Homeowners spend more than £40bn on home improvements

According to the NAEA Propertymark, over the past five years, British homeowners have spent £41bn on home improvements.

The research from NAEA Propertymark also found that 1 in 10 homeowners carried out improvements because the cost of moving was too high. And, a quarter thought that home improvements would be a good investment and increase the value of their property*.

What does this mean for homeowners

Adam Nanson from Your Mortgage Expert comments:

“There is a current trend for people to stay in their properties for longer and to extend and refurbish to produce the home of their dreams without having to move. And, programmes like Sarah Beeny’s Double Your House for Half the Money programme is evidence of this current trend. At Your Mortgage Expert, we find the most common reason cited for increasing a mortgage is for home improvements and this can be a savvy way of investing in your home to increase its value.”

How Your Mortgage Expert can help

Adam continues:

“Homeowners have a number of options for funding home improvements and a mortgage adviser can help you understand which one is more appropriate for you. The main thing to remember, if you choose to remortgage, is that your property could be at risk if you don’t keep up the repayments. And, you’ll be paying higher mortgage repayments during the term of your loan, so you have to balance this with any value you’ll be adding to your house through improvements.

“If you’re thinking about increasing your mortgage for whatever reason, get in contact with us. We will take time to help you understand how much increasing your mortgage will cost you and help you find the most appropriate deal for you.”

If you are interested in having a no obligation chat about your mortgage, why not get in touch? We don’t charge anything up front, so by speaking to us, you are under no obligation. We are based in Salisbury, Wiltshire, but we can help you no matter where you live in the UK.

Simply call us on 01722 322683 or complete a contact us form on our website and tell us when it would be best to get back in touch with you.

The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. TenetLime cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation. For further information, contact Your Mortgage Expert on 01722 322683.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

YOU MAY NEED TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.

Please note, by clicking on the link below you will be departing from the regulated site of Your Mortgage Expert Ltd. Neither Your Mortgage Expert Ltd nor TenetLime are responsible for the accuracy of the information contained within the non-regulated site.

*Source: https://www.mortgageintroducer.com/brits-spend-40bn-home-improvements/