Considering a Remortgage for Home Improvements? 

Important to know

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. You may have to pay an early repayment charge to your existing lender when you remortgage.

Please remember that a mortgage is a loan secured against your home. Your home may be repossessed if you do not maintain repayments on your mortgage or any other load secured against it. You may have to pay an early repayment charge to your existing lender when you remortgage. Think carefully before securing other debts against your home. And it is always a good idea to speak with an experienced mortgage broker who can talk you through the process and understand the options and what they mean for you.

Are you wondering if remortgaging for home improvements is the right move for you?

The best way to finance your home improvement project is through a loan.

How can I remortgage my property?

Before you make any decisions, it is important that you do your research. This may include finding a reputable mortgage broker or asking for professional help. If you choose to remortgage, this would mean changing your entire mortgage agreement with either your old or new lender. Keep in mind that this process could be as easy as simply moving to a different deal where the size of the mortgage doesn’t change, or taking out extra money and releasing some of the equity in your home by extending the timeline of the loan repayment period. If you choose to end your mortgage deal before it expires, keep in mind that you may have to pay early repayment charges. In addition, your lender will need proof that you can afford the new monthly payments as well as a detailed explanation of how you plan on spending the money from the refinance.With our mortgage repayment calculator you can find out how much your monthly mortgage repayments might be to determine how much you can comfortably afford.

Do all lenders offer remortgages for home improvement projects?

All lenders, as part of their duties, will ask questions and follow procedures to ensure everything is in order before releasing funds. It’s the same process as taking out any sort of mortgage deal. They’ll inquire about your reasoning for needing the money but should allow equity to be released if everything checks out and it’s being used for home improvements. Mortgage rates will differ based on how much of the property value you’re borrowing against your mortgage loan. The Loan to Value, or LTV, is the amount of money a lender allows to be borrowed for home improvements. Usually, this number falls around 80-90% of the property’s current value.

A personal loan can be a great option for funding home improvements.

Although you could take out a personal loan, you first must assess whether it is the right decision for your individual circumstances. Applying for a personal loan is simpler than other loans and they don’t require equity within a property. Additionally, if you can’t make repayments, there’s no danger of losing your home like with other loans. Although monthly instalments are generally higher because they’re spread over a shorter time period, this also means that the debt will be paid off quicker.

What are the primary motivations for people to remortgage?

Nowadays, people are choosing to remortgage their homes and use that money for home improvement projects. This is because it is often more difficult to find and buy a new dream home than it is to simply make improvements to their current home. Remortgaging can provide many benefits, including the opportunity to increase the value of your property or make it more comfortable to live in.

How can Your Mortgage Experts help?

Your  Mortgage Experts advisers have plenty of experience helping people remortgage for home improvements. They know exactly what you’ll need at each stage of the process so that you’re as prepared as possible when you submit your application – thereby increasing your chance of success. Contact us today to speak with an advisor about remortgaging for home improvement projects.

What are the benefits of remortgaging for home improvements?

Remortgaging can offer lower repayment rates and provide a lump sum for home improvements. It can increase property value and enhance living comfort.

How does the process of remortgaging for home improvements work?

Homeowners change their mortgage agreement with their current or a new lender. This might involve altering the deal or releasing home equity. Lenders will need proof of the homeowner's ability to manage new payments and an explanation for the funds' use.

Are personal loans a viable alternative to remortgaging for home improvements?

Yes, personal loans are simpler to apply for and don't require home equity. They offer faster repayment but might have higher monthly installments.

Luca Bertolino

Mortgage Expert

Your Mortgage Experts is led by Luca Bertolino with 20 years experience in financial services and in the property market. Through Luca’s wealth of knowledge and expertise, Your Mortgage Experts have become a trusted adviser that clients have come to rely upon for all their mortgage and protection needs.

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