Improving Your Current Home
Improving, renovating or converting your property is a great way to make your home work better for you and your family, while also adding value.
So if you're planning some big changes to your home, whether it's an extension, basement, loft conversion or remodelling, BuildStore Mortgage Services can find the right funding solution for you.
When it comes to funding your home improvement project there are a range of solutions available. The right solution for your project very much depends on the nature of the works you're carrying out and your own circumstances. One of BuildStore's specialist mortgage advisers will take the time to understand your project and your individual circumstances before recommending the most cost effective solution for your needs. Here are just some of the options that may be available to you.
One of the most common ways of raising finance for home improvements is through a remortgage.
This allows you to take out a new mortgage on your property, to pay off the original mortgage, leaving you with some remaining funds to finance improvements to your home, based either on the current value or the projected value after your improvements are completed.
By raising funds this way you are effectively repaying the additional borrowing over the full mortgage term, spreading the costs.
Bear in mind that remortgaging is not a cost-free process though. You may have to pay charges if you choose to redeem your mortgage early, plus there will probably be costs associated with the new deal, so factor all of this into your decision.
If you're planning a bigger home improvement project, a stage payment mortgage may be the right solution for you. This type of mortgage requires a specialist approach as the funds are released in stages as the project progresses. All lenders have different criteria, so it's important to speak to an expert who can find the right finance for your individual circumstances.
Unlike a traditional mortgage, your borrowing capacity is not limited by your home's current value. You can potentially borrow enough to repay your current mortgage and fund 100% of the improvement works - up to a maximum of 85% of the expected end value of your home when works are complete.
What's more BuildStore's exclusive mortgages can provide guaranteed stage payments based on your build costs before each stage of works- giving you certainty in your budget and the funds you need to get the job done!
When works are complete, you can switch to one of your lender's traditional mortgage deals.
For more information on cost based stage payment mortgages click here
A fast and flexible short term secured loan which can be used to raise funds for almost any purpose. If you own a second unencumbered property, could raise funds against this to fund the works on your current home.
There must be a clear exist route for how you'll repay the loan in full. You could refinance or sell your second property, or remortgage your current home based on its increased value to repay the loan.
As with all financial matters, it is important to consider all of the options available to you, before opting for a particular solution.
BuildStore Mortgage Services is the UK's leading homebuilding finance expert with over 20 years experience. We have access to a range of borrowing solutions including exclusive mortgages suited to major home improvement and renovation projects, offering competitive rates and guaranteed upfront payments.
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