Remortgage for Loft Conversion
Our Remortgage Service - Raising Capital For A Loft Conversion
If you have an existing mortgage and you are looking to raise finance for home improvements such as a loft extension or conversion we can help.
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 home lenders
- Great Rates! - Access to leading market mortgage/loan 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 loft conversion finance options call our specialist team on 0117 313 7780 or fill in our call back form.
Remortgage for Loft Conversion
Converting your loft into another room is a good way to gain some extra living space without having to move or get an extension on your property. In addition to the extra space in some circumstances by converting your loft you could even increase the value of your home, gaining you valuable equity.
One way it is possible to finance a loft conversion is to remortgage your home to borrow more, this in principle works by taking out a new larger mortgage loan, and using that to pay off your existing mortgage, any capital left over can be used to fund the building works.
Before you take out a new loan to pay for your conversion it is wise to take some precautions; such as ensuring you have the required planning consent and building control approval from your local authority first, some lenders may even want evidence of this. Also get thorough estimates of how much it would cost to carry out a loft conversion on your property, if you borrow too little and have to stop building works halfway through the project you risk putting your home into negative equity.
There are a number of costs potentially involved with remortgaging a property such as arrangement fees and early repayment charges, depending on how much more you wish to borrow it is possible that remortgaging could increase your monthly mortgage payments. As such you may find it useful to use the services of an independent mortgage adviser to help you remortgage. Not only can an independent adviser offer you impartial advice, but one that offers a whole of market service can use their professional knowledge of the market to search across lenders to try and find the best products available for your specific needs. There are also mortgages available from lenders not on the high street which can only be accessed via an intermediary, one of which might be the right choice for you.
To find out if Fair Mortgages could help you, why not fill in our online contact form to request a call back for a free initial consultation? Or you can call us directly on: 0117 313 7780.