Asked by: Mohit Seifried
asked in category: General Last Updated: 18th May, 2020

Is it a good idea to remortgage for home improvements?

Perhaps your current lender has said no to lending you extra money or the terms it's offering aren't very good. Remortgaging to a new lender might enable you to raise money cheaply on low rates. The most commonly acceptable reasons to raise money are for home improvements and paying off other debts.

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Then, can I borrow more on my mortgage for home improvements?

Additional borrowing means that when you remortgage you borrow more money and therefore increase the overall size of your mortgage. You can then use these extra funds to pay for home improvements or school fees, for example.

Also, is it better to remortgage or get a loan? You can typically get more cash by remortgaging compared with a loan, depending on your property value. The payments are also normally cheaper as they are spread over the full term of the mortgage. Some personal loan providers may even let you take payment holidays, which is less likely with a mortgage lender.

Also to know is, should I remortgage for extension?

If your mortgage still has some time to run, and you are tied in by early repayment charges, then remortgaging is unlikely to make sense. But if, say, the charges are coming to an end in a few months, by the time you are ready to push the button on the extension work you might be free to take out a new mortgage deal.

What kind of loan is best for home improvements?

Best Home Improvement Loans:

  • SoFi: Best Overall.
  • Avant: Best for Bad Credit.
  • LightStream: Best Loan Rates.
  • Wells Fargo: Best Brick-and-Mortar Lender.
  • Upstart: Best for Borrowers With Little Credit History.

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