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Awards from
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Shaun Norris - Purchase
Highly recommended as mortgage brokers for expats returning from abroad. Clear, helpful and straightforward advice at all stages of the process. ...Read More

Home Improvement Mortgage

As house prices have risen over the years, so have the costs of moving. Stamp duty in areas where house prices are high, can now run into the tens of thousands - putting many people off moving house altogether. But the reasons most people move to a new home remain - having children and needing more space, getting older and having different priorities for the space you have at home. These are things that happen to all of use, the rising cost of stamp duty notwithstanding.

As a result, many people are now choosing to make improvements to their existing homes rather than buying a new property that suits their needs. For the majority, it makes more sense to spend £40,000 on extending the kitchen and adding a bedroom than simply handing it over to the tax man.

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What Our Customers Say

Samantha Morris - Purchase
Fantastic service - they made the process easy from start to finish. ...Read More
2 months, 4 days ago

Customer - Purchase
Capital Fortune has been professional, responsive, accurate and timely. In our efforts to obtain a mortgage in the UK from the USA, we had no personal experience. Capital Fortune has made the process much easier. ...Read More
2 months, 6 days ago

Frances Fernandes - Purchase
Peter Bartlett was completely responsive to any need or request of ours ...Read More
2 months, 14 days ago

Customer - Purchase
I am a British citizen working in the middle east and used capital fortune to procure a mortgage back in the UK. Their services l from start to finish was impeccable. Yes you pay for the service but you definitely ...Read More
2 months, 14 days ago

Find out more

There are many ways to fund home improvements - and the best one for you will depend on a range of factors, including your age, stage and what sort of mortgage you're on at the moment.

What are the Options?

The most typical way to raise money to fund home improvements is to remortgage and take a bigger loan. This can be the cheapest option, as standard mortgage rates are usually the lowest.

If you've been in your home for a few years, it's possible that it has risen in value. You should also have been paying down your mortgage. Both of these factors mean that your loan-to-value ratio is likely to have come down. The lower the mortgage balance compared to the value of the property, the cheaper the mortgage rate.

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Remortgaging with a bigger mortgage balance

Remortgaging with a bigger mortgage balance may therefore be possible without tipping you into a higher LTV bracket.

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Family Savings

Some parents have savings but don’t want to part with them just yet. That said, they may be sitting in an account earning next to no interest. There are a number of smaller building societies and one or two banks that will allow your parents or grandparent to deposit savings equivalent to your deposit with them and then they will provide you with a mortgage for the full value of the property you’re looking to buy.

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Second Charge Mortgage

The third option is to take a second charge mortgage. Second mortgages can be taken with the same lender or a different lender. The rate and terms of the second mortgage are different from the first. Second charges tend to be the most expensive of these three options and as well as the slightly higher rate, there are fees to consider.

Before agreeing which option could be right for you, we would look at all three and ensure that you are getting the best deal for your circumstances. For example, it might make sense taking a more expensive second mortgage to fund the improvements if you are currently on a very low lifetime tracker mortgage rate for your first mortgage, as remortgaging would mean you lose this and pay a higher rate on this portion of your loan.

Find Out Current Best Rates

Property Value
£
Mortgage Amount
£
Reason for Mortgage
Mortgage Type
LenderInitial RateTypeForThenAPR*ERC*Fee
Platform Intermediary 2 Year Fixed £1499 Fee £250 Cashback CTS1.06%FixedJun-20234.34%3.9%30-Jun-2023 £1499
Skipton BS Intermediary Semi Exclusive 2 Year Fixed £995 Fee SBS1.13%FixedMay-20234.64%3.8%31-May-2023 £995
NatWest GREEN Intermediary 2 Year Fixed £995 Fee £250 Cashback Purchase CNW1.13%FixedJun-20233.59%3.2%30-Jun-2023 £995
NatWest Intermediary 2 Year Fixed £995 Fee £200 Cashback Purchase CNW1.18%FixedJun-20233.59%3.2%30-Jun-2023 £995
West Bromwich Building Society 2 Year Fixed £1495 Fee Purchase Free Val WBB1.19%FixedJun-20233.99%3.6%30-Jun-2023 £1495
Platform Intermediary 2 Year Fixed £999 Fee £250 Cashback CTS1.19%FixedJun-20234.34%3.9%30-Jun-2023 £999
Nationwide BS RETENTION 2 Year Fixed £999 Fee Existing Borrowers BNW1.19%Fixed2 years3.59%3.2%2 years £999
Barclays Bank 2 Year Fixed £999 Fee Purchase BWO1.22%FixedMay-20233.59%3.3%31-May-2023 £999
TSB 2 Year Fixed £995 Fee Purchase TSB1.24%FixedAug-20233.59%3.3%31-Aug-2023 £995
Santander UK Plc 2 Year Fixed £999 Fee Porting Cashback CAN1.24%FixedJul-20233.35%3%02-Jul-2023 £999
Mortgage product availability is subject to status and availability. Although great care is taken to ensure that product details are as accurate as possible no liability can be accepted for errors or omissions.
*APR = Annual Percentage Rate *ERC = Early Repayment Charge
*These figures are only illustrative. An assessment of your needs will be confirmed before a recommendation can be made. A Key Facts Illustration, which is personal to your circumstances, will be provided if a recommendation for a mortgage product is made.

Best Discounted Rates

LenderRateType
West Bromwich Building Society 2 Year Discount £999 Fee Purchase Free Val WBB1.39%
then 3.99
(variable)
DiscountRead More
Beverley BS 2 Year Discount £1895 Fee Purchase BBV1.52%
then 4.99
(variable)
DiscountRead More
Furness BS 2 Year Discount £999 Fee Cashback BFU1.59%
then 5.14
(variable)
DiscountRead More

Best 5 Year Fixed Rates

LenderRateType
Platform Intermediary 2 Year Fixed £1499 Fee £250 Cashback CTS1.06%
then 4.34
(variable)
FixedRead More
Skipton BS Intermediary Semi Exclusive 2 Year Fixed £995 Fee SBS1.13%
then 4.64
(variable)
FixedRead More
NatWest GREEN Intermediary 2 Year Fixed £995 Fee £250 Cashback Purchase CNW1.13%
then 3.59
(variable)
FixedRead More
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