Re-Mortgaging in 2020

Re-Mortgaging to Renovate Instead of Buying Another Home

Are you wondering whether buying a new house right now is the right move?

You might want to consider doing some work on the home that you have. Perhaps there is scope for an extension, a new bedroom, a loft conversion or a conservatory. Often we over-look the obvious. If you love the area that you live in but want more space then why not consider a re-mortgage?

You may feel that you have out-grown your home. Maybe you’ve just had a baby or another baby. You feel that you don’t have adequate space for a growing family, and you think that your only option is to move on.

What is a Re-Mortgage?

Quite simply, its additional funds released to you by your lender or another lender. The money that you receive is added to your current mortgage at the rate agreed with your lender. You then have the extra money to make changes to your home in line with your new requirements. Re-mortgaging is a great way to feel as if you are moving on without actually having to move anywhere!

Perhaps your current lender has said no to lending you extra money or the terms it is currently offering aren’t great. Re-mortgaging to a new lender might enable you to raise the money you need at a low rate. But remember to take all the fees into account to see if it really is cheaper than other forms of borrowing.

There are so many options open to you. So, if your current provider won’t play ball, look for another that will. You can do it alone or you can do it through a broker. It depends on your level of confidence in finding the best deal on the market, but not only that, finding the best deal for your circumstances.

How can The Mortgage Brain help you?