Key things to consider
The amount of equity and loan-to-value (LTV) of your property
Some lenders impose a loan-to-value cap for home improvement remortgages. There are a number who set the limit at 75%, a few 80-85% and others who offer 90% and up. As whole-of-market mortgage brokers, we can research the market to find the most suitable mortgage offer for you.
The cost of proposed renovations
It’s worth obtaining a few quotes from different supplies or builders to ascertain the cost of the repairs or improvements you want to carry out. Once you have a good understanding of the total cost of the work, we can help negotiate additional borrowing on your mortgage.
Verifying if planning permission is required
Planning permission isn’t usually needed for an extension or renovation (most extensions are classed as permitted developments) however it’s worth noting that building regulations approval is generally necessary for most extensions. It is also advisable to consult with your local council to address any specific considerations that could be specific to your location.
Debt or credit file report
For a remortgage a credit file is a required aspect. Having bad credit doesn’t always affect your application, and it is now possible to borrow up to 90% loan to value, or even more, with some bad credit mortgage lenders. Your choice of remortgage rates and deals will likely depend on the type of issues on your record and how long ago they happened, as well as the reason for your credit. Once we have discussed and understood your situation, we’ll be able to find the most suitable lender and help you create the home of your dreams.