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.