Loft Conversion Mortgage

Our Mortgage Service - Raising finance for a loft conversion

Special features of what we offer include:

• Whole of market service - we work with a wide range of UK lenders

• Access to leading market mortgage rates

• Access to exclusive loan deals not available on high street

• Fast turnaround - speak to us today if you need to move quickly

• We have lenders who will take into account previous defaults and missed payments 

• Looking to raise additional finance on top of your existing mortgage or buy to let mortgage? - we have access to a range of finance solutions

To investigate your mortgage options if you are considering a loft conversion call our mortgage team on 0117 403 4474 or fill in our call back form.

How to raise capital for a loft conversion

A loft conversion can be an economical way to add an extra bedroom or home office space to your home; they can also add value to your property.  If you’re trying to raise the capital to add one to your property you may be wondering if a loft conversion mortgage is available.

A loft conversion mortgage is most likely going to be considered a home improvement mortgage or remortgage to release equity. If you currently have an existing mortgage you may be able to borrow up to 85% of your home’s value depending on how much equity you have.

If you approach your lender and tell them you want a mortgage to carry out a loft conversion or any other home improvement they may want assurance first that it will increase the value of your property.

As a result of this you may wish to already ensure you have planning consent and building control approval from your local authority first to carry out the works you're actually borrowing money for. You will struggle to remortgage your home for more capital if house prices are falling and the property is entering negative equity, even if the reason for your increased borrowing is to increase value. Even if you wish to carry out the loft conversion for your own benefit you may still want to ensure that it will add more value to your home than it will cost you.

Although remortgaging is a popular option for people wishing to borrow money with low interest rates before you settle on the decision you may wish to consider other financial products such as a personal or secured loan to make sure it is the best plan for you, remember that remortgaging will prolong how long it takes you to pay off your mortgage and it may increase the size of your monthly payments. If you are over 55 you may have considered an equity release ‘lifetime mortgage’, with this kind of mortgage you may not receive any monthly repayment fees, instead the debt and interest that has accumulated on it is repaid  to the lender through the sale of the property after you either die or move into permanent care. Remember that this type of financial product will reduce how much you can leave to your beneficiaries.

When deciding if remortgaging for a loft conversion is the right option for you, you may benefit from speaking to an independent mortgage intermediary first.

Remember you may be forced to pay early redemption charges if you attempt to remortgage for a loft conversion in the middle of your initial mortgage term, when remortgaging you may also incur the usual mortgage arrangement fees.

If you are currently thinking about a loft conversion mortgage you could fill in the form on this page to receive a call back from a Fair Mortgages advisor who will be able to provide you with a free initial conversation about different mortgages.

You may also want to use the mortgage comparison calculator on this website, to compare the different remortgage plans that might be available to you. 

Call our mortgage team on 0117 403 4474 or request a callback to speak to our specialist mortgage team..