Eager to find out whether you can (or should!) remortgage to build an extension?
At UKMC, our friendly team of mortgage experts have helped countless customers to remortgage and free up funds for a wide range of home improvements – including extensions.
Reach out today to arrange your appointment with one of our experienced mortgage advisors or simply carry on reading to access straightforward remortgaging advice.
Can you remortgage to build an extension?
Short on cash for those all-important home improvements?
One way to access funds to build an extension is through remortgaging. You can do this by releasing equity (how much of your home that you own) in your property when you remortgage.
Bear in mind, however, that remortgaging comes with risks.
For example, you may have to pay an early repayment charge (ERC) to your existing lender if you remortgage early.
Should I remortgage for an extension?
Unfortunately, the answer to ‘can I remortgage my house to build an extension’ is a lot simpler than whether this is something you ‘should’ do as the answer to this question depends on your individual circumstances and financial options.
For example, if you don’t have the upfront funds to build an extension, then remortgaging may be essential.
However, if you’re lucky enough to have the cash available for your home improvement project, then it may be worth remortgaging after the extension has been built!
This is because the extension should add more value to your home, meaning you’ll own more equity and could therefore benefit from a better deal when you remortgage.
However, there are some risks to taking this approach.
Depending on the area and market, an extension may not add as much value to your home as you might think. Alternatively, your remortgage application could be rejected by lenders, leaving you with a big hole in your savings.
In most cases, it’s therefore crucial you receive expert advice from a mortgage advisor, like UKMC, before deciding whether you should remortgage to build an extension or not.
Our experienced advisors will assess your specific financial situation and explore thousands of remortgage options to help you find the most suitable deal for you.
How do I apply for a remortgage to build an extension?
So, how do you remortgage to build an extension?
Put simply, when making your remortgage application, you’ll need to apply for the amount left on your current mortgage plus the cost of building your extension.
This can make remortgaging a more complicated process, so if you’re unsure how a remortgage works when you want to build an extension, we recommend contacting a mortgage advisor for clear advice and support.
Ready to remortgage? Give UKMC a call!
For more straightforward answers to other queries like ‘can I remortgage to build an extension’, please feel free to book your no-obligation UKMC appointment with our helpful team.
You can also talk to our team today by calling us on 09125 573328! Or if now isn’t a good time, why not send us your enquiry via email or get in touch using our online contact form? We’ll get back to you at a time and date that works for you.
Our friendly, family-run business also loves to face-to-face appointments, so why not pay our Warrington office a visit to learn more about our remortgage services?
Disclaimer
UK Mortgage Centre is a trading style of Refresh Mortgage Network Limited.
Refresh Mortgage Network Limited is authorised and regulated by the Financial Conduct Authority. FRN – 826982. Registered in England & Wales: 11614569.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.
The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages.
The Financial Conduct Authority does not regulate will writing and taxation and trust advice.
