In 2020, the global coronavirus pandemic forced business models to be revamped and in some cases, changed completely. There was also a huge increase of self employed workers.
Due to business changes and constant shifts in rules and regulations, a lot of individuals had to work from home. At the time, no one knew how long this was going to be, therefore the thought of investing in a home office didn’t seem like such a bad idea.
Even now, investing in a home office seems like a great idea. Who knows what could happen in the future!
You don’t need to purchase your home office outright, there are alternative methods such as remortgaging and incorporating the costs into your mortgage. This is what we’re going to look at in this article – Remortgaging for a Home Office.
A remortgage is when renew your current mortgage deal or switch over to another deal to replace your current one.
There are lots of different reasons why someone may want to remortgage. You might want to find a better rate, remortgage for home improvements, consolidate debts or just avoid falling onto your lender’s standard variable rate of interest.
When it’s time to remortgage in Essex, if you need help getting the ball rolling, feel free to get in touch with Essexmoneyman and book your free remortgage appointment.
When remortgaging for this reason, you will be incorporating the costs for the home improvements into your mortgage. Although this means that your payments will go up, you won’t have to pay an upfront fee for your new home office.
Home improvements costs can vary as it depends on what you’re wanting to improve! A remortgage for a home office is on the lower end of the spectrum if you compare it to a whole new kitchen.
If you take an example of a home office costing £5,000 – £10,000, your monthly remortgage payments may only go up by an extra £20 – £60 per month. Depending on what remortgage product that you take out, your term may also increase.
Remortgaging for home improvements could save you money further down the line as it can value your home.
Having an office at home can be beneficial in many ways, here are some reasons that we’ve come up with:
As a mortgage broker in Essex, we can say that the costs of moving home in Essex will be much more expensive than remortgaging for home improvements. If you want to create more living space, for ease and to save costs, remortgaging could be the better option.
If you are thinking of remortgaging to create a home office, you should get in touch with our remortgage advisors in Essex. We can offer you a free remortgage appointment with an advisor, so get in touch and book yours today.
Date Last Edited: December 6, 2023