Ways to fund the work
Options may include a full remortgage, further advance from the current lender, secured loan or unsecured borrowing. Each has different costs, terms and flexibility.
How much can be borrowed?
The calculation starts with current property value, mortgage balance and affordability. The expected value after works is not normally available today unless specialist renovation finance is used.
What information may be needed?
For ordinary cosmetic work, a clear purpose and cost may be enough. Larger projects can require more detail.
- Builder quotations
- Planning permission or building regulations
- Schedule of works
- Contingency budget
- Evidence the home remains habitable
Choosing the right timing
If the current mortgage has an early repayment charge, a further advance or later remortgage may be more cost-effective. The project timetable should be compared with the product end date.
Frequently asked questions
Can I borrow based on the value after renovations?+
Mainstream residential lenders usually use the current value. Specialist refurbishment products may work differently.
Can I remortgage before planning permission?+
Possibly, but the lender may want to understand the project and proposed use of funds.
Is a further advance cheaper?+
It can avoid replacing the existing deal, but the new borrowing may have a different rate and end date. Compare total costs.