Develop your property: home improvement
Many clients grow attached to where they live but can sometimes find the property itself starts to limit their lifestyle as their needs change. In most cases people just move home, but you can save all that upheaval and even make some attractive equity gains by simply refurbishing, redesigning, adding space or extending your current home. This option has become very popular since the Covid-19 lockdown where people have spent more time in their homes and began to reassess their living space. This could be a viable option for you too, especially if you intend to work from home or want to make it a better place to spend large amounts of time.
In most cases you can use a remortgage, a second charge or perhaps a further draw down on your current mortgage to take additional funding on your existing property without having to save up for the works. Depending on the cost of the work versus the current value and even the future value of the house once modified, the loan could be a standard remortgage with equity raise or, for major changes, a ‘self-build’ project. Different lenders have a range of lending criteria when it comes to remortgaging for home improvements so you should always seek advice from an experienced broker who will be well placed to source you the best deal.
Help is at hand
We work closely with builders, surveyors and architects that would potentially get involved in this type of project. Our whole of the market access means that, depending on your property value and the cost and ambition of the project, we can find the most appropriate and cost-effective way to finance the work.
If you are considering developing your property but unsure how to fund the work, Aspire Financial Services can help. Contact us today for independent advice and we will advise on the most suitable finance strategy for your circumstances.
Call or click here to book a free 30-minute consultation.