Finance For Home Improvements
Our Home Improvement Finance Service
Our Home Improvement Finance Services can provide you with:
- Exclusive Deals – We provide you with exclusive mortgage deals that you will not find elsewhere on the high street.
- Whole of market Service – We compare all deals from all of the top lenders in the market so you do not have to.
- Lowest Rates – We give you access to the leading mortgage deals.
- Swift Turnaround – You can contact us today if you need to work quickly
- Thinking of buying a property at auction? – Contact us today
Finance for Home Improvements
Our Mortgage Service can help raise capital for home improvements
Raising Finance for Home Improvements
Improving your home not only makes it a more enjoyable place to live, if done correctly it is also likely to add value to your property. It is reasons such as these that have left millions of UK homeowners looking to improve their homes rather than moving.
If you are one of these people and have finally decided to improve your home with the installation of that new kitchen or loft conversion, you’re probably wondering what funding options are out there and available to you.
If you outright own your own home then it is possible for you to take out a mortgage out to raise the finance. Alternatively, if you already have an existing mortgage you can either remortgage your house to raise capital, or consider a ‘second charge mortgage’ (Also known as a homeowner or secured loan).
- Remortgage – A remortgage involves taking out a new mortgage on a larger amount of equity. The capital raised from this can then be used to pay off the expenses required for the home improvements.
- Second Charge Mortgage/Homeowner Loan – A second charge loan can be taken out in addition to your existing mortgage, providing you own enough equity in your home. For instance, if your home was worth £300,000 and you have £100,000 left to pay on your mortgage, you could take out a secured loan on some of the £200,000 equity in the property that you own.
Whilst second charge mortgages can often have higher rates than those associated with mortgages, they also have the potential to be cheaper if your existing mortgage has a large early repayment fee.
Whilst taking out a mortgage, remortgage or homeowner loan can assist you to raise the finance required to carry out home improvements, it is also important to remember that they are secured products. Consequently, failure to keep up your repayments can result in your home becoming repossessed.
Homeowner loans work on a ‘second charge’ basis whilst your main mortgage works on a ‘first charge’. Put simply, if you failed to make repayments and your home was repossessed; your main mortgage would have priority to be repaid through the sale of the property.
Taking out a mortgage, remortgage or homeowner loan is a vital decision, so it is important you make the choice that best suits your personal circumstances. Like many financial products, it is important to shop around to find the best deal, although you are also likely to benefit from speaking to an independent mortgage advisor.
We have access to leading mortgage rates and exclusive loan deals not available on the high street, in addition to a team of mortgage advisors who can use their expert knowledge of the market to find the best deal suitable for your own personal needs.
If you need any advice on what funding options are available to you when looking to raise capital for home improvements; you can call one of our advisors on 0117 403 4474 or alternatively, fill in our online contact form for a FREE initial consultation.