Growing families choosing to remortgage than buy

Published: 21/01/2015

Over half of UK homeowners plan to carry out some form of home improvements this year, with 12 per cent planning on creating more useable space with their property.

According to the survey by Ocean Finance, 7.2% of homeowners are planning an extension of some sort with a further 4.8 per cent looking to convert their loft, garage or basement.

Over a third were planning on renovations to accommodate their growing families while 14 per cent had to cater for grown up children returning home or elderly relatives moving in.

However extensions and loft conversions don’t come cheap. Lynne McCaffrey, Head of Property, explains how remortgaging can help free up the necessary funds:

“For many the prospect of moving home to accommodate a growing family is simply more hassle than it’s worth, particularly when you have to consider such things as school and nursery catchment areas, so it’s understandable that many are choosing to stay put and extend than uproot their family.

“Many homeowners who remortgage do so simply to switch to a new rate and save money but remortgaging also allows a homeowner to release any capital which has accrued in their property. This can help cover the costs of the extension or other home improvements and potentially increase the value of the property in the long term.”

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Content correct at time of publication