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March Mortgage Update – Our top tips for remortgaging to renovate

In our March Mortgage Update, Adam Nanson from Your Mortgage Expert talks about why renovations can be a good move for home owners looking to maximise value from their property. And, if you choose to remortgage your home, we have 5 top tips for remortgaging to renovate.

March Mortgage Update - Our top tips for remortgaging to renovate“The latest research from Together* shows that, rather than moving house, 1 in 10 is opting for renovations. Often people choose to move home because they want a larger kitchen or more bedrooms. But this report has found that a substantial number of people are choosing to carry out enhancements to their house instead.

“High on the agenda is making properties more energy efficient to help reduce energy bills. With homeowners looking to install solar panels, insulation, heat pumps and draught proofing. Nearly a third plan to install a new kitchen and a further 28% want to upgrade their bathrooms.

“We often have clients who contact us because they are looking to fund their home improvements by remortgaging their property. If you choose to remortgage your home, we have 5 top tips for remortgaging to renovate

  • Check how much equity you have in your house

If you need to borrow a certain amount for your project, you need to have enough equity in your house. If your property’s value has increased since you bought it, and you are in the same financial circumstances, you can usually remortgage for a higher loan value. If your home hasn’t increased significantly, however, remortgaging may not be possible for the full amount you need.

  • Do you have any early repayment charges

Aim to remortgage at the end of your fixed term period. As switching deals mid-term can be very expensive. Speak to your broker if you want to remortgage mid term as they will check how much early repayment charge you will need to pay. In this circumstance, other options might cost you less, such as additional borrowing from your current mortgage lender or a secured loan (also known as a second charge) from a different lender.

  • Speak to your broker about any costs of remortgaging

Make sure you look carefully at any fees involved with taking out your mortgage. There may be things like an arrangement fee, a valuation fee or a booking fee. Speak to your mortgage broker about these fees and ensure you include them in the total cost of your project.

  • Check out Green Additional borrowing

Some lenders now offer products called “Green Additional borrowing”. If you’re looking to make energy efficient improvements to your home, it’s worth investigating whether you can obtain a cheaper mortgage rate. Lenders like Barclays, Nationwide and Natwest all have lower rates available for people looking to make energy efficient improvements.

  • Ensure your renovations increase the value of your home

As costs rise, so do the costs of extensions. Materials like glazing have spiralled in price as have other building supplies. Things like extra bedrooms and bathrooms often add value whereas larger reception rooms or garden improvements may not add as much. Speak to an estate agent or architect before commencing work about what sort of things add value in your area. Boatwrights Estate Agents have written an article in this newsletter about which items they find add the most value to properties.

If you are thinking about remortgaging to renovate, why not speak to one of our mortgage advisers? We are based in Salisbury City centre, but we can help you no matter where you live in the UK.

We can research mortgages from across the market and can even arrange mortgage deals that are not available by going direct to the lender. We will do all the research, find the most suitable deal and arrange the mortgage for you.

Whatever you are looking for from your remortgage, whether you want to fix your rate for two years, five years or arrange something more flexible, Your Mortgage Expert can review your circumstances and give you the most appropriate mortgage advice based on your circumstances.

If you have read anything in our March Mortgage Update and would like to ask further questions, why not get in touch with our mortgage advice team. Ring us now on 01722 322683 or complete a contact us form and let them know when we can call you back.

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The information contained within this article was correct at the time of publication. It is intended for information only and should not be used as a basis for purchasing any products. We cannot be held responsible for something that was correct at the time but subsequently changes or goes out of date. For further information, contact Your Mortgage Expert on 01722 322683.


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