There are lots of different reasons why people look to remortgage for home improvements. It could be that your home is simply showing its age and needs modernisation. It could be that your family has expanded and you need to reconfigure the layout. Alternatively, you may be looking to convert your garage to a gym or a bedroom into a home office.
Get StartedAre you looking to build a conservatory? To create a bigger garden? Perhaps you're looking to create yourself a kitchen extension. Whatever your reason for remortgaging, if you have a decent amount of equity in your home then an experienced mortgage broker will likely be able to help. If the works you are carrying out are substantial the lender may need you to obtain estimates ahead of agreeing to the mortgage.
Apply NowGenerally speaking, towards the end of your initial fixed period on your mortgage, you'll be looking to remortgage your property. Some do this for a better rate, some are looking to consolidate debts, whereas others may be looking to remortgage for home improvements. This works the same as remortgaging to release equity, wherein the mortgage lender will allow you to release a portion of the equity within your property (the difference between the value your property is sitting at currently, and the remaining balance of your mortgage). Along with any changes to your personal circumstances, they will calculate what you can release, which you can later use to cover the costs of the works you are looking to have done on your property.
There are a lot of reasons as to why someone may look to remortgage for home improvements. Whether it is for work reasons, a growing family or something else, you may not want to up and leave the home you have built up and grown to love. Popular choices for a remortgage that we hear for people looking to remortgage for home improvements, is for extensions, extra bedrooms, a loft conversion, home repairs, home offices or new kitchens.
If you are a buy to let landlord, you may have the option of a remortgage for home improvements on a property that is in your portfolio. We regularly help landlords in remortgaging their properties, with many of them coming back to us for our services in finding the right mortgages on the rest of their property portfolio.
Most people will not have the option of making home improvements prior to a remortgage. The creation of an extension or home office can be varied when it comes to cost. Unless you have savings to do this upfront, you'll need to raise these funds. If you do make any home improvements to your home in advance, you may potentially be able to access a better loan to value based on what the property is going to be worth once the works are completed.
Mortgage rates and fees can vary, though as your mortgage broker we will inform you of these. As well as the cost of materials and labour, you may also need to budget for architects, planning permission, building regulation certificates and VAT. The costs of the actual work involved on the home improvements in question can also differ, depending on the services you are hiring. It is always worth getting quotes ahead of time, so that you can budget accordingly.
If the project that you are planning is quite a large one, such as a home extension and you are looking to raise the funds for this, lenders will most likely want to see quotations for the works that you are looking to have carried out.
It is entirely your decision as to whether or not you remortgage for home improvements or seek an alternative. One of your options may be a personal loan. This tends to be more costly than a remortgage, as the latter will have you spreading the cost over the length of your mortgage term. Remortgages are secured against your home, whereas a personal loan will not be - This is important to remember. Additionally, a secured loan may be an option. This is a loan that is secured against your main asset, being your home. Secured loans are more risky, as failing to maintain this and your mortgage payments could see you at risk of losing your home. A further advance with your existing mortgage lender may also be a possibility. In any of these situations, it is worth your time weighing up the costs before making any decisions, so that you can put yourself in the best position for making the home improvements you would like to have done.
If you are an older homeowner, you may have the option of a lifetime mortgage. This can allow a homeowner to release a tax-free lump sum from their property, to cover the costs of their home improvements. A lifetime mortgage can represent a good option for older borrowers as the amount you can borrow is not determined by your income but by your age and the value of your home. You can also have the ability to make payments on a voluntary basis. It is important to remember that releasing funds in this way will reduce the amount of equity available in later life to leave as an inheritance or should you need to rely on this to pay for care. Please visit our page to learn more about equity release or alternatively, get in touch, speak to an advisor and ask for a personalised illustration to understand the features and risks of a lifetime mortgage. They will also talk you through the alternatives such as downsizing and looking at grant funding.
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Your case manager will be your first point of contact throughout your whole case. Any questions that you have they will be happy to answer.
We know the stress of remortgaging and trying to find a new product, and that's why we are here to help!
During your remortgage for home improvements, we like to make sure all our customers are covered with the most suitable insurances, protecting you and the ones you care for.
We can help you find the perfect remortgage product for your home improvements journey.
We have been working with remortgages for over 20 years now - we know how to help!
They will will work alongside you through the whole remortgage process, tackling any hurdles you face along the way. We love helping our customers, remortgage, let us help you next!
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Derek
They were great when handling our mortgage application even though it was a bit different to the normal one. Highly recommended
Michelle
The team at UK Moneyman have been excellent, really informative, providing sound advice with no judgement and supporting the best possible way forward for myself. I would definitely use the team again, they’ve made the whole process simple and...
Lawrence
Great company to work with, very helpful and excellent communication. Chris and Jo did a great job with our application. I highly recommend.
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Excellent speedy service and always available to work around the best times for us, including calls at weekends
Gillian
Having dealt with Leo previously I knew I would be getting a brilliant service and a good deal.
Karen
Very helpful.Quick response to any questions or concerns. Selected the right product to meet our requirements.
Stephen
We went to the Moneyman to start with regarding a new mortgage only which went really smoothly and everything was explained in simple terms at our request Malcom made it feel at ease . Once i had the confidence with them we asked them to help with...
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Jenna was very quick to sort out my mortgage, it was very straight forward and easy.
John
UK money man are excellent and have walked me through every stage of both the initial mortgage process and the remortgage two years later, couldn’t recommend them enough!!
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Matt Collinson and Meghan Robinson were absolutely wonderful. Provided updates, always avaliable and dealt with our mortgage so quickly! We had a mortgage offer within 2 and a half days and they sorted it all. Absolutely over the moon and would...
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So fast and brilliant services which surprised us and the agent by receiving the mortgage offer less than one week. Malcolm is very responsive
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We used UK Moneyman for our first mortgage back in 2021. When it came to remortgaging, we confidently used their services again. Chris has been fantastic at reassuring us around the changes in interest rates and explaining everything clearly. Meghan...
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The whole team at UK Moneyman have been so friendly and helpful, whilst also providing an excellent service and securing me a mortgage offer really quickly. Even when there were questions and changes, they went over and above to help and always came...
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Fantastic service from Tom Bowes
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Khristopher
Malcolm and Meghan did a great job with my application which due to a chain breaking down had to be done for two different properties, was kept informed throughout and they made me aware of changes in the market i didn't know about. Would happily...
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Matt and Wendy worked tirelessly and creatively to reach a great mortgage outcome for me in what was a less than straightforward journey. The commitment and advocacy was fist class and communication, always excellent. Matt really earned his broker...
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Danielle
I honestly couldn't have asked for a better service with UK Moneyman! I have been working with Charlie and Wendy! They have been SO helpful throughout the whole process and so supportive, never a hassle for them when I've been bombarding them with...