Government Proposals Could Increase Demand for Mortgages for Extensions

The Government has today published its much talked about proposals for relaxing planning rules, opening the way for extensive home developments.

The Government has today published its much talked about proposals for relaxing planning rules, opening the way for extensive home developments.

Mortgages for extensions are available for those looking to take advantage of the new temporary planning laws and many UK lenders offer these remortgage . The reasoning behind the Government changes is to re-kick start the economy and it is claimed that in doing so, up to 140,000 construction jobs could be created.

UK householders will be able to build single story extensions up to 8 metres or 26 feet, without having to navigate the complex array of planning restrictions currently in place. An Englishmen’s home remains his castle and it may be that just a few castles may become fortresses as home extensions may now be far larger than the average living room. This is good news for young families and those stuck on the property ladder who may not be able to upsize in the current climate given the restricted financial climate. The options may remain for re-mortgaging in order to finance the development.