Home Improvements
Remortgaging for Home Improvements
A new kitchen, an extension or a loft conversion can add space and value. Releasing equity from your home is one way to pay for it. Here is how it works and how it compares to other options.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
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.
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How It Works
Borrow Against the Equity You Have Built Up
Equity is the difference between your home's value and what you owe. You may be able to borrow some of it for improvements.
- ✓Remortgage: move to a new lender and borrow more
- ✓Further advance: borrow more from your current lender
- ✓Affordability: lenders still check you can afford the bigger mortgage
- ✓Your home is at risk: the extra borrowing is secured on your home
How We Help
How to Plan It
Five steps before you start.
Get Quotes
Know what the work will cost, plus a buffer for surprises.
Check Your Equity
We look at your home's value and what you owe.
Compare the Routes
Remortgage, further advance or other finance.
Check Your Deal
Early repayment charges can change which route makes sense.
Plan the Timing
Line up the money before the builders start.
Things to Consider
Before You Borrow
Every project is different.
Energy Upgrades
Solar panels or insulation can cut bills. Some lenders offer green deals.
Get Straight Advice →Common Questions
Home Improvement Remortgage Questions, Answered
The things homeowners ask us most.
Can I remortgage to pay for home improvements?
Often, yes, if you have enough equity and can afford the higher payments.
What is a further advance?
Extra borrowing from your current lender on top of your existing mortgage.
Is it better to remortgage or get a loan?
It depends on the amount, the rates and the term. We will compare the total cost.
Will home improvements increase my home's value?
Some do, like extra bedrooms or new kitchens. Others may not add much.
Can I remortgage during a fixed rate?
Yes, but early repayment charges may apply. A further advance might avoid them.
How much can I borrow?
It depends on your income, outgoings and the equity in your home.
Related guides
- What happens when your fixed rate ends
- Renovation mortgages
- Debt consolidation remortgage
- How much can I borrow?
- All mortgage questions answered
Written by Tony Flynn, mortgage broker at Tony Flynn Mortgages, helping homebuyers across Lanarkshire and Scotland. This page is general information, not personal advice. Speak to Tony about your own circumstances.
Get in Touch
Planning Some Work?
Fill in the form and we will be in touch within one working day. We will compare your options and tell you the best way to fund your project.