Over the past three years, more and more people have been investing in home offices and extensions. This is due to job roles altering, people wanting a fresh change and growing families. Rather than Moving Home in Leeds, it may be more financially beneficial to Remortgage for Home Improvements instead.
Home Improvements range from home offices to conservatories to home Gyms. Anything that you can think of adding to your home could be considered a ‘Home Improvement’.
You would think that incorporating home improvements into a remortgage could be costly, however, in the long run, it can work out cheaper. The way that this works is that you incorporate the costs of the home improvements into your mortgage and you pay it off with your mortgage.
If you were to pay for a home office upfront, you would have to pay the full amount there and then, whereas, when you combine the costs into your mortgage, you are spanning the payments out until your mortgage term ends.
Remortgaging for a home office should be less costly than remortgaging for a gym or kitchen renovation. To get the true cost for your home improvements, you will need to get a quote from the renovator or tradesman that you are using. This will then allow you to work out how much you need to incorporate into your remaining mortgage amount.
For example, if your estimated costs are £5,000 for your new home office, you may only have to pay an extra £21 per month on top of your usual mortgage repayments. This is assuming an interest rate of 2% is possible over a 25-year term. If your term is shorter, you may have to pay slightly more per month.
Many factors will affect how much you will have to pay back per month and how much you can borrow overall. It is down to the specification of the home improvement, such as the size of the extension and the amount of work that needs doing in the room. You will also need to consider that with a remortgage, you will also have to undergo another affordability assessment, even if you switch deals through the same lender.
If you consider how much it is going to cost to move home and the stress involved with buying and selling a property at the same time, remortgaging could be the best option. Remortgaging in Leeds for a home office could help you pace your repayments and you won’t need to pay for the full cost all at once.
Now is a better time than ever to remortgage, there are many different deals out there that can help you fund your home improvements. There are also lots of positives to converting a room into a home office in your new property:
If remortgaging for a home office sounds like something that you are interested in, then make sure to get in touch with our team to discuss your options. You can book a free remortgage appointment through our ‘Book Online’ system, it’s simple and easy to follow.
We can access 1000s of remortgage products and deals. Your remortgage advisor in Leeds will search for the perfect one for your personal and financial situation. They will also perform an affordability assessment to make sure that you will pass the lending criteria.
We are looking forward to helping you with your remortgage in Leeds.