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The housing market has seen a real shift over the last few years, with people choosing to stay put and improve their existing property, rather than buy something new. From extensions to new kitchens, from garden makeovers to a new driveway, there are many ways to rejuvenate your current property to match the high finish of a new build.
What can seem like a straightforward plan can suddenly become more complicated and more expensive as you start to add in the extra costs of architects, planning permission and building regulation checks, not to mention the cost of borrowing. This makes it all the more important that you embark on your project knowing all the facts and figures allowing you to make an informed choice about the best way forward.
Many people are choosing to fund their dream plans by re-mortgaging and releasing equity from their home, however before entering into a new deal it is important to establish if your current deal is the best one for you. Ensure you are aware of how much the extra borrowing will cost you over the lifetime of your re-mortgage and make sure that you can afford the inevitable increase in your monthly payments. By shopping around and most importantly, seeking professional advice so that all of your requirements are met, you can be sure to obtain the best deal for you and your family.
You may have to pay an early repayment charge to your existing lender if you remortgage.
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