Equity: A lender would be unlikely to approve a remortgage deal if you are in negative equity, i.e. if your property value has fallen since purchase. Although generally UK property prices have continued to rise in recent years, it is an important detail to consider before proceeding.


Financial circumstances: When obtaining a remortgage, whether it’s a new deal with your existing lender, or a brand new lender, your financial situation will be reassessed and details such as late or missed mortgage payments may result in lenders turning down your application. Those lenders that accept borrowers with mortgage payment issues may charge higher rates than mainstream lenders.


Type of property: Consider whether your home improvements will add value to your home. A local estate agent can help you assess whether you will see a return on your investment if that’s important to you.


5 REASONS TO STAY IN YOUR HOME AND CARRY OUT HOME IMPROVEMENTS


1. YOU COULD ADD VALUE TO YOUR PROPERTY 2. CREATE MORE LIVING SPACE 3. STAY IN YOUR CURRENT LOCATION 4. STAY NEAR TO SCHOOLS


5. YOU COULD SAVE MONEY ON THE COST OF MOVING HOME


If you are considering a remortgage or the alternative of a second charge loan, as a means of financing your dream home improvements, speak to an independent financial adviser/mortgage broker who can advise you on the most suitable course of action to take and the options available to you.


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For further information please contact Peter Hunt on: 0121 503 0961 www.moneywatchfinance.com


Peter is one of the panel experts for the Grand Designs live TV show and has been recognised in the Times Vouched For guide to the UK’s top rated financial advisers every year since 2019


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THE MIDLANDS PROPERT Y GUIDE MONEYWATCH FINANCE


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