Don’t move, improve! Remortgage for home improvements
Looking to remortgage for home improvements? This can be a great idea for you to make your current home even better! Let’s find out exactly how.
Deciding to remortgage for home improvements can be an excellent reason for you to find a new mortgage deal. With interest rates in a constant state of flux, the goalposts for what constitutes a good mortgage deal are always changing. As a result, you may find yourself needing to remortgage so that you can make the savings that you crave. Read on if you want to find out more!
What is a remortgage?
The process of remortgaging essentially involves refinancing your mortgage with either a new lender or your existing one. This means that you’ll be getting a new deal. But if you’ve already gone through the hassle of sorting a mortgage application already then why do it again for the property you’re already in? Simple. If you’re moving to a new deal with a lower interest rate or from a variable rate to a fixed rate this could save you a small fortune in the long run!
How can remortgaging help me with my home improvements?
A lot of you might be asking yourselves why should you stay and improve your home instead of moving. If you play your cards right, remortgaging to a new lender should enable you to raise money on low interest rates. This in turn can mean that deciding to stay and improve your home instead of moving can be a shrewd move. Not only are you saving a lump of cash by not having to pay Stamp Duty but, if you are currently on your lenders standard variable rate it is feasable that you could raise money for home improvements whilst switching to a more competitive deal & end up paying less per month than you are currently.
An important thing to bear in mind is that remortgaging isn’t as hard as it may seem. Just remember that if you’re remortgaging be careful of the fees that you might have to pay. It can play a big factor in determining how lucrative your remortgage might be if it is at all. We recommend that you look at things like, is an an early exit fee applicable, are solicitor & valuation fees payable or can you qualify for a fees-free remortgage, oh, & don't froget brokers fees.
How can we help?
Ultimately, we know that this is going to be a big decision for you to make. So, why not let us help you? At Mortgages Online our team can help you decide whether remortgaging for home improvements is going to be the right option for you. We can off you objective and free advice on which deals would suit you given current interest rates and the improvements that you’d like to have made to your home. It may be that, due to a hefty repayment charge the correct option could be a secured loan, swapping to a remortgage once your early repayment charge has expired. It may all sound complicated but that's why we're here to help make things as easy as possible. If you have any questions then drop us a message or give us a call!
