder to look after their children, however, a home office will allow you to work around the school routine which could save you even more money.
We always recommend that you speak to a Mortgage Advisor in Durham before making any decisions. We do offer a free mortgage consultation, so if you are curious about the costs and how you can go about remortgaging, get in touch and speak with a Mortgage Advisor in Durham today.
Date Last Edited: December 6, 2023