Remortgage Advice in Sunderland for Home Improvements

During the lockdown, more people have had to adapt to working from home, some managing to cope better than others, weighing the pros and cons. Some are turning their kitchen, living room, or even a bedroom into a temporary home office during lockdown.

A vast majority were already working from home, and some businesses would instead their employees work from the comfort of their home instead of going back and forth to the office, saving you a lot on travel expenses, saving you much money.

Remortgage for a Home Office

One of the most popular home improvements people carry out these days is converting a room or indeed garage for a Home Office. There are numerous advantages to working from home, although obviously it doesn’t work for everyone.

  • Home Workers are often more productive (no distractions)
  • No lost traveling time (saving money and reducing stress levels)
  • Less traveling is also better for the environment
  • Telephone and Video meetings tend to be shorter, again good for increased productivity
  • Flexible – great for parents who can work around school runs
  • Better for families – even if mum and dad are working, they are around (just in case)

Sometimes people move house in order to achieve their goals in terms of a better living environment which is fair enough but there are sometimes options to better utilize another area of your current property.

Especially now that we live in a technological age, consider getting a remortgage in Sunderland for additional funds for home improvements to convert a room or perhaps a garage to a home office.

Assuming an interest rate of 2% is possible over 25 years it might cost you:

  • £21pm for £5,000
  • £64pm for £15,000

That’s probably not a lot more than you are paying right now and it can make sense for a lot of people to “improve not move”, especially when you consider the aggravation and cost of buying a new home.

Many factors will affect how much you will have to pay back per month and how much you can borrow overhaul. It is down to the specification of the home improvement, such as the size of the extension.

You will also need to consider that to remortgage, and you will have to go through another affordability assessment, even if you switch deal through the same lender.

Are you looking to remortgage for a home office?

As previously mentioned, the rates have never been lower, now is the best time to look for a remortgage deal to switch.

Your lender could likely extend the time frame of your remortgage process. Meaning your home improvement could start 6-9 months.

As Remortgage Advisor in Sunderland, we have always recommended that you speak to a local Mortgage Broker in Sunderland like us. We will search through thousands of remortgage deals and pick out the perfect one for you and your situation.

We understand that time is tight at the moment; having a team of friendly Mortgage Advisor in Sunderland by your side could make the process simple, saving you time and money.

We offer all our new or existing customers a free Mortgage Consultation. Contact us today to book your free remortgage consultation in Sunderland & see how we can help you.

Mortgage Broker in Sunderland

Date Last Edited: 20/01/2023