Home improvement mortgages
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Home improvement mortgages
Your home probably ticked a lot of boxes when you first bought it. So, you made an offer, moved in and excitedly started a new ownership adventure. But, over the years, things change. Rooms need updating, families grow and demand more space, and what you need from a house in terms of functionality evolves. Unfortunately, home improvements aren’t cheap – even if you are prepared to give the DIY approach a try – and unless you’re willing to move, you might find yourself stuck. Luckily, a home improvement mortgage lets you release equity from your property to fund important home renovations.
Whether you’re planning an extension or loft conversion, a kitchen upgrade or a brand new bathroom, a home improvement mortgage can help you to create the perfect home and increase its value. At Everest Mortgages, we help homeowners to remortgage for renovations, ensuring you secure the right mortgage to make your home improvement dreams a reality.
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Getting to grips with home improvement mortgages
A home improvement mortgage – which involves remortgaging your property to release equity – allows you to borrow against the value of your home to pay for renovation works. There are a lot of ways to use a home improvement mortgage, but most commonly the money is used to fund:
- Home extensions
- Loft or garage conversions
- New kitchens or bathrooms
- Full property refurbishments
- Roof, window and insulation upgrades
- Garden and landscaping work
Instead of saving for years or taking out expensive personal loans, a home improvement mortgage gives you access to the money you need to cover the cost of the work, and usually at a lower interest rate.
How do home improvement mortgages work?
When you remortgage for home improvements, you switch your current mortgage to a new deal and borrow more money at the same time. Before approving you, lenders will consider:
- How much equity you have in your home.
- How much the work you want to do will cost.
- Whether the improvements will likely increase the property value.
- Your income, outgoings and credit history.
They use this information to assess your application and (fingers crossed!) approve your home improvements mortgage. Once approved, you will receive the funds to carry out the renovations, and your mortgage balance will increase by the amount borrowed.
Who can apply for a home improvements mortgage?
You can apply for a home improvements mortgage if you’re a homeowner and:
- You want to avoid moving costs and disruption, but you need more from your home.
- You want to add value to the property before selling in the future.
- You need to adapt your home to meet the needs of your growing family.
- You are remortgaging because your current deal is coming to an end.
- You are renovating to improve the property’s energy efficiency.
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Home improvement mortgages vs. traditional mortgages
There are a wide range of mortgages out there, with many designed with homeowners who are remortgaging in mind. So, why are home improvement mortgages so popular?
Lower interest than personal loans
One way to fund home improvements is with a personal loan, but the interest rates are often higher than remortgaging. This means a home improvement mortgage is usually the more affordable way to finance larger renovation projects.
Stay in the home you love
If your home isn’t working for you any more, you need to make some changes. Getting a home improvements mortgage allows you to make those changes and get more out of your property, whilst staying in the home and area you love, all without the stress of uprooting your family.
Improve comfort, space and efficiency
With the funds from a home improvement mortgage, you can make sure your home meets your evolving needs by adding extra rooms, modernising outdated areas or upgrading energy efficiency for a more comfortable and cost-effective living space.
Boost property value
Many home improvements can significantly increase the market value of your property, helping you build long-term equity and strengthen your financial position if you decide to sell in the future.
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Step-by-step guide to remortgaging for home improvements
Don’t make the mistake of assuming that remortgaging your property for home improvements is complicated, as Everest Mortgages simplifies the process. With our mortgage experts helping, applying and being approved for a home improvements mortgage is simple, straightforward and speedy.
Calculate the total cost of your project
You’ll need to start by getting quotes from contractors and creating a realistic budget for the work, which helps you to understand how much money you’ll need to borrow.
Check how much equity you have available
The amount you can borrow will depend on how much equity you have available. You’ll need enough to cover the home improvements costs, but it’s a good idea to factor in a little extra for unexpected expenses.
Consider the future value of your home
A lot of home improvement work has the potential to increase the value of your property, but that’s not a guarantee. Make sure the improvements you’re planning have a good chance of adding long-term value, as this makes remortgaging worthwhile.
Confirm planning and building requirements
If your home improvement dreams need planning permission or building regulations approval – for example, if you’re planning a large extension or loft conversion – get these organised early. This avoids delays and reassures lenders that the work is compliant.
Speak with a mortgage broker
At Everest Mortgages, we can compare lenders, explain your borrowing options and help prepare your application, giving you the best chance of approval.
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John Everest
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John is a CeMAP-qualified, whole-of-market mortgage adviser and Director of Everest Mortgage Services. With over 21 years in financial services, and a track record of 1,000+ mortgages arranged.
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FAQs
Frequently asked questions
Can I get a home improvements mortgage with bad credit?
Yes, having bad credit doesn’t automatically mean you’ll be turned down for a home improvement mortgage. You may have fewer options and pay a slightly higher interest rate, but many lenders are willing to approve applicants with a bad credit score.
Will the lender need details of the work?
Yes, most lenders will want to see details of the work before approving your application. This usually includes contractor quotes, cost estimates and architectural plans.
Is remortgaging cheaper than moving?
For many people, yes. Once you’ve factored in stamp duty, estate agent fees, valuations, surveys and moving costs, getting a home improvement mortgage and completing renovations tends to be cheaper.
How much can I borrow with a home improvements mortgage?
This varies hugely. Lenders look at your property value, the equity available, income, affordability and credit history before they decide how much you can borrow.