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The Mortgage Mum – Money Matters - Extensions on my dream home!
The Mortgage Mum – Money Matters!
“Can I use my mortgage to get the extension I have always dreamed of?”
YES (depending on the amount of equity you have in your home and your affordability). Lots of people are unhappy in their home - wishing it could be bigger, or different, but with no hope of saving the amount they’d need to extend. They wonder how everyone else seems to be doing it. This is how!
The way it works is, if you have enough equity, you can look to remortgage your home and add to it to fund an extension. This means transferring your current mortgage from one lender to another and increasing it. Let’s say your property is worth £500,000 and you have a mortgage of £250,000. You need £100,000 for an extension. You are able to afford a mortgage of £350,000. We would remortgage you to the cheapest lender for £350,000; and when the mortgage completes you will use £250,000 to pay back your old mortgage and you’ll be left with £100,000 cash to fund your extension. The other great thing about this is usually an extension will increase the value of your home! It is worth asking a local estate agent to give you an idea of what the value might be worth after the project so that you don’t overspend!
If your remortgage isn’t up for a while why not consider a secured loan? You can borrow the money and do the extension NOW and pay it back when your remortgage comes up for renewal!
If you want it done we will try to find a way – contact us today to see how we can help!
You can contact The Mortgage Mum on her website www.themortgagemum.co.uk or on her social pages. Get in touch today if you have a mortgage enquiry or if you think you may be interested in becoming a Mortgage Mum yourself!