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Home Improvement Remortgages

You may be able to remortgage your property in order to raise funds for renovation. However, there are several factors to consider before deciding whether applying to remortgage for home improvement.

By switching your mortgage plan to another lender, you can free up the necessary funds. However, this will increase the amount you owe compared to your current mortgage plan.
  • Remortgaging your property may mean switching to a new lender. You could release your equity as a lump sum to finance home improvements.

  • People sometimes remortgage for extensions, loft conversions and new kitchen installations.

  • You will have to pay back any funds you release on top of your remaining mortgage, meaning you may be paying back what is owed for longer than originally planned.

  • There may be additional fees to consider when you remortgage for home improvements.

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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.

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.

Cons of remortgaging

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

Commonly asked questions about home improvement remortgages

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.

How much can I borrow?

Your borrowing amount will depend on several factors, including your equity and your financial situation. Typically, you’ll be able to borrow between £3,000 and £500,000.

How long are the repayment terms?

Norton Finance offers flexible repayment terms of between three and 30 years.

Do I need a valuation?

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.

What are the interest rates?

Interest rates start at 1.15% and depend on your financial history and current situation.

Are there any loan fees?

At Norton Finance, we get our commission from the lender, not the customer. We may charge a broker fee of 7.5%, capped at £2,000.

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.

Why remortgage for home improvement?

People remortgage their property to finance a range of improvements and changes, including:

Computer

Decoration

Some people remortgage when decorating their property, including fitting a new kitchen or decorating several rooms.
Building

Maintenance and repairs

The lump sum released through remortgaging could be used to perform essential maintenance and repairs, such as having a boiler replaced.
Van

Structural work

Some people remortgage to fund structural changes to the property, including knocking down and erecting walls.
Staff

Extension or loft conversion

You could consider remortgaging when looking to finance a loft conversion or extension to your property, including conservatories and outhouses.

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