• Remortgage to possess home improvements

Remortgaging is when you button from your established financial to some other financial with an increase of beneficial payment conditions, such down notice to your monthly payments. The latest organized brand new home loan is utilized to expend the quantity your are obligated to pay with the current mortgage so that you nevertheless only have you to mortgage each time. But while finish very first home loan earlier than prepared, you are subject to early repayment fees.

When you remortgage to own renovations, in the place of searching for a new home loan that just takes care of your financial, you look to have a mortgage you to do can way more.

This type of fund was secure which have house security however, constantly feature a fixed interest rate

Particularly, in case your latest home loan has a great ?one hundred,000 balance along with ?70,000 house collateral, you could turn to remortgage for ?130,100 instead.