Can I remortgage for home improvements?
Deciding to remortgage can be a lucrative move, especially if you want to make some alterations to your home. Read on to find out more!
Remortgaging can be a great idea for a number of reasons. For example, you might want to change the type of deal you’re on or just change the lender that you’re with altogether. Alternatively, you may want to use remortgaging for home improvements. In this article, we’ll tell you why this could be a great move for you. Let’s get started!
Why should I remortgage in the first place?
Whether you’ve got it in your head that you want to use remortgaging for home improvements or not, it’s important that you get to grips with the basics. Remortgaging can be a great way to save up to thousands of pounds on what is likely to be your biggest financial commitment.
A lot of people tend to remortgage because their current mortgage deal may be about to end or they’ve seen another deal on the market that they like the look of. This can be a simple way to save you money. Even if the amount that you’re saving in interest is only 1% by switching, this could amount to thousands over your mortgage term. But before you do, make sure you’re aware of any exit fees or charges you may face if you change your deal or lender as it may eat into the amount that you’d be saving!
Will I be able to remortgage for home improvements?
In short, as long as you have sufficient equity, of course you can! Opting to use remortgaging for home improvements is a very popular option for homeowners up and down the country. By investing the money that you release by remortgaging into improving your home, this can have significant benefits to your property’s valuation. Meaning that should you ever decide to move home then you’d be making a profit on the amount that you had originally bought the property for!
Just remember that if you are remortgaging for home improvements and you’re going to be borrowing a large sum from your lender, make sure your credit file is up to scratch! Lenders are going to ask for evidence on why you want to borrow the amount that you want to make sure that you have quotes from any builders that are going to work on your property. Also, any proof that you are reliable borrower will go a long way too! So, that may mean forking out any old credit checks or receipts of on-going payments.
How can we help?
At Mortgages Online we can help find you the best mortgage deals on the property market. Regardless of whether you’re looking to use remortgaging for home improvements or to save you some much-needed cash, we’re here to make your life easier. Our service is completely free and simple to use, so you’re also more than welcome to check out some of the other articles on our website. Good luck!
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