Our local mortgage experts explain how to get the ball rolling when it comes to re-mortgaging and releasing equity…
“Extending your living space or having a new kitchen doesn’t need to be just a dream.”
Sandy Ameer-Beg, of Acclaimed Mortgage Constancy in Solihull, reveals how to raise funding for the home extension, new kitchen or other home improvement you’ve been dreaming of.
We receive regular enquiries from clients who are considering whether they should move house, or stay put and make some improvements to the home they are happy in, other than its size.
If you’re looking to get more space to accommodate a growing family, then you’re probably part of the vastly growing ‘renovation generation’, who bought an older property as a starter home or investment.
Instead of incurring moving costs, such as estate agents selling fees, legal costs and stamp duty, more and more people want to know about funding options for home improvements. Here are the main options available to achieve the new living space you aspire to.
Getting the Ball Rolling
Before raising the finance, we always recommend to our clients that they obtain a full breakdown of costs for the project they are undertaking.
This should include everything from architect’s fees, build fees to the finish, including any items such as kitchens, bathrooms and so on.
Of course you can contact Hampton Group for quotes on all of the above.
There is no point estimating these costs as you may find yourself short of funds and need further borrowing, which can be more expensive when not set up at the same time as the original lending.
Armed with this information, we then research the best way forward to fund our clients own “Grand Design”.
If the work desired is extensive, it generally costs more than the average person’s savings pot.
If borrowing money is necessary, then there are various ways to raise finance. It may be a case of a simple re-mortgage and looking to add the additional borrowing onto the current outstanding balance.
However, if you are locked into a good mortgage deal, possibly with Early Repayment Charges to exit before a set date, then there are other options;
We can review the options that are potentially available depending on individual/specific circumstances, by looking at a new Home Improvement Loan with a current lender or even considering a secured loan, which may be more appropriate.
Either way, the extended living space and new kitchen, doesn’t need to be just a dream, it could become a reality.
If you would like to review your options, feel free to pick up the phone to me or my team for any guidance and advice.
Acclaimed Mortgage Consultancy
Phone: 01676 533 658
Acclaimed Mortgage Consultancy is authorised and regulated by the Financial Conduct Authority. Your home or property may be repossessed if you do not keep up repayments on your mortgage. Lifetime mortgages are complex products. To understand the features and risks ask for a personalised illustration.