Remortgaging for Home Improvements

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What is remortgaging for home improvements?

Quite simply, it is taking equity out of your property to finance improvements to your home. That could mean an extension, a loft conversion, kitchen renovations, whatever your home is in need of. 

How does remortgaging for home improvements work?

You will need to have some equity in your home – which means that the home is worth more than the outstanding mortgage on it. A remortgage for home improvements is assessed in the same way as any kind of mortgage. So a lender looks at your income, your affordability and the loan-to-value. You can usually remortgage up to about 90% of the property value for home improvements.

Is it a good idea to remortgage for home improvements?

If you can comfortably afford to make changes around the home, it can be a great idea. You may want to create more space or change the home to suit you better. And some of the changes that you make to your house could add value to the property.

Are there any alternatives to remortgaging for home improvements?

Yes, there are a lot of other options, including personal loans or second mortgages, but typically these are more expensive ways of raising the money. So if you’re able to do a remortgage and you have equity in the property, that’s the best place to start.

What is taken into consideration when remortgaging for home improvements?

There are a number of things that lenders will consider in assessing an application for a remortgage for home improvements. These include: 

  • the level of equity in your property: the loan to value
  • income and expenditure
  • Planned improvements 
  • Cost of improvements 
  • Your credit history 
  • The type of property

It’s important to speak to a professional mortgage broker to understand what lenders will look at and help you achieve your goals.

How much can I remortgage for home improvements?

It will depend on your level of equity, but most lenders will let you remortgage up to 90% of the property value, so you will need to work out how much that could potentially give you based on the level of your current mortgage. It does vary lender to lender and not everyone will go to 90%.

A home improvement company has offered me their finance package. Is this a good thing?

It’s always good to shop around and get a second opinion. Things to be mindful of are the fees charged, the interest rate, the terms and the overall package. In this situation, speak to a whole-of-market mortgage broker who can help you compare a mortgage versus a finance package. That way you can weigh up the pros and cons of each and make an informed decision about what works best for you.

Home improvements are definitely popular at the moment. So if you’re interested, pick up the phone and give us a call. We will run you through your options to give you an idea of how much you can borrow, what it’s likely to cost, and hopefully help you achieve your goals and improve your home to make it absolutely perfect.

Some Buy to Let mortgages are not regulated by the Financial Conduct Authority. 

Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.  

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