Remortgage for home improvement

Completing a remortgage is done for a variety of reasons mainly to save money is the most common reason and can be alikened to witching Gas/Electric providers etc to save money.

A mortgage is a debt and the way of saving money is by achieved the lowest APR rate in terms of repaying it. If two customers borrowed exactly the same amount of money over the same number of years and one is paying a rate of 2% and one of 4% the 2% payments will be less they will boyth be repaying the capital but less interest charged on the lower rate.

There are a lot of customers/clients that one there intial rate has ended then move on to a standard variable rate and generally speaking this is higher than a new rate or new deal offered by many lenders doing remortgages. Most lenders will also cover the main costs in remortgaging such as Valuation costs or legal fees.

Remortgage for Home improvements - you may want to have additional funds for improving the property ranging from decorating and light refurbishment up to extensions or buildling on your existing land.

Its worth noting that it will be well worth speaking to an advisor regarding this as part of your planning - More and more we are seeing clients that are spending monies on various credit cards/ Loans with the view to adding the debt to the mortgage later and classing it as raising money for home improvements unfortunatly a lender will class this as debt consolidation and the rules and criteria regarding this is much stricter and not everyone will be able to do this if at all - Its important to plan you you may want to do even if your not ready right now.

Generally speaking most lenders are happy to monies for this purpose of home improvement and why not, you are improving the property this can be from decorating, new kitchen, new rooms extensions etc the list goes on. Its important to remember that every lender is different and has different criteria on what they will and wont consider so if your existing lender has said no make and enquiry and speak to one of our advisors

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AS A MORTGAGE IS SECURED AGAINST YOUR HOME OR PROPERTY, IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS.  THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. View Finance Ltd is an Appointed Representative of Finance Advice Group Ltd, which is authorised and regulated by the Financial Conduct Authority under number 624517 in respect of mortgage, insurance and consumer credit mediation activities only. The Financial Conduct Authority does not regulate some form of mortgages and loans, including most types of Buy to let mortgages and also Limited Company lending. The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK. Registered office address: 42 Friar Gate, Derby, DE1 1DA. Registered in England and Wales, company number 11265177.