The doom and gloom of the UK economy at the moment means that many families are in properties that are too small or have little resale demand. Remortgaging to renovate is a cost effective way to increase the size, and update your property to meet your current lifestyle, for instance allowing you to extend if your family increases in number, give your home a makeover, or as an investment to increase its value / resale appeal. Ascot Mortgages can help to secure you the best mortgage deal which will make renovating your property as affordable as possible.
Ascot Mortgages have managed to remortgage many customers which both simultaneously releases cash for their home improvement project AND switches their mortgage on to a much lower interest rate – this can effectively release cash without extending your mortgage term or increasing you payments. Contact us today to see how we can help you!
Remortgaging to enable renovation or home improvement work
The last decade has seen a rise in property renovation and home improvement programmes that has prompted many of us to renew our national pastime of DIY on a whole new level. Whatever your reasons for wanting to renovate, remortgaging can release the equity in your home meaning that you can fund your home improvements without using bridging or personal loans and add value to your property.
Renovating or expanding your property can add value to your home
With the relatively stagnant housing market, which is likely to take a considerable time to recover, renovating your property is often a more financially sound way of adding value to your property, or adapting it to your changing circumstances, than moving house is. Even relatively simple amendments such as your home, such as kitchen extensions or extra bedrooms, can add up to £20,000 to the value of your house. Remortgaging for home improvements would also save you money with solicitors’ fees that you would incur if you moved property to gain more living space or a different design. Once you see how easily it is to remortgage to renovate and improve your home, you will wonder why you never thought of it before!
Often your current mortgage lender will allow you to do this, however considering other options is often prudent and can save you money. Trawling the internet and considering various companies is often time consuming, which none of us have time to do fully, however Ascot Mortgages take the hassle out of this and do it for you. As well established mortgage brokers we can look at your situation, your requirements, and find the remortgage deal that will help you to renovate faster. As market leaders, we can shop around for you to make sure that you get the best mortgage deal at the lowest rate, meaning that you have a little extra to put towards your renovations.
Take advantage of low interest rates
Often you can take advantage of the low interest mortgage rates available and so the extra borrowing may not increase monthly payments, however even if the new remortgage will cost slightly more each month, the additional equity gained by substantially increasing your home’s value should leave you in a better financial situation in the long run and in the short term you have a bigger house for your growing family to expand into. As lenders compete for business interest rates for remortgaging are at an all time low and so now is a good time to remortgage, release equity and to expand. Ascot Mortgages can navigate the various options to find the best deal for you and in a few years time you will also find that the renovations you have made to your property will make it a more attractive property on the open market, increasing your chance of selling it when the housing market recovers!