Remortgaging to make home improvements.
If you are a homeowner and you want to remortgage to improve your home, call us at Deal Direct. Whatever kind of work you plan to undertake, whether you want to build an extension, replace your kitchen, create an ensuite or replace your roof, we can help you to remortgage and release equity.
Remortgage rates are currently set low, and news that an interest rate rise has been further delayed might make you think that mortgage rates won’t rise for a year or so. However with lenders being forced to carry more in their reserve, this might not be the case. You are therefore advised not to put off your search for a remortgage product too long, those who do might miss out on the best rates, or might even face not being able to remortgage at all.
Why might you have difficulty remortgaging if you delay things too long?
Simply because remortgaging rules are changing, and after march lenders transitional arrangements which were designed to help home-owners remortgage after the MMR came into effect, will end. This means you will have to jump through of all the hoops that new property purchase applicants have to, and so that means stricter affordability checks and mortgage stress tests at rates of up to 7%.
If you want to make home improvements and need to fund your project by releasing equity in your home, call us at Deal Direct for remortgage advice.
We can search the market to find you a deal to help you move forward with your plans.
For advice and a low rate quote call 0800 048 8828.
