Amy Kadir Lonsdale Mortgages broker and member of the Lonsdale St Albans mortgage broking team reviews what to do if you are looking to fund a building project.
Many people are now staying longer in their homes and extending them instead of moving house, to avoid paying extra stamp duty. However, it is really important to consider how you are going to fund your building project before you start working on it.
Amy Kadir Lonsdale Mortgages broker and member of the Lonsdale St Albans mortgage broking team said:
‘I speak to many local clients in Hertfordshire who contact me to get mortgage advice because they are about to embark on a building project or want to extend their home. Our mortgage broking team can take the stress out of re-mortgaging by offering expert independent mortgage advice. As we are independent we have to consider all options when it comes to further borrowing. Where you are increasing your borrowing we will consider the merits of both a new first charge mortgage and securing this by an additional mortgage on a second charge basis. You may have the option of a further advance from your existing lender, however, we will only consider this where we are able to deal directly with the lender on your behalf. It may be in your best interests to explore this option and look at the further alternative of an unsecured loan, as these may be more appropriate for you. Our St Albans mortgage brokers can research the best mortgage for you available in the mortgage market. Lonsdale Mortgages do not charge a fee for their services, we receive commission from the provider except in instances where we organise additional borrowing for a client with their existing lender, as some providers do not offer commission.
Amy Kadir Lonsdale Mortgages broker and member of the Lonsdale St Albans mortgage broking team continued:
‘If you live in St Albans when your planning permission is granted by St Albans District Council you will be sent a Planning Advisory Booklet which has good advice for anyone undertaking a building project. From April 2018 the booklet contains adverts from local companies that can assist you. Look out for our Lonsdale Mortgages advert included in the ‘How to fund the project’ section.’
Please note - As a mortgage is secured against your home, it may be repossessed if you do not keep up repayments'.