A home improvement mortgage is essentially a version of remortgaging to free up equity with a view of improving your home. The reason it is particularly popular is down to potentially lower rates than other forms of borrowing and previous mortgages deals, as well as a way of releasing a lump-sum of cash. Like any mortgage, you will be expected to undergo all necessary checks and procedures, providing the paperwork and plans to support your application.
Remortgaging for home improvement is arguably the best way to generate extra cash to fund your latest project or dreams. You could choose personal loans or credit cards but interest rates are likely to be higher. Also, by investing more into your current property, you are doing two things: making it more valuable and profitable, should you choose to sell it and making it more enjoyable and comfortable to live in. This is sometimes a great solution for those who don’t want to leave the area where they live but want a different or improved type of home or way of living. Remember, by remortgaging for home improvements, you are borrowing more money, therefore you’re expected to keep on top of payments.
Remortgaging for home improvements should be something you have researched and put a lot of thought into, rather than an off the cuff solution to borrowing more money. Firstly, you should ensure you're in a good financial position to be able to borrow more money. Secondly, you should assess the amount of equity you have in your home and whether it's a wise move in the current climate (speak to one of MortgageKey’s advisors, if you’re unsure). Lasty, should plan and budget for what you intend on spending your equity on. Question if it will add true value to your home and living circumstances.
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