Remortgage for Home improvements
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
If you would like to find out whether or not you are eligible to apply for a mortgage, or would just benefit from some more information on Mortgages then contact us today on
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