{"id":6035654,"date":"2021-08-27T07:35:42","date_gmt":"2021-08-27T06:35:42","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=6035654"},"modified":"2021-08-27T07:35:42","modified_gmt":"2021-08-27T06:35:42","slug":"record-number-of-homeowners-fund-home-improvements-by-remortgaging","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-hk\/news\/record-number-of-homeowners-fund-home-improvements-by-remortgaging\/","title":{"rendered":"Record number of homeowners fund home improvements by remortgaging"},"content":{"rendered":"
An increasing number of homeowners are choosing to upgrade their existing homes through funds from remortgaging. Here\u2019s what’s behind the rise and steps on how to do that if you\u2019re looking to add value.<\/strong><\/p>\n UK homeowners are borrowing more from lenders than ever before in order to fund home improvements<\/a>, according to data from mortgage broker Mojo Mortgages<\/a>.<\/p>\n The average amount of money being applied for by existing homeowners to fund these projects has risen by more than \u00a313,000 over the course of the COVID-19 pandemic.\u00a0This increased by 25% from an average of \u00a352,209 in 2019 to \u00a365,267 this month.<\/p>\n It\u2019s not only the amount of money being borrowed per applicant that has increased. The number of people looking to borrow has also risen significantly. Remortgage<\/a> applications for home improvements is up 174% so far this year when compared to 2019.<\/p>\n There are a number of factors behind the rise in the amount of funds being applied and the total applications. For starters, record low mortgage rates<\/a> is an important factor. Lenders are continuing to entice borrowers with competitive\u00a0deals. This can benefit property owners looking to remortgage their property, allowing them to lock in particularly attractive rates.<\/p>\n Another factor behind this is increasing costs of labour and building materials, which is pushing costs up. Additionally, homeowners are undertaking\u00a0more ambitious projects to improve their homes after successive lockdowns<\/a>, while adding value.<\/p>\n Cassie Stephenson, director of mortgages at\u00a0Mojo Mortgages, says: \u201cAfter such an uncertain 18 months you might have thought that purse strings would have tightened from both homeowners and lenders<\/a>, however in many cases this has been the complete opposite.<\/p>\n \u201cWith people spending more time in their homes than ever before, homeowners have had the time to imagine their dream property and the steps required to make this a reality as society opens up and returns to normality.\u201d<\/p><\/blockquote>\n Mojo Mortgages shares the steps and some top tips for how to use remortgaging to fund home improvements<\/a>.<\/p>\n An increasing number of homeowners are choosing to upgrade their existing homes through funds from remortgaging. Here\u2019s what’s behind the rise and steps on how to do that if you\u2019re looking to add value. UK homeowners are borrowing more from lenders than ever before in order to fund home improvements, according to data from mortgage… Read more »<\/a><\/p>\n","protected":false},"author":1982,"featured_media":4022918,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[26,6],"tags":[389,483,45],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/posts\/6035654"}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/users\/1982"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/comments?post=6035654"}],"version-history":[{"count":0,"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/posts\/6035654\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/media\/4022918"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/media?parent=6035654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/categories?post=6035654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/tags?post=6035654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}What’s behind this rise?<\/h4>\n
How to use remortgaging to fund home improvements<\/h4>\n
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