Remortgage For Extension
Our Remortgage Service - Additional Finance For An Extension
If you have an existing mortgage and you are looking to do some home improvements e.g. an extension or loft conversion we can help you compare the market including what capital raising options you have.
Why choose our mortgage service?
Fair Mortgages can provide you with a first class remortgage service.
Special features of what we offer include:
- Whole of market service - we work with over 60 UK lenders including NatWest
- Great Rates! - Access to leading market mortgage rates
- Exclusive Deals - exclusive mortgages not available on high street
- Specialist lenders - who will lend based on criteria that high street lenders will not consider
- Fast turnaround - speak to us today if you need to move quickly
- We have lenders who will take into account previous credit issues
- Looking to raise additional finance? - we have access to a range of innovative finance solutions
To investigate your remortgage options if you are looking at raising finance for additional property works call our specialist team on 0117 313 7780 or fill in our call back form.
Remortgage for an extension
If you want to extend your existing property and add value or space without having to move house, then remortgaging can offer one way to utilize the equity in your property to finance this building work. A remortgage for an extension is a sort of capital raising remortgage – that is, it's a remortgage planned with the aim of increasing your mortgage borrowing in order to raise money.
Whether you can raise the funds that are necessary for an extension by remortgaging will be dependent on a few factors. However it may be particularly significant for you in the event that you have been in possession of the property for a significant number of years. This is because the house my well now be worth considerably more than you originally bought it for, and as long as you have made your mortgage capital repayments in a timely fashion you should now own a much larger stake in the property than you began with at the time of purchase.
Remortgaging in this situation may help you to raise cash for expensive projects such as an extension. What is more, adding a good quality extension to your home could increase its value even further, which can be useful for when you come to sell it.
In the situation that you are no longer happy with the interest rate that is being offered to you by your current mortgage provider, remortgaging for an extension also offers you the opportunity to take a look at the wider remortgage market and find the remortgage deal that is best for you.
Remortgage for extensions – points to consider
If you are considering a remortgage for extension then there are several points you should consider beforehand, some of which include:
- You may be able to borrow up to 90% of the value of your home in total, depending on your circumstances
- Many mortgage lenders offer a facility for additional borrowing for existing mortgage customers at preferential rates, so it may be a good idea to consider a remortgage with your existing provider. Of course, if you are unhappy with your current mortgage provider for any reason, then a remortgage could provide the ideal opportunity to switch to a new mortgage provider.
- Remember that a remortgage for an extension may mean you need to pay associated costs such as arrangement and admin fees
- Remember to factor in valuation and legal costs
- Get the best extension remortgage offers
At Fair Mortgages our team of independent, whole of market mortgage experts can discuss your remortgage requirements and help you to find the most suitable remortgage deals – call us today on 0117 313 7780 or request a callback.