Mortgage for property improvement

This case study is for illustrative purposes only and does not constitute advice.

I know there are plenty of people that are always thinking about making some changes to their property, be it a lick of paint or something a bit more substantial like getting a new kitchen fitted. The challenge for working on these projects – especially the bigger home improvements – is raising the capital to be able to do them.

Mrs M, one of my lovely clients, was definitely in this position. She came to me a little while ago wanting to secure some additional funds so that she could do some home improvements on her property.

Normally, and especially if a product is coming towards the end of its term, I would look at the remortgaging options in this situation. However, there were a few specific challenges in this instance:

1 – Mrs M was tied into an existing product with her bank.
2 – The product with the bank had about two years left to run.
3 – Wherever possible, we wanted to avoid incurring any additional or unnecessary penalties.

After a bit of discussion, both with Mrs M and her lender, rather than going through the financial pain and struggle of a remortgage I was able to secure an additional advance (this is when the existing lending provides an extra sum of money in addition to the initial mortgage).

The upside is that Mrs M was able to secure the funding for her property improvements, without incurring too much of an additional cost.

So, if you’re in a similar situation looking to improve your home but aren’t sure how to finance it, I’d be happy to have a chat with you and discuss your options with you.

Think carefully before securing debt against your home, your home may be repossessed if you do not keep up repayments on your mortgage.

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Important: Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured upon it. A fee of up to 1% of the mortgage amount may be charged depending on individual circumstances. A typical fee is £495.

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Step 1

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Important: Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured upon it. A fee of up to 1% of the mortgage amount may be charged depending on individual circumstances. A typical fee is £495.

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Chambers Financial Services Limited is an Appointed Representative of Quilter Mortgage Planning Limited which is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales No:08201095, Registered Address:Arlington House West Station Business Park, Spital Road, Maldon, England, CM9 6FF We normally charge a fee for mortgage advice, however this will be dependent on your circumstances. Our Typical fee is £499. Click here for more information. Internet Privacy Policy

Important:
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured upon it. A fee of up to 1% of the mortgage amount may be charged depending on individual circumstances. A typical fee is £495.

The Financial Conduct Authority do not regulate buy to let mortgages.

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