In particular we focus on getting the loan structure right the first time, choosing which lenders to use in the right order (yes this is important) and finally getting our clients the best deal possible.
Renovations
Quite often people will seek equity releases (increases to their loan) to fund renovations / improvements of their property)
The main reasons why people decide to get renovations on their homes include:
- Increase the market value
- Enhance their lifestyle
- Safety issues
- Prepare for new family members
- The need for change
Seeking a cash out loan will still require a full assessment of your income, assets and liabilities even if you have an existing home loan. Each lender will still need to check you can afford to pay the new repayment along with the existing ones. The security/home will also to have to complete an official valuation to see its current value and how much equity might be available to access.
Yes, if you would like to do non-structural renovations and you have the equity to do it, you can always refinance, do a ‘top up’ or ‘cash out’.
Renovations are a beneficial way to let you plan out your dream home plus also add value to your property.
Even know you already have a home loan you will still need to ‘qualify’ for the additional funds for the renovation, so contact us to make sure the extra cash is in line with your current financial circumstances.
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