Home improvements
Mortgage Options for home improvements
Planning an extension, new kitchen or other improvements? There may be ways to borrow through your mortgage. Here is what to think about.
Talk to TonyAt a glance
- Options include further borrowing or remortgaging to raise funds
- Borrowing is secured on your home
- Affordability and your circumstances will be considered
How can I fund home improvements?
Some homeowners borrow more from their current lender, called further borrowing, or remortgage to a new deal and borrow extra. The best route depends on your rate, your circumstances and how much you need.
Who it may suit
Everyone's situation is different, but these are some of the situations where people look at this.
How it works with Tony
Good to know
- Borrowing more secures the extra amount against your home, which may be repossessed if you do not keep up repayments.
- Spreading the cost over a long term can mean paying more interest overall.
- Further borrowing may be on a different rate from your main mortgage.
- Lenders will look at affordability and how the funds will be used.
Meet your adviser
Hi, I'm Tony Flynn
I'm a mortgage and protection adviser based in Carluke, helping people across Lanarkshire and Scotland.
I've spent 15+ years in finance and have been named Mortgage Professional of the Year at the Prestige Awards Scotland five years in a row. I'll explain your options in plain English so you know exactly where you stand.
Home Improvements questions
Should I borrow more or remortgage?
It depends on your current rate, early repayment charges and how much you need. Tony can compare both routes.
Will my rate change if I borrow more?
With further borrowing the extra amount may be on a new rate, while the rest stays on your existing deal.
Do I need planning permission or quotes?
Lenders may ask how funds will be used, and you may need planning permission for some work. Ask us early.
How much could I borrow?
It depends on your income, outgoings, the value of your home and your lender. Tony can talk you through it.
Do you charge a fee for mortgage advice?
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
Ready to talk it through?
A quick chat with Tony is a good first step. No jargon, no pressure.
Talk to Tony