• Remortgage to own renovations

Remortgaging happens when your option out of your present home loan to some other financial with more useful cost words, eg all the way down attract into monthly installments. New arranged the fresh new financial can be used to expend the quantity you owe into current mortgage you nonetheless just have you to definitely mortgage at the same time. However, while stop very first mortgage sooner than arranged, you’re subject to very early installment charge.

When you remortgage to own renovations, unlike shopping for yet another mortgage that just pays off your existing mortgage, you look to possess home financing you to do can even more.

These types of loans are secure which have domestic security however, always incorporate a fixed rate of interest

Particularly, in case the newest mortgage features a good ?100,100000 balance and you’ve got ?70,100 household guarantee, you can look to remortgage to have ?130,one hundred thousand instead. Continue reading Particular masters also consider family security money since the 2nd mortgages →