Remortgage for Home Improvements

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Remortgaging for an extension, conversion or other home improvements.

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.

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The equity in your home released by your remortgage, is the difference between what's left on your mortgage and the property's value.

Are 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.

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Remortgage for Home Improvements FAQs

How does a remortgage for home improvements work?

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Generally 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.

What type of home improvements can you remortgage for?

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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.

Can I remortgage for home improvements on a buy-to-let property?

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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.

Should you remortgage before making home improvements or after?

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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.

How much will a remortgage for home improvements cost?

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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.

Will I need to provide quotes to the lender?

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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.

Are there any alternatives to a remortgage for home improvements?

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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.

Should I release equity for home improvements?

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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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Pick a date and time that suits you. We want to make sure that you put your personal and work life ahead of your appointment.

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Receive your own dedicated case manager.

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 only have your best interests at heart.

We know the stress of remortgaging and trying to find a new product, and that's why we are here to help!

It isn't just about your mortgage it's about you providing you with the right insurance and cover.

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.

1000s of remortgage products.

We can help you find the perfect remortgage product for your home improvements journey.

Experienced and knowledgeable in all mortgage products.

We have been working with remortgages for over 20 years now - we know how to help!

Every step of the way, your mortgage advisor is here to help you remortgage.

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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