Remortgaging can be a good way to release equity on your home. Home improvement projects are a common reason that home owners may wish to do this. If you need to raise funds for a new home improvement project, then we can help you remortgage your current home.
For example, say your existing mortgage has £220,000 outstanding and you want £20,000 for home improvements. We can help you find a mortgage lender willing to lend you £240,000, which you can use both to pay off the existing mortgage and fund the work on your home. However, you need to be aware that doing so will increase the amount of borrowing that is secured against your home. You also need to bear in mind that you’ll only be remortgaging the mortgage part of you Help to Buy Mortgage. The government loan will still need repaying.