Home Improvement Mortgages
What is Remortgage for Home Improvement?
Remortgaging for home improvements means you increase your mortgage advance to pay the costs of completing the home improvement work.
Mortgage lenders love you to remortgage for home for improvements. This is the most common reason for mortgaging and increasing a mortgage advance. As you are adding value to the asset, the mortgage lender will hold its loan, providing there isn’t too much work involved.
For anything large, such as an extension to the building or loft conversion, you will need planning permission; the lenders will view this as high risk. Before you start, you MUST get consent to complete these works from your mortgage lender.