Equity Release Is Your Best Financial Tool To Fund Home Improvements And Increase Your Homes Value

Over the last few years it has become more and more difficult to secure remortgage finance

. Falling house prices coupled with lenders' increasing reluctance to lend has made it tough to switch home loans. However, many people who have been able to remortgage have been able to take advantage of the ability to borrow extra cash to undertake improvements on their homes.

A remortgage allows you to benefit from one of a great range of remortgage deals on your main mortgage as well as borrowing additional funds to improve your home. Even in the current market there is a wide range of remortgage deals available including offset products, fixed rate remortgage deals and discounted/tracker rate mortgages.

As lenders continue to loosen their lending criteria, remortgage rates have improved. However, with some many deals in the market it is wise to seek professional advice if you're looking to remortgage. A qualified mortgage broker can scour the market to find the best deals for you as well as advising you on what sort of remortgage will be the most appropriate. With products and lending criteria changing daily, a broker can help you keep on top of the mortgage market.

For those over the age of 50, equity release mortgages are available whereby you sell a proportion of your home to the lender, so only the interest is payable and this is only due for repayment on death or sale of the property. Remortgage deals are available for these types of mortgages too, and can allow you to pay for home improvements.

There are various projects that can be done to add value to the property, such as updating the kitchen, adding a conservatory or converting the attic into a new bedroom. If you build an extension, this adds significant value to the property as you can potentially add more bedrooms, and even extend the size of your kitchen to make it more 'family friendly'.

Making changes to the garden such as having it landscaped professionally can also help to add value and to make the property more attractive to potential buyers when you come to sell in the future.

Improving your property does not necessarily have to include significant structural or refit work. Simply by redecorating your home in neutral colours can make it much more appealing to buyers as well as making it look more modern.

All homeowners must get their property professionally valued to access a remortgage deal and they must complete a loan application form. The costs of accessing a remortgage vary, depending on lenders chosen and the type of product applied for, however it is generally considered to be cheaper than taking out a first time mortgage.

If you're looking to make your home more energy efficient, then depending on the type of property that you own, Energy Efficiency and Housing Renovation funding may be available. You can consult a specialist in these areas to determine whether cash can be made available to you for such work.

Remortgaging can be a difficult business and at the fact that lenders have become stricter about who they lend money to and how they lend it following the credit crunch is a distinct difficulty. The most cost effective way to access additional money is to borrow a "further advance" on your existing mortgage, which in means adding the whole value of the new home improvements to your existing mortgage, which means low risk, low cost secured borrowing. If there is an option between secured and unsecured borrowing, it is wiser to take the secured option every time.

by: Howard Ogollegos

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