The coronavirus pandemic meant restricted guidelines with one being people must work from home. Fast forward to today, this event in time has created a new wave of workplaces offering either hybrid working (working from home or the office) or working remotely on a permanent basis.
Even though working from home has been around for many years before the pandemic, this has been something people never imagined they would prefer doing. In terms of the mortgage industry, as a Mortgage Broker in York, we found that many people look into converting their kitchen, living room, or even a bedroom into a home office.
As mentioned, many people were already working from home prior to the pandemic and a few businesses have let their employees work from the comfort of their home, rather than commuting to the office. One of the benefits of doing this is that many people would be saving money in commuting to and from work.
Why remortgage for a home office?
Many homeowners who are working remotely on a permanent basis usually look at having a space in their home dedicated to work which can provide them with a somewhat work-life balance. As mentioned, many people look at updating a certain room in their home to achieve this goal and this is where Remortgaging in York can help. Creating a space for work or a home office has many benefits including:
- Increasing homeowner productivity, and some people work a lot more efficiently when they isolate themselves.
- Time & money, as well as not having to beat rush hour.
- Being in the comfort of your own home.
The Cost of an Extension for a Home Office
With excellent technological advancements, many homeowners have benefitted from remortgage advcie in York when looking for extra funding to be put towards revamping a room or even a garage in to a new home office. This can be done through manageable payments, for example an interest rate of 2% that is manageable over 25 years may cost you:
- £21pm for £5,000
- £64pm for £15,000
You might find that it is not too much more than what you are paying at the moment which means it could be better for you to approach the route of improving your home, instead of moving, which can be a stressful and costly process.
When it comes to the amount you will need to pay back per month, this all comes to the the amount you can borrow overall, what your remortgage goals are and how you are going to do it e.g the size of an extension. Furthermore, you will need to keep in mind that you will need to undergo another affordability assessment, in spite of if you go to the dame lender and just switch deals.
Are you looking to remortgage for home improvements in York?
If you are thinking of remortgaging for home improvements, this is the best time to look for a remortgage deal. If you are still unsure about Remortgaging in York, check out our article ‘top reasons to a consider a remortgage‘. Here at Yorkmoneyman, we can provide you with an expert Mortgage Advisor in York who get to know your remortgage goals and find you the best product perfect for your financial needs.
As a Mortgage Broker in York, we have a knowledgable team who have years of experience in the mortgage industry and can provide you with the help you need to look through your options and provide a friendly, helpful service that will support you through the remortgage journey.
Free Remortgage Review in York
With any remortgage, when you have come to the end of your term, you will automatically be placed on your lender’s standard variable rate of interest (SVR). If you do end up in this situation, it’s likely that your mortgage payments have increased due to the rate being higher than your original one. Therefore, having a mortgage review prior to your fixed term ending could save you money which further supports the idea of getting your mortgage reviewed in York.
When approaching the end of your mortgage term, it’s wise that you begin thinking about remortgaging in York. We offer all our customers a free remortgage review where you can speak to a qualified Remortgage Advisor in York giving you access to a better and more competitive product.
Date Last Edited: December 22, 2023
