If you’re dreaming of revamping your kitchen, upgrading your bathroom or sprucing up a tired-looking garden, you may be able to release funds from your home to do just that!
Remortgaging for home improvements is an increasingly popular option for homeowners who need to raise extra capital to enhance their living space. It’s normally more cost-effective to improve or extend a home than it is to move elsewhere - but finding the money to finance large-scale renovations can be stressful.
In most cases, it is possible to borrow against a mortgage in order to fund home improvements. This involves taking out a new loan with a mortgage provider, and subsequently releasing some of the equity you already have in the property. Lenders will rarely let you take all the equity out of your home. But, as long as you can prove that the revised mortgage payments are still affordable for the duration of your new mortgage term, you should be able to release a substantial amount in order to make those important changes.
If you don’t need a cash lump sum straight away, but are keen to lower your mortgage rates in order to save money towards upcoming works, it could also make sense to remortgage (either with your existing provider or a different one). The team at CLS Money have access to competitive mortgage products from a wide range of lenders, and will work with you closely to find a deal that allows you to realise your home improvement dreams, without overstretching your finances.