Cashback Remortgages · Remortgaging
Remortgaging for Home Improvements
Home improvements are a common reason to borrow more when remortgaging. It can be cost-effective, but the borrowing is secured on your home.
How it works
You remortgage for more than your current balance and use the difference for the work. Lenders assess affordability and the new loan-to-value, and may ask about the improvements.
Improvements that add value or efficiency can be worthwhile, but the loan is repaid over the mortgage term.
Plan sensibly
Get realistic quotes and keep a contingency. Compare the mortgage cost against other finance and consider whether a shorter separate arrangement might suit smaller works.
Sources and further reading
General mortgage information, not a personal recommendation. Lender criteria and scheme rules can change. Ask an adviser about your circumstances and a solicitor or tax adviser about legal or tax questions. Your home may be repossessed if you do not keep up repayments on your mortgage. Most buy-to-let mortgages are not regulated by the FCA.
Discuss the next step for your mortgage
Understand your options before you make a decision.