Finance
At Acumen Mortgages we are here to help raise the finance you need to proceed.
Remortgaging For Home Improvements.
To carry out and pay for home improvements, many homeowners wish to release equity in their property by remortgaging.
The funds are then used to make improvements to the property inevitably, increasing the value of the estate.
The main types of home improvements that you may remortgage for:
- Remortgage for an extension
- Remortgage for loft conversion
- Remortgaging for property renovation
Will I be able to afford a remortgage for home improvements?
When you make your application for a remortgage for home improvements, the lender will assess your affordability.
You need to be able to demonstrate that you can afford the repayments of the additional borrowing.
Our aim is to find you the best remortgage deal available on the market if this is the best option for you. If you need a specialist lender, we can also help with that.
We want to secure the remortgage that is right for you and your circumstances.
Remortgaging to fund home improvements
What factors will be taken into consideration?
Lots of customers want to remortgage their property to fund home improvements whether it be an extension, renovations, or a loft conversion. For many, renovating their current property seems less of an expense and hassle than moving home.
The list of home improvements is vast and depends on what you want to get out of the remortgage.
There are a few things that are taken into consideration when you are remortgaging for home.
Affordability
You will have to prove to the lender that if you remortgage, you can afford the repayments. The lender will consider all aspects of your financial position past and present. They will look at income vs expenditure including any other debts you may have.
The amount you can borrow totally depends on the lender’s criteria.
Cost of the Home Improvement
The lender will consider the cost of the home improvements in their assessment to give you an idea of the amount you will need to get from remortgaging.
It is important that you make the remortgage work for you in a cost-effective way.
We take the hard work out of the process by considering the following for you:
- Is the home improvement viable?
- How much equity do you have in comparison to the amount you owe on your current mortgage?
Your Credit History
If you have a poor financial history, there are specialist lenders on the market who deal specifically in mortgages for customers with adverse credit.
Another thing to factor into the process is the amount of outstanding debt you have on credit cards or loans, along with the age and type of your credit issues that may have an impact on interest rates.
When calculating your affordability, lenders consider the repayments you are making to your creditors when examining your outgoings.
Equity
The amount of equity you will have depends on how long you have owned your property.
You should accrue some equity if you have owned the property for several years, especially if the value of property in your area has increased.
This will mean you have even more equity to work with and effects your loan to value on the type of mortgage product available to you.
Personal Circumstances
The applicant’s age is considered in all assessments, typically a minimum age for most applicants is 18 and to 75 but there are some lenders now who don’t stipulate a maximum age.
The emphasises the importance of affordability as the lender will want to make sure that whatever age you are, you can afford the repayments.
Whatever your circumstances we are here to help and support you through your journey to ensure that the most appropriate solution to your requirements is identified and you fully understand all the options available to you when raising additional capital for your individual needs.
We offer free initial advice and are here to guide you, and are available via the following:
Email: carl@acumenmortgages.uk
Office: 01293223000 Mobile: 07746391300
Or simply click through to our webpage and fill in our enquiry form.
Acumen Mortgages Ltd is an Appointed Representative of Dragon Brokers Limited t/as The Dragon Network which is authorised and regulated by the Financial Conduct Authority under registration number 599430. Registered office: 1st Floor Astral Towers, Betts Way, Crawley, West Sussex, RH10 9XA. Registered in England. Acumen Mortgages Ltd is a credit broker, and you can confirm our registration on the FCA's website www.fca.org.uk The actual APRC you are eligible for depends on individual circumstances. If you are thinking about consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH REPAYMENTS ON A MORTGAGE.
