The unpredictable and cruel nature of COVID-19 means that a lot more people have now been working from home and are realising this is an option they would much rather stick with, as opposed to going back to work in an office or other place of work. This type of work can often come with many benefits. Some of these benefits can include:
In the past people have often uprooted their entire life and moved home for a better living arrangement and to be closer to work. However, now that many people realise that they can start to work from home means they will look to shape their home to fit in a new workspace such as a home office. Therefore encouraging people to ‘improve, not move’ when it comes to making plans for their homes.
The price of converting an existing room can be a lower cost than you might initially think, depending on what work you have done. We’ve seen conversions ranging between £5 – £15,000. Interest rates have been dropping for a while now and have stayed at a constant low which could mean that the monthly mortgage payments would only increase by an affordable amount.
Assuming an interest rate of 2% is possible over 25 years it might cost you:
In order to raise additional funds to Remortgage for a home office, you will need to Remortgage your property. These funds will contribute to converting whichever room you choose to convert into said office. The most common choice for this type of conversion is a spare room or garage.
The first step will be to find a good remortgage deal. If you choose the option of going on your own and going directly to your bank, you’ll face restrictions as they can only offer their own products. On the flip side, by going further than your bank and shopping around, you will be opening yourself up to more than thousands of available deals that could leave you better off each month financially.
Our dedicated Mortgage Advisors in Nottingham will be on hand to look through thousands of remortgage deals to find you the most appropriate deal for you. As a company that prides itself on providing good quality Remortgage Advice in Nottingham, we will always aim to keep your best interests at heart.
You will need to work out a rough idea of how much the work which will be carried out will cost. Such things as room size and how much work is needed on the room to get it in shape will be taken into consideration.
Right now are some of the lowest rates that have been present in the Mortgage Market for quite some time. The amount of money you can save by converting will extend further than your remortgage. You may also find yourself saving money on transport costs.
If you’re thinking about setting up a Remortgage to fund home improvements such as a home office, we have experience spanning from over numerous years. By coming to our Mortgage Broker in Nottingham, we’ll help you along with the process and hopefully open you up to better, more favourable Remortgage deals.