THE MIDLANDS PROPERT Y GUIDE MONEYWATCH FINANCE


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ARE YOU CONSIDERING A REMORTGAGE TO FUND HOME IMPROVEMENTS?


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CONSIDERING A REMORTGAGE TO FUND HOME IMPROVEMENTS?


As we move deeper into Spring, the weather is becoming more pleasant and many of us will be thinking about making improvements to our homes. Yes, the DIY and home improvement season is upon us. But do you know how you can raise the finance?


Many homeowners remortgage to fund home improvements because interest rates tend to be lower than on personal loans or credit cards.1 But remortgaging will depend on your property, your existing mortgage loan, and your current financial situation. Whether it’s a new bathroom, kitchen, loft conversion or extension, you’ll need to think about the best way of funding your home improvement project.


Important things to consider when remortgaging to finance home improvements


Affordability: if you increase the amount you are borrowing on your mortgage, your monthly payments will rise. Before agreeing to a remortgage in these circumstances, the lender will check your income is high enough to afford the new payments after all your other outgoings have been deducted.


Cost of the home improvements: It’s very important to consider the cost of your proposed home improvements, and whether you can finance the amount required from a


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remortgage. A lender will consider the cost of the home improvements in their assessment to give you an idea of the amount that you will need to get from remortgaging.


Credit history: Your credit score is a primary factor in the lender’s decision whether to approve your remortgage. It pays to do some homework beforehand to understand how lenders see you and your credit status to avoid any nasty shocks later in the application process.


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