Remortgage for Home Improvements

Speak to an Expert Advisor

or

Let us Look Into The Best Rates

Why Choose Us

0 %
5-star reviews on Google
0
years we have been as independent mortgage and protection brokers
0 %
customer satisfaction for finding the best deals on the UK market
£ 0
total donated to various charities

Why Choose Us

0 %
5-star reviews on Google
£ 0
total donated to various charities
0
years we have been as independent mortgage and protection brokers
0 %
customer satisfaction for finding the best deals on the UK market

Embarking on a journey to renovate your home can be both exhilarating and overwhelming. Whether it’s a cosy loft conversion, a sleek kitchen refurbishment, or a grand extension, securing the right finance is paramount. At Ascot Mortgages, we are your trusted companions, guiding you through the myriad of options available, including the ever-popular route of remortgage for home improvements.

What Our Clients Say About Us

5.0 Based on 139 reviews from review us onEric T. ★★★★★ We have dealt with Ascot Mortgages twice. Once for a mortgage about eleven years ago and recently for life insurance.In both cases we were treated with the utmost respect and professionalism.In the case of the life insurance application, we considered ourselves to be problem customers because of our age and numerous health issues.Richard Johnson, who managed this application couldn't have been more helpful.He worked in our best interest and was dedicated to providing an excellent service.We were kept up to date through all of the stages of the application and when our doctors were very slow in producing medical reports for the insurance company he persisted where others might have given up.The service we had from Richard was pleasant and professional throughout some difficult stages.My wife and I have no hesitation in recommending Ascot Mortgages.Zack R. ★★★★★ Having dealt with Ascot Mortgages and Alison for many years now I can say that you wont find a more professional, knowledgeable and efficient company to help with your mortgage. Alison is patient and makes the whole process seem easy. She has the answer to any question you have and seems to genuinely care. I can not recommend enough. I am sure I will be using Ascot Mortgages for years to come.Umair Z. ★★★★★ It has been a fantastic experience to work with both Phil and Jardelle at Ascot Mortgages to secure a mortgage product for my first home. Phil made the mortgage process smooth and easy. They are professionals and know what they are doing. Very pleased with the service and communication. would highly recommend them.Hello at NLP West M. ★★★★★ I needed a buy to let re-mortgage. Ascot were efficient from start to finish. I can recommend them completely especially because they can search the whole spectrum of mortgage lenders and meet the clients needs. never waiting for staff to get back and always kept me in the loop.Onohomen O. ★★★★★ ZHOU J. ★★★★★ It has been a brilliant experience to work with both Phil and Jardelle at Ascot Mortgages to secure a great mortgage product for our next home. Given how challenging the current market is, they have done a fantastic job to meet our needs with their expertise, professionalism and effectiveness. We would highly recommend their services to whom seeks help with their property purchase.Nicholas S. ★★★★★ Fantastic service. Ellie and Jardelle were always quick to reply to any queries and very helpful throughout the process. Highly recommend!Stacey S. ★★★★★ Jason was brilliant to work with! Always on top of the transaction! Would highly recommend 👍Scott ★★★★★ Although I've not bought anything yet, they (Jason in particular) have been super helpful in my search for the right mortgage deal, whilst also giving an honest opinion during these difficult times. Would highly recommend.Sandra I. ★★★★★ Fantastic from start to finish! Natalia and Jason found me the best rate for my remortgage and they were extremely efficient! Best service I’ve ever received from a brokerage company. Thanks so much.Virmantas N. ★★★★★ Amazing service and great communication. Ellie Morgan had quickly completed all requests and over delivered all expectations.Highly recommended for those who want to get the stuff done without any delays!David W. ★★★★★ I have used ascot for 3 renewals since they done helped me with my purchase which was complicated and will continue to use them going forward. Very fair prices and very helpful and knowledgeable even with just general information.Adam B. ★★★★★ Natalia made life very easy for us when remortgaging. Third time using ascot always a breezeTaff G. ★★★★★ Ascot Mortgages have been brilliant. Easy to work with and incredibly helpful. I am always happy to recommend them. Natalia and Jason have made the whole process much easier than I was expecting. Excellent service.Daryl L. ★★★★★ We've had a fantastic experience with Natalia Barry and Jason Jones at Ascot Mortgages for our property purchases and refinancing. Their expertise, coupled with genuine care and understanding of our needs, made the process smooth and stress-free.They were consistently communicative, keeping us informed at every step. Their assistance in consolidating our protection cover was invaluable, simplifying what could have been a complex process.What set them apart was their personal touch – always polite and ready to pick up the phone for a chat. This level of personal engagement is rare and much appreciated.In short, Natalia and Jason are not just skilled professionals but also truly dedicated to their clients. We highly recommend their services to anyone in need of mortgage advice.Sarah A. ★★★★★ I have used this firm for several years and they have always been super helpful and supportive, attentive and resolved issues in really useful ways. Shout out to Alison, Ellie and Jardelle (and the team!)Georgia W. ★★★★★ We worked with Ellie to secure our mortgage and protection, and she was a dream! Being a first time buyer, I was quite clueless about the process, and in a time where mortgage rates have been quite high, she worked right til the end to make sure we were getting our mortgage at the best possible rate and was always available to answer all questions I had. Can't recommend enough 🙂Richard D. ★★★★★ Laura S. ★★★★★ As a first time buyer, trying to navigate through potential mortgages was a very daunting thought. Ascot Mortgages were recommended to me and I've been extremely happy with the service provided. They have guided me through every step and I finally have a mortgage. Very pleased and would recommend.Lucy B. ★★★★★ Having Phil as my mortgage advisor was great from the very start! He is down to earth and speaking to him was always a pleasure. The kindness, compassion and support I have been given all the way through what can be a stressful process was immeasurable. Phil and Jardelle worked as a solid team and was able to make me feel at ease all the way through buying my first home. The team were always available and the communication between everyone was always clear and I felt safe in the hands of the company as a whole. Thank you for helping me buy my first home!Flora R. ★★★★★ I worked with Richard (Protection Adviser) for a couple of days to sort out life and critical illness insurance. Absolutely brilliant, he found me and my husband the perfect policy. Very knowledgeable and easy to get on, he definetely makes things easy to understand. Thank you for the great service provided.Matthew R. ★★★★★ I've dealt with Phil at Ascot Mortgages for a while now and Phil always comes back back to me with the right plan.Keep the good work up!rafal W. ★★★★★ I would thoroughly recommend Phil Greenwood at Ascot Mortgages ltd to anyone looking to seek advice on purchasing a home.Phil was absolutely fantastic. He made the process very smooth and easy and was always there to answer any questions I had.Shahid L. ★★★★★ This company has been truly amazing in constantly giving me the support and help i need for my mortgage and for their continuous work ethic guiding customers like myself and educating them into making the best possible decisions. My special mention goes to Phil Greenwood who deserves every single credit for his brilliant work and communication skills. The more I got to work with Phil, the more he gained my respect as he is a hugely likeable man and possibly the best mortgage advisor yet. Even after I finished my time with Ascot Mortgages, I will never lose my trust in the company and I hope they exceed their business and gain even more success and popularity.Best wishes,Shahid Latif and familyPretty L. ★★★★★ Phil helped me renew my mortgage. He was great at keeping me updated with any rate changes and secured a lower rate than at the time my mortgage went through. Thank you Ascot for your supportjs_loader

Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:

07.10.2023

Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:

07.10.2023

What are My Options for Funding a Home Improvement?

When contemplating financing home enhancements, myriad options unfold. Each alternative bears its unique characteristics, advantages, and considerations. Ascot Mortgages illuminates these avenues, enabling informed, strategic decisions that align with your objectives and financial landscape.

  1. Remortgaging
  2. Increasing Existing Mortgage
  3. Second Mortgage
  4. Personal Loans
  5. Credit Cards
  6. Savings

Remortgaging to Pay for Home Improvements

Venturing into remortgaging for home improvements, this avenue involves securing a new mortgage on your current property, potentially at a more favourable rate, while also releasing equity to fund renovations. This pathway can be particularly advantageous when current mortgage rates are lower than your existing rate or when your property value has appreciated, unlocking additional funds.

Key Considerations:

– Equity: Equity in your home is pivotal, dictating the amount you can borrow.

– Rates: Current market rates versus your existing mortgage rate will influence potential savings.

– Fees: Account for any applicable fees, ensuring the cost-effectiveness of remortgaging.

Is it Cheaper to Remortgage to Fund Home Improvements?

Pondering the cost-effectiveness of a remortgage for extension or other renovations? Comparing interest rates, fees, and the loan term will illuminate whether remortgaging is the most economical route. Additionally, assessing the increase in your property’s value post-renovation can offer insight into the long-term financial benefits.

When is Remortgaging to Renovate a Bad Idea?

While remortgaging can be a viable solution, circumstances may render it less favourable:
– Early Repayment Charges: If your existing mortgage imposes substantial early repayment fees.
– Market Rates: When current mortgage rates are higher, potentially increasing your repayments.
– Credit Score: A diminished credit score may impact your ability to secure favourable rates.

