Am I eligible for a home improvement remortgage?

Whether you’re eligible to remortgage for home improvements depends on several factors, including your level of equity and your current financial situation. Every lender has their own criteria you must meet to be able to qualify for a remortgaging plan. You should be sure that you could afford repayments before agreeing to any new terms.

By remortgaging your property, you are effectively transferring your mortgage plan from one lender to another with the option to borrow more to finance renovations. This way, you can gather a lump sum for home improvements, though you will end up owing both your initial mortgage plan total as well as the new amount you’ve borrowed to your new lender. The more equity you have in your current property, the more funds you can release, giving you an opportunity to secure better repayment terms.

Am I eligible for a home improvement remortgage?
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Pros and cons of remortgaging

Remortgaging your property can be beneficial for certain situations. However, it isn’t for everyone. There is much to consider, so be aware of all the aspects of borrowing before making any financial decisions.

Pros of remortgaging

When remortgaging your property, there must be initial benefits to make the decision.

Advantages and Disadvantages of remortgaging for debt consolidation

Cons of remortgaging

There are also several disadvantages to remortgaging to be aware of.

Disadvantages of remortgaging for debt consolidation

Applying for a remortgage

If you’re sure remortgaging is for you, you first need to decide how much you want to borrow. We’ve worked to make the process of getting a quote more convenient for potential applicants

Use our remortgage calculator to help decide whether remortgaging is the right move. Simply input the amount you’d like to borrow, and your preferred repayment terms and we’ll guide you through the next steps.

Applying for a remortgage

Get a home improvement remortgage in 3 simple steps

1

Click apply for a remortgage to start your journey

2

Fill out our online form for your personalised rates

3

Get the remortgage that best suits your circumstances

Apply for a remortgage
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Frequently asked questions

FAQ’s

Deciding whether to remortgage is a big financial decision, there is plenty to research before making any choices. Here are a few of the more common queries around home improvement remortgages.

Your borrowing amount will depend on several factors, including your equity and your financial situation. Typically, you’ll be able to borrow between £20,000 and £500,000.

Norton Finance offers flexible repayment terms of between 1 and 40 years.

You will need a valuation on your property during your application process. This may incur a fee, which is another expense you should be sure you could cover before applying.

At Norton Finance, we get our commission from the lender, not the customer. We may charge a broker fee of £995.00 and for customers who require a specialist lender, we will charge a fee of 12.5% of the loan amount capped at a maximum of £4,950 for our services.