KINGDOM MORTGAGES
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Remortgage to fund home Improvements
If you are looking to make improvements to your home, often the easiest and most cost effective way to raise finance is through a remortgage, effectively borrowing additional funds against the value of your home. This is because the interest rates you pay on a mortgage are significantly lower than other forms of finance, such as homeowner loans, personal loans or credit cards.
How does it work?
Let say you require £50,000 to fund a new extension and you have an existing mortgage of £150,000. You could apply for a new remortgage for £200,000 then use the additional £50,000 to pay for the new extension. the surplus funds will be paid directly into your bank account when the remortgage completes.
Pretty much all mortgage lenders will allow remortgages for home improvements, but affordability and lending criteria can vary widely from lender to lender, so it's important to seek expert mortgage advice to secure the best home improvement remortgage for your project.
It's important to note that the new mortgage will be assessed against the current value of your property, not the future value once the works are done. Some lenders will only allow you to remortgage back up to 75% of the value of your property while others may go up to 90%. Some lenders will have other limits and restrictions and some lenders require more information than others, depending on the type of improvements planned.
Call us today and speak to an expert regarding your new home improvement project
Let's be frank; mortgages can be complex and at some point, you're probably going to need to speak to someone. Feel free to browse our site but a quick conversation is usually the easiest way to get the answers to your questions.
We're trained mortgage advisers that work for you, we're not salespeople. Our job is to help you navigate lending criteria, income multiples APRC's and all the jargon to make sure you get the mortgage that's right for you and your needs.
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ABOUT US
Kingdom Mortgages are a whole of market national mortgage broker. Unlike some other brokers, who may be tied to a small panel of lenders, Kingdom Mortgages are able to search the whole mortgage market to find you the best deal. We are a member of the Stonebridge Mortgage Group which is one of the fastest growing mortgage networks in the UK, giving us access to 100’s of exclusive deals from top lenders that you won’t find direct or in branch.
Some mortgage brokers will charge you a fee for their advice. However, due to the way we work, mainly over the telephone and via email, we are able to offer our clients a completely fee FREE service. We do however receive a fee from the lender once the mortgage completes.
We always aim to put you first. We will listen to your needs and objectives then advise you on the most suitable mortgage products. As part of our service and commitment to our clients, we can also give fee free advice on mortgage protection products such as life insurance and critical illness cover, along with general insurance such as home insurance.