Remortgages for Home Improvements Manchester
Thinking about making home improvements but need funds to get started? Remortgaging your property allows you to unlock the equity in your home, providing the financial support you need for renovations or upgrades. Whether you’re looking to add value, modernize, or simply create more space, our expert advisors can guide you through the remortgaging process, ensuring you get the best deal—all with 100% fee-free advice.
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What is Remortgaging for Home Improvements?
Remortgaging for home improvements involves refinancing your existing mortgage to borrow additional funds to upgrade or renovate your property. Whether planning a loft conversion, an extension, or a kitchen remodel, remortgaging gives you access to the funds you need without taking out separate personal loans or credit.
This option allows you to take advantage of your home’s increased value and invest that money in improving your property. It’s an ideal solution for homeowners who want to increase the value of their home or make it better suited to their lifestyle without dipping into savings.
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How Does Remortgaging for Home Improvements Work?
he remortgaging process for home improvements works by replacing your current mortgage with a new one, allowing you to borrow additional funds based on your home’s value and the amount of equity you’ve built up. The new mortgage will include the extra funds you need for your planned renovations, which can then be used to finance everything from large-scale construction projects to smaller home upgrades.
Lenders will assess your home’s current value, remaining mortgage balance, and financial situation to determine how much equity you can release. Our experienced advisors will guide you through the process, ensuring you find the right remortgage deal to finance your home improvements while keeping monthly payments manageable.
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Benefits of Remortgaging for Home Improvements
Remortgaging to fund home improvements offers several key benefits:
- Access to Cash: Release equity from your home to fund renovations without taking out separate loans.
- Increase Property Value: Home improvements can enhance your property’s market value, making it a smart investment for the future.
- Flexible Use: Whether you’re planning a large extension or simple upgrades, the funds can be used for any type of renovation.
- Affordable Financing: Remortgaging often offers better rates than personal loans or credit, making it a cost-effective way to finance home improvements.
With the right remortgage, you can transform your home and boost its value while managing your finances effectively.
Remortgage Property Manchester
It is definitely a wise decision to have your mortgage reviewed by a fee free ‘whole of market’ Manchester based mortgage broker as the end of your current deal approaches. The other option is to continue with the same lender and risk paying a higher rate than necessary. If you are looking for a remortgage adviser or buy to let remortgage adviser call us today for a completely fee free remortgage service.
Alternatively you may wish to remortgage your property to release equity for home improvements, buying a car, or to help your children to buy their own home. This is absolutely no problem as long as your financial circumstances fit the required criteria of the lenders.
Completely fee free Manchester Remortgage Broker
Our Manchester based adviser can offer guidance and solutions to all scenarios in relation to arranging a remortgage.
Use our Experience and Knowledge to place your applications with the most suitable lender , based on your circumstances.
Remortgaging can be complicated so it is not advisable to do it yourself on the internet. It always pays to use the services of a professional mortgage broker to ensure that you are not paying more than necessary. We would be delighted to review your current mortgage deal to see if any savings could be made by searching the whole of the market on your behalf. If we cannot improve your current deal, we will arrange to conduct a further review at a mutually agreed time in the future.
Help with your Remortgage
- Are you wanting to remortgage to add or remove a name from an existing mortgage
- Are you looking to remortgage your current property on to a buy to let / let to buy
- Are you looking to remortgage to consolidate some existing debts ie debt consolidation
- Are you still wanting to remortgage to a better deal , but your circumstances have changed since your original mortgage completed
- You are self employed and not sure of what is needed to suit lenders criteria for a new re mortgage
- Have you had previous credit issues and wish to look at all your remortgage options
- You have approached a Bank Direct and have been declined or they won’t lend you enough
FAQs
A remortgage is when you take out a new mortgage on a home that you already own. It can be to replace your existing mortgage or to borrow money against your property.
A mortgage for most people is their biggest financial commitment. By regularly reviewing the rates on their current mortgage, this can produce savings, sometimes £1000s each year on their payments. There can be positives and negatives to remortgaging.
Here are some reasons why you may want to re mortgage:-
Your current deal is about to end.
Most of the right mortgages deals available only last a short time – often two to five years. When it comes to an end, your lender will put you on its standard variable rate (SVR). This is likely to be higher than your current interest rate and higher than the right deals available via a broker. This is the time to review your remortgage options and secure a more competitive rate.
You want a better rate.
If you are tied into a mortgage deal then you might have to pay an early repayment charge (ERC) which can be high, often 2-5% of your outstanding mortgage amount. In addition, there may also be a small exit fee (often called an ‘admin fee’ or a ‘deeds release fee’). This doesn’t mean you shouldn’t consider it as the savings can be huge (especially if you have a large amount of mortgage debt). You just need to do your sums before looking at the switch options.
Your home has gained value.
If the value of the property has risen since you took out your initial mortgage, you may find you are eligible for a more competitive rate due to a lower loan-to-value band. Again, you need to fully review your calculations to see if it is cost effective.
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51 Customer Reviews
Excellent Service
Excellent service from David, he secured my remortgage deal 2 years ago and he is always very helpful. He went above and beyond to get the best deal for me for my current mortgage and is always there to reassure me and offer advice and the best deals to go with.
Nicholas Ward
Call Us On 0161 710 2587
Email Us At enquiry@searchmortgagesolutions.co.uk
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