The last 18 months or so may have made you realise that you need more space for you and your family, with many preferring to stay put rather than move house.
The upside of this is that your current property may have increased in value compared to when you took out your existing mortgage deal. If that’s the case, then it may be easier for you to borrow extra money (if needed) to help create the space you want.
Taking on extra borrowing may not be the most suitable route for you and if you remortgage before the end of your current deal period, there may be financial penalties. So you need to weigh up all of this along with the alternative costs attributable to moving home to secure the space you need.
Build up or build out, this would be the most obvious way to secure that extra space. Building an extension could create an extra room and help create more space, alternatively, you may wish to make improvements such as updating your kitchen, a new heating system or new windows etc.
The question is, does it add value to your home and the answer, generally yes it does, by creating more living space you are making your home more marketable.
Talk to our mortgage experts at Asset Harbour on 01276 986333 about the possibilities of remortgaging, whilst adding value to your home.