1. Re-mortgaging

In the event that you possess your house or any other property, the essential efficient means of borrowing would be to re-mortgage. Re-mortgaging is typically less expensive than bridging finance, however you must-have income that is sufficient show you really can afford extra repayments.

Just how much you are able to borrow hinges on:

  • Your principal home’s equity (its current value minus what’s owed on the mortgage that is existing
  • Your credit score
  • How much the proposed improvement might enhance the property’s value.

Re-mortgaging could be the chance to get a less expensive deal in your existing loan too a brand new one. The disadvantage may be the arrangement cost, and that can be a few thousands of pounds.

Make sure you take into consideration any fees and charges for repaying the advance if you decrease the loan or offer the home early.

2. A Property Improvement Loan

These can either be guaranteed or unsecured:

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