Some people have already found their ‘dream home’ and have no plans to move house in the future, so they decide to remortgage for a home extension. The most popular home improvements that we see are kitchen extensions, conservatory extensions and loft conversions.
People are realising that home improvements cost a lot less than what they originally thought, they are easy to get too!
To get started, you will have to remortgage to raise additional funds. To remortgage, you need to find a remortgage deal to switch over to. You can either go directly to your lender and choose a remortgage deal from their limited products or go to a Mortgage Broker in Grimsby, like us, who has access to over 38 different lenders and thousands of remortgage deals.
A Mortgage Advisor in Grimsby at Grimsbymoneyman will be by your side through the whole of the remortgage process, recommending what you do at every stage, as well as working day in, day out to find you a perfect remortgage deal to save you both time and money.
In the current climate of the UK and because of the effect of the Coronavirus has had on the mortgage market, the interest rates have dropped to some of the lowest we have seen in over 20 years. So getting a great remortgage deal should be fairly straight forward and because of the interest rates, your monthly payments won’t really be affected.
For example, for an additional £100 – £200 a month, you could borrow £25,000 – £50,000. There are lots of different factors that will affect how much you will have to pay back per month and the total that you can borrow. You will have to consider that the size of the room and the more work that needs doing on it will raise the amount that you can borrow and your monthly payments.
You will also need to note that in order to remortgage, you will have to go through another affordability assessment, even if you switch deals through the same lender.
Now is the best time to remortgage! The interest rates have never been lower, and they will slowly return back to normal. Also, lenders are probably going to extend the time frame of your remortgage application anyway, so the works won’t get started for another 6-9 months anyway.
As a Remortgage Advisor in Grimsby, we always advise borrowers to get Remortgage Advice before going directly to a lender. A Mortgage Advisor at Grimsbymoneyman will always have your best interests at heart and work around your personal situation to match you with an amazing remortgage deal. What’s better than having a friendly Mortgage Advisor by your side to provide you with their amazing help and guidance throughout every stage of the remortgage process.
We offer a free mortgage consultation here at Grimsbymoneyman, so get in touch and we can pass you straight over to a Mortgage Advisor who will talk you through all of your remortgage options in Grimsby.