Remortgage For A Home Office | Mortgage Advice In Nottingham
Remortgaging your home
The outbreak of COVID-19 means that a lot more people are now having to work from home and are realising this is a preferable way to work and has many benefits.
Certain benefits can include:
– Home Workers are often more productive
– No lost travelling time
– Less travelling is also better for the environment
– Telephone and Video meetings tend to be shorter, again good for increased productivity
– Better for families
In the past people have often relocated for work and for a better living environment. 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’.
The price of converting an existing room can be somewhat low cost, ranging between £5 – £15,000. Interest rates have been dropping for a considerable amount of time 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:
– £21pm for £5,000
– £64pm for £15,000
How to remortgage for a home office
You will have to remortgage your property to raise additional funds in order to remortgage for a home office. These funds will contribute converting whichever room you choose to convert. The most common choice is a spare room or garage.
The first step will be to find a remortgage deal, If you choose the option of going on your own and going directly to your bank, you’ll be restricted to only their deals, but by going further than your bank and shopping around, you will be opening yourself up to more than thousands of deals which are available and you could be better off.
Our Mortgage Brokers in Nottingham will be on hand to look through thousands of remortgage deals to find you the one that will suit you best. Our Mortgage Advisor in Nottingham will always aim to keep your best interests at heart.
The costs of a home office
You will need an estimate 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 a while.the amount of money you can save by converting will extend further than your remortgage, you may also be saving on transport costs.
Are you looking to remortgage for home improvements?
If you’re thinking about setting up a remortgage, we have experience spanning from over numerous years. By coming to our Mortgage Broker in Nottingham, we’ll help you along with the process as you may find that the lender could extend the time frame of your remortgage process.