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Remortgaging

A very popular way to fund building work is to remortgage.  This is when you increase the mortgage that you have on your home and/or switch lenders. 

With increasing property prices, it is not unusual to find that the value of your home is well in excess of the value at the time of purchase.  There will be a corresponding difference between the value of your home and your existing mortgage.  This means that it is likely that you could remortgage and raise the amount of the mortgage that you have on your home.

The mortgage market is very competitive so going ahead with a remortgage is very popular.  So whilst you might be remortgaging to raise funds for your building project, it is also a good idea to review the options available on the market at that time. 

The types of remortgages that are typically on offer will include, fixed rates, cash back deals, tracker rates and so on. 

Remortage is still an option even if you have bad credit, arrears or have difficulty proving your income.  There are many specialist remortgage companies who can let you know specifically what they can offer in these circumstances.

 

 
   
 
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