10:10 AM, 14th October 2021, About A week ago
The news headlines in the last few weeks have been filled with the concerning prospect of energy bills increasing. With the increase, how will you be trying to limit energy usage for you and your tenants? Switching off the heating? Cold showers? Doesn’t sound appealing.
What about making your home more energy efficient? It could be double glazing, insulating the roof or installing solar panels. Whatever the solution is, there will be a cost and if you haven’t got the savings behind you, how could you achieve this?
The answer is by reviewing your mortgage. House prices are at an all-time high, which may mean you have equity in your property to take out to make some home improvements. Lenders have some fantastic rates meaning in some instances, the additional borrowing and switching to a new rate can mean your monthly mortgage payments stay around the same.
Case Study for a main residence:
Client had a mortgage totalling £300,000
They wanted to take equity out of their current property of £55,000 in order to do some home improvements to make their home more energy-efficient.
To borrow an additional £55,000 their monthly mortgage payment went up by under £100 per month due to the fantastic deal we were able to secure with a lender at less than 1% and fixed for 5 years.
Please use the form below to see if releasing equity for improvements on your portfolio or main residence will be practical and cost-effective.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
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