How to Raise Funds for a Home Renovation

We have many clients come to us looking to free up some extra cash. For some people it’s to consolidate debt, save for a wedding or go on a dream holiday. A lot of the time though, it’s because they want to raise funds for a home renovation.

Paying for a home renovation can be daunting. You might see the price of a new bathroom/ kitchen/extension and instantly feel like you’re a million miles away from reaching that goal. However, we’ve helped many of our Nook family complete the renovations they have been dreaming of. How do we do it, you might be thinking? Remortgaging!

Remortgaging is when you move your current mortgage to a new mortgage lender, our you get a new deal with your current lender. When your fixed mortgage rate ends, it automatically switches over to a standard variable rate which typically results in you paying more. To make sure you’re saving money, it’s really important to remortgage each time your fixed rate comes to an end.

When you look at your monthly outgoings, your mortgage payment is likely going to be the biggest expense coming out of your bank account each month. So it makes the most sense to try and get this down to make the biggest difference to your financial situation. However, many people don’t even consider remortgaging as a way to save money. They think it’s a huge stressful task, but luckily it couldn’t be easier with our help.

Recently, we had a client come to Nook looking to remortgage to fund a new kitchen. Her monthly payments were £1233 and Katy got these down to £444.51 all whilst reducing her overall mortgage term!

At Nook Mortgages we always advise our clients to be clear on their financial situation before planning renovations. After you have remortgaged, you will have a clear idea on how much money you have to work with and you can have a budget in mind when it comes to shopping for your new kitchen/bathroom/extension.

You should also be aware of wait times when it comes to your renovations. There may be long lead times for the materials, or the builders may not have availability for a few months. It’s a good idea to have a plan of when you want to complete the renovations, and see if you can get this timeframe to line up with the construction workers.

We have worked with many different businesses over the years from builders to architects to kitchen companies. We only recommend the very best to our customers, so if you are looking for some recommendations then we are happy to point you in the right direction.

We guide each member of our Nook family throughout the entire process from start to finish, and are always on hand to answer any questions.

Are you thinking about carrying out some home renovations?