Sometimes remortgaging can be a stressful situation but it does not have to be. COVID-19 led to the majority of people realising that their home may not be suitable in terms of size now that they are spending more time in their home.
A few lenders are undecided on which applications they are progressing, this can be passed onto customers and can be unclear as to what they can do or not in the current climate. Though Mortgage applications for remortgages are still able to go ahead, customers who are seeking a remortgage for extensions may be allowed to do so given their application is approved by lenders.
How to remortgage for home improvements in York
There are many remortgage options that you can choose from. The first step will be to review the different remortgage deals that are available to you. If you stick with your current lender you will be limited to only the products that they offer. By looking at other deals and other lenders, you broaden your options of existing deals that are available to you that may save you a great amount of money.
Currently in the mortgage market rates are rock bottom and may not change for a while, this is particularly good for customers on a fixed-rate mortgage, so now has ever been a better time if you’re thinking about a remortgage. Our mortgage advisors in York will help with the process, they will access thousands of deals that you wouldn’t stumble upon by yourself.
The cost of an extension
The costs for a remortgage for an extension have no set price. Multiple factors may affect the amount you pay back each month and the amount possible to borrow. Such factors include the size of the extensions and the specificity of the home improvement.
You will also need to consider that to remortgage in York, you’ll go through another affordability assessment, even if you switch deals through the same lender.
Are you looking at remortgaging for home improvements?
Mortgage rates have not been this low for a long time so now is the best time to remortgage. Your lender could extend the period of your remortgage process, this could mean your home improvements may start 6-9 months anyway, so it’s best to start as early as possible.
When choosing to remortgage in York, we always recommend that you obtain remortgage advice in York as soon as possible. We will be sure to search through thousands of available remortgage deals that we have at our disposal and pick out the perfect one for you. We understand that times are difficult at the moment, so having a friendly mortgage advisor in York by your side could make the process much more efficient.
Date Last Edited: December 19, 2023
