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Remortgage For A Home Office In York

Remortgaging your home

The outbreak of COVID-19 has led to people now having to work from home and are seeing the many benefits it adds to an everyday lifestyle.

Certain benefits can include: 

  • Home Workers are often more productive.
  • No lost travelling time.
  • Less travelling is also better for the environment.
  • Telephone and Video meetings tend to be shorter, again good for increased productivity.
  • Flexible. 
  • Better for families.

Remortgage Advice in York

People have often found themselves relocating for work and also for a better living environment. However, many people can now have the option to keep working from home and if they choose to it will mean they are able to shape their home to fit in a new workspace such as a home office. Therefore, you are able to ‘improve, not move’.

The price of conversion can be somewhat low cost, ranging between £5 – £15,000. Interest rates have been staying at a constant low which could mean that the monthly mortgage payments could only increase by a sufficient amount. 

Assuming an interest rate of 2% is possible over 25 years it might cost you:

  • £21 pm for £5,000
  • £64 pm for £15,000

How to Remortgage for a home office in York

You will have to remortgage your property to raise additional funds in order to remortgage for a home office. These funds will contribute converting whichever room you choose to convert. The most common choice is a spare room or garage. 

The first step will be to find a remortgage deal, If you choose the option of going on your own and going directly to your bank, you’ll be restricted to only their deals, but by going further than your bank and shopping around, you will be opening yourself up to more than thousands of deals which are available and you could be better off.

Our Mortgage Broker in York will be on hand to look through thousands of remortgage deals to find you the one that will suit you best. Our Mortgage Advisor in York will always aim to keep your best interests at heart.

The costs of a home office in York

You will need an estimate of how much the work which will be carried out will cost. Such things as room size and how much work is needed on the room to get it in shape will be taken into consideration.

Right now are some of the lowest rates that have been present in the Mortgage Market for a while the amount of money you can save by converting will extend further than your remortgage, you may also be saving on transport costs.

Are you looking to remortgage for home improvements in York?

If you’re thinking about a Remortgage in York, our Mortgage Brokers in York have experience spanning from over numerous years. By coming to our Mortgage Broker in York, we’ll help you along with the process as you may find that the lender could extend the time frame of your remortgage process. 

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UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
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