Remortgage for home improvements
Your Remortgage FAQs Part 2
There can be a lot of benefits to switching to a new mortgage deal rather than carrying on with your existing one. However, we know that for some of you remortgages can seem like a hassle. The remortgage process can be very simple depending on your personal circumstances. Even if there are a few extra hoops to jump through, as long as you seek advice and start preparing well in advance, you’ll be fine! We’ve headed online and looked at your remortgage FAQs, such as ‘How do I remortgage for home improvements?’ to make sure they get answered.
Here’s Part 2 of Your Remortgages FAQs:
How do I remortgage for home improvements?
This really depends on what sort of home improvements you’re looking to make. For example, if it’s just something relatively low-cost like new flooring then it’s usually quite straight-forward. However, if it’s for something bigger like a double-story extension, new kitchen, garage and you need to borrow £70,000, then the banks will want to know a little bit more about the improvements e.g. a summary of costs and materials.
How long does it take to remortgage?
A remortgage typically takes 4-8 weeks. We know from experience that sometimes things might not be as straight-forward as they initially seem so it can take longer in circumstances. All we do know is that it’s better to be over-prepared and that between ourselves and the solicitor we will be able to navigate you through the process!
Can I remortgage to pay off my personal debts?
In short – yes, you can. This is all about understanding the lenders and making sure you go with the right one that will accept your type of application and what their different limitations are. This is another thing that we can help with as we understand the lenders and what their different requirements are!
Do you have any questions that we haven’t already answered? Or maybe you’re ready to start planning your remortgage but you’re not sure where to start? Either way, we are here to help! Chat to one of our mortgage advisors today by calling 01925 573 328.
We also have a free remortgage brochure available on our website for you to browse over in your own time.
Disclaimer: As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.