Remortgage Advice in Leicester for Home Improvements
During the lockdown, more people have had to adapt to working from home. Some manage to cope better than others, weighing the pros and cons. Some are turning their kitchen, living room, or even a bedroom into a temporary home office during lockdown.
A vast majority were already working from home. Some businesses would instead their employees work from the comfort of their home. Instead of going back and forth to the office, saving you a lot on travel expenses, saving you much money.
Why remortgage for a home office?
Interest rates at the moment are extremely low, and these are the lowest interest rates we’ve seen for mortgages for a long time. It’s the perfect time to borrow money. Remortgaging in Leicester for home improvements to make a home office can help make a huge difference, such as:
- Increase productivity, and some people work a lot more efficiently when isolating themselves.
- Time & money, not having to beat rush hour.
- The comfort of your own home. Some people were not cut out to work inside a busy rush in line to use the coffee machine or microwave.
The Cost of an extension for a home office
Especially now that we live in a technological age, consider getting a Remortgage in Leicester for additional funds for home improvements. To convert a room or perhaps a garage to a home office.
Assuming an interest rate of 2% is possible over 25 years it might cost you:
- £21pm for £5,000
- £64pm for £15,000
That’s probably not a lot more than you are paying right now and it can make sense for a lot of people to “improve not move”, especially when you consider the aggravation and cost of buying a new home.
Many factors will affect how much you will have to pay back per month and how much you can borrow overhaul. It is down to the specification of the home improvement, such as the size of the extension.
You will also need to consider that to remortgage, and you will have to go through another affordability assessment, even if you switch deal through the same lender.
Are you looking to remortgage for a home office?
As previously mentioned, the rates have never been lower, now is the best time to look for a remortgage deal to switch.
Your lender could likely extend the time frame of your remortgage process. Meaning your home improvement could start 6-9 months.
As Remortgage Advisor in Leicester. We have always recommended that you speak to a local Mortgage Broker in Leicester like us. We will search through thousands of remortgage deals and pick out the perfect one for you and your situation.
Our team understands that time is tight at the moment; having a team of friendly mortgage advisor in Leicester by your side could make the process simple. Saving you time and money.
We offer all our new or existing customers a free mortgage consultation. Contact us today to book your free remortgage consultation in Leicester & see how we can help you.
Date Last Edited: December 6, 2023
