Property prices continue to rise which means that you could be better off improving your home rather than moving. Unlocking more value by renovating and extending, rather than paying for a bigger property and the costs of moving.
James Skidmore, Head of Mortgages at AAG, explains how you can stay in your own home and make it work for you.
“There are couple of options available to those that want to improve or extend their home.”
“The obvious is to remortgage the property, which allows you to benefit from any increase in value of the property since your last mortgage was approved and potentially lock in a better rate.”
“You could request a further advance from your existing mortgage provider, which again may offer a better rate, and is probably the most straight-forward.”
“Or, you could leave your mortgage as it is and take out a second mortgage. The benefits of this is that it’s quicker to put in place which means you can access the finances sooner. And, there would be very little penalties should you wish to pay back the money early.”
Your home or other property may be repossessed if you do not keep up repayments on your mortgage.