Remortgaging your home in Derby
Thanks in part to COVID 19, there are a lot of people who are now working from home. It has become a way of working that some people prefer and is something that many people are sticking with permanently.
Technology has allowed people to easily communicate to their colleagues from their homes through video calls and allowed people to have access to everything they need. Having access to a computer, at least, can allow you to be flexible with your work environments like home or office, regardless of what job you have.
How to remortgage for a home office in Derby
If you are looking to renovate your property for a home office, and need to raise additional funds to carry out the work, our mortgage advisors in Derby can help look at your capital raising remortgage options. In many cases, we find people remodel their spare room or a garage as their chosen office space.
Finding a suitable remortgage deal is the next thing to do. This could be done either on your own or with the support of a mortgage broker in Derby. It’s entirely up to you. Another option is to go to the bank directly, but they will only provide deals that are offered in-house.
There are thousands of deals out there so, shopping around can be a good option and this is something you can do with the assistance of a mortgage advisor. You will probably find that the deals the bank offers aren’t as good compared to the ones you may find when you shop around.
Getting a helping hand from one of our knowledgeable mortgage advisors in Derby can be beneficial. We can search through thousands of remortgage deals for you to find the one tailored to your circumstance and future plans.
The costs of a home office in Derby
To kick off the process, start with estimating how much you think the costs for the works are going to be. The costs might range between £5,000 to £15,000. The room size and the amount of work that is needed to transform the room into a fully-fledged office will be factored in the amount you might have to pay.
Remortgaging seems to be in its prime time due to the interest rates being the lowest we have seen in a while. For example, if you manage to get a 2% interest rate on a typical 25-year mortgage term, to borrow an additional £5,000 you may only pay back £21 per month and £65 a month might allow you to borrow an additional £15,000.
The change in working from home could potentially save you money in travel every week. It will also have a big benefit on the environment by reducing your carbon footprint and will allow you to work flexibly around daily errands such as the school run.
Are you looking to remortgage for home improvements?
Get in touch with a knowledgeable remortgage advisor in Derby if you are looking at converting a spare room or garage into an office. We have a great deal of experience in finding the best mortgage that is tailored to our customer’s needs. Our team knows how to find you that 1/1000 deal!
Here at Derbymoneyman, we offer a free remortgage consultation as well as carefully considering every single remortgage situation. Get in touch today and we will see how we can help with finding the right match for your remortgage needs.
Date Last Edited: December 6, 2023
