Some people have already found their ‘dream home’ and would have no plan on Moving House in Sheffield whatsoever. When this is the case, people who have a growing family or have plans to have children may want more living space and decide to get an extension. The most common home improvements are loft conversions, kitchen extensions and conservatory extensions.
Out of them three, kitchen extensions are the most popular, as it is very easy to build onto your garden. People make out that the remortgage process is complicated when it really isn’t!
To get started, you will have to remortgage your property to raise additional funds. You need to search for remortgage deals to move onto, whether this is through your current lender or through a different one, it doesn’t matter. We always advise that you look elsewhere though, otherwise you are limiting yourself to their products. Shopping around could open you up to lots of great remortgage deals that work out better for your financial and personal situation.
If you don’t want to shop around, you could approach a Mortgage broker in Sheffield, like us, who will search through thousands of deals for you. We also have access to over 38 different lenders each with hundreds of unique remortgage deals. If you go directly to your bank, you could miss out on all of these other remortgage deals that could potentially be saving you money.
Because of the current climate of the UK and the effects of the Coronavirus on the mortgage market, interest rates have dipped massively. This means that now has never been a better time to get a mortgage; especially fixed-rate mortgage deals. If you are thinking of remortgaging for home improvements in Sheffield, now is the time to act on your thoughts!
The costs that come with a remortgage for an extension can vary. For an extra £100 – £200 a month, you could end up borrowing an extra £25,000 – £50,000. There are a lot of factors that will affect how much you will have to pay back per month and how much you can borrow overall. It is down to the specification of the home improvements such as the size of the extension.
You will also need to consider that in order to remortgage, you will have to go through another affordability assessment, even if you switch deals through the same lender.
As we speak, rates have never been lower! Now is the best time to look for a remortgage deal to switch onto. It is also likely that your lender could extend the time frame of your remortgage process. This means that your home improvements could start in 6-9 months anyway.
As a Remortgage Advisor, we always recommend that you get Remortgage Advice in Sheffield before going directly to your lender/bank. An advisor at Sheffieldmoneyman will search through 1000’s of remortgage deals on your behalf and pick out the perfect one for you and your personal situation. We know that times are difficult at the moment, so having a friendly Mortgage Advisor in Sheffield by your side could make the process so much simpler and save you time and money.
Remember, we offer a free mortgage consultation to everyone who reaches out to us for help, so get in touch! Speak with a Remortgage Advisor in Sheffield today and we will see what we can do to match your remortgage needs.