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Choosing How To Fund Your Project

A loft conversion or extension is rarely a small spend, and for most homeowners, the question isn’t just “can I afford this” but “what’s the best way to pay for it.” There are a few common routes, and which one makes sense depends on how much equity is in the property, how far through the current mortgage term you are, and how quickly you want the money in place.

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Remortgaging

For many homeowners, remortgaging is the cheapest way to fund a project at this scale. It means increasing your mortgage, or switching to a new deal with a larger loan, and using the difference to pay for the work. Because it’s secured against the property at a mortgage rate rather than a personal loan rate, it’s usually the lowest-cost borrowing option for larger amounts, which is part of why it’s the route a lot of our clients end up choosing.

The trade-off is time and timing. A remortgage typically takes several weeks to arrange, involves a new valuation and affordability checks, and if you’re still partway through a fixed deal, an early repayment charge from your current lender can eat into the saving. It tends to suit homeowners with reasonable equity built up and a mortgage that’s either ending soon or flexible enough to extend without penalty.

Further Advance From Your Existing Lender

A further advance is a smaller, often faster step than a full remortgage: instead of switching deals, you borrow an additional amount from your current mortgage lender, on top of what you already owe. Because you’re staying with the same lender, the process is usually simpler than remortgaging elsewhere, though it’s still subject to their affordability checks and isn’t guaranteed.

This suits homeowners who are happy with their current mortgage and lender, and just need to add to it rather than start again, particularly if they’re mid-way through a fixed term and want to avoid early repayment charges entirely.

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Secured or Unsecured Personal Loans

A personal loan, whether secured against the property or unsecured, is typically the fastest route to having funds in place, sometimes within days rather than weeks. It doesn’t require touching your existing mortgage at all, which makes it appealing if remortgaging isn’t an option or feels like more disruption than it’s worth.

The trade-off at this loan size is usually rate. Personal loan rates, even secured ones, tend to run higher than mortgage rates, so while it’s quicker and simpler to arrange, it’s often the more expensive route over the life of the loan. It tends to suit projects at the lower end of the typical range, or homeowners who want speed and simplicity over the lowest possible cost.

Savings

Paying from savings avoids borrowing costs entirely, which makes it the cheapest option on paper for anyone able to do it. The main consideration is simply whether using a large lump sum still leaves a comfortable buffer, since a home improvement project, however well planned, can sometimes throw up unexpected costs along the way.

Which Route Is Right for You

There isn’t a single right answer here, it depends on your equity, your current mortgage position, and how soon you want the work to start. Many homeowners use a mix, for example part savings and part borrowing, to land on a monthly cost they’re comfortable with.

If You’re Going the Loan Route

If a loan is the right fit for your situation, we’ve partnered with Ideal4Finance, a licensed credit broker, to make that step straightforward. It will enable you to spread out the cost of your project into affordable payments.

To complete your application online visit www.ideal4finance.com/ser, or give them a call on 020 3617 4647. Application will not affect your credit score, but you will be subject to a full credit search should you go ahead with the lender.

Disclaimer

The information above on remortgaging, further advances, personal loans, and savings is provided as general guidance to help you understand the options available. It does not constitute financial advice, and SimplyEasy Refurbs is not a financial advisor. Every homeowner’s circumstances are different, and you should speak to a qualified mortgage broker, financial advisor, or your existing lender before making a decision on how to fund your project.

SIMPLYEASY REFURBS LIMITED is an introducer appointed representative of Ideal Sales Solutions Ltd T/A Ideal4Finance. Ideal Sales Solutions is a credit broker and not a lender (FRN 703401). Finance available subject to status. The rate offered is always provisional and will depend upon your personal circumstances, the loan amount and term. Loans of £25,000 and above available on a secured basis. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

SIMPLYEASY REFURBS LIMITED may provide links to other websites such as Ideal4Finance which are owned by third parties. These are provided for your convenience only. We have no control over the nature and content on third party websites, and we cannot and will not take responsibility for the information or content presented within. We cannot and do not take responsibility for the collection, privacy or protection of personal data from any third party website. This page, or any information related to Ideal4Finance products or to remortgaging, further advances, personal loans, or any other financing route discussed above, does not constitute financial advice. You acknowledge and agree that we do not endorse and will not be liable for any content, advertising, products or materials or agreements on or available from Ideal4Finance. You acknowledge and agree that we are not responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused in connection with use of or reliance on any products or services available through Ideal4Finance.

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