Mortgage Repayment Calculator

Increase Your Existing Mortgage to Fund Renovations

Exploring borrowing extra on mortgage for renovations by increasing your existing mortgage can be another feasible option. This approach may be advantageous if your lender offers competitive rates and the additional borrowing does not substantially impact your loan-to-value ratio.

Take Out a Second Mortgage to Fund Home Improvements

Delving into second mortgages, this option entails securing an additional loan against your property, parallel to your primary mortgage. A house renovation mortgage of this nature may be suitable when your primary mortgage has prohibitive early repayment charges or when a second mortgage offers competitive rates.

Take Out a Loan to Fund Home Improvements

Unsecured personal loans can be a straightforward, flexible solution, particularly for smaller-scale renovations. Ascot Mortgages assists in navigating the diverse loan landscape, comparing rates, terms, and lending criteria to pinpoint the optimal renovation mortgage tailored to your needs.

Using Credit Cards to Fund Renovations

Credit cards can offer convenience and flexibility, especially for incremental, ongoing expenses. However, higher interest rates and potential impact on your credit score necessitate careful consideration and strategic planning.

Saving Up to Pay for Home Improvements

Building a savings nest can be the most cost-effective route, eliminating interest and borrowing costs. However, this approach demands patience, discipline, and may delay your renovation timeline.

Alison Gibson

Ascot Mortgage Expert

Remortgage

Remortgaging is applied when you keep

living in your present property while applying for another mortgage deal with a new lender. Before finding out how to remortgage and get the best offers from experts like Ascot Mortgages, you have to check meeting what parameters of the deal that can help you succeed the most. The range of background factors varies a lot — from the recently changed loan-to-value ratio or your existing agreement coming to an end.

Whether you are trying to get a more beneficial deal or searching for funding to improve your home conditions, remortgaging is one of the most advantageous scenarios to consider.

What Should I Consider When Funding My Home Improvements?

When navigating renovation mortgages and other funding avenues, several key considerations arise:

– Scale of Renovation: The scope and cost of your project will influence the most suitable financing option.

– Interest Rates: Comparative assessment of interest rates across different funding sources is crucial.

– Repayment Terms: Evaluate the repayment structure, ensuring it aligns with your financial capacity and goals.

– Fees and Charges: Factor in any applicable fees, charges, and penalties associated with each financing option.

– Future Property Value: Consider the potential increase in property value post-renovation.

Conclusion

Embarking on the path to home renovation is a journey filled with possibilities and decisions. Whether contemplating a remortgage for home improvements, evaluating remortgage for extension possibilities, or exploring alternative financing avenues, Ascot Mortgages is your dedicated guide. We illuminate the landscape, empower informed decisions, and navigate the intricacies of mortgage regulations, ensuring your home improvement journey is embarked upon with confidence, clarity, and strategic financial alignment.

Apply for a Mortgage

Get things moving, apply for a remortgage.

Call Now - 01925 711 558

Free unbiased mortgage advice is just a phone call away.

FAQ

To apply for a remortgage for home improvements, you’ll need to approach either your existing lender or explore options with other lenders. The documents typically required include:

– Proof of your income (e.g., recent payslips and P60 or tax returns if self-employed).

– Bank statements, typically from the last 3 months.

– A detailed estimate of the home improvement costs.

– Evidence of any increase in property value, if applicable.

– Your current mortgage statement.

It’s advisable to consult a mortgage advisor to ensure you have all the necessary documentation and to discuss the best remortgaging options.

You can apply to remortgage after making home improvements, but it’s crucial to know that some lenders might have terms stipulating that significant alterations should be informed to them. Not notifying your lender may be a breach of your mortgage agreement. It’s always best to consult with your current lender or seek advice from a mortgage advisor on how to proceed.

Yes, if your home improvements have increased the value of your property, you may be eligible for a higher loan amount when you remortgage. Lenders will typically require a new property valuation to assess the updated value. If the value has increased significantly, this could put you in a lower loan-to-value (LTV) bracket, potentially offering you a better interest rate.

If you’re struggling to meet the repayments on your remortgage, it’s essential to contact your lender as soon as possible. They might be able to offer you solutions, such as extending the mortgage term or offering a payment holiday. However, continually missing payments can lead to more severe consequences, including potential repossession of your home. Always seek advice from your lender or a financial advisor if you’re facing difficulties.

Meet Our Team

Video

Contact Us

*Privacy Notice - Any information provided will be treated with confidentiality and will only be accessible within Ascot Mortgages