The most efficient way of borrowing is to re-mortgage if you own your own home or another property. Re-mortgaging is typically cheaper than bridging finance, you will need to have adequate earnings to prove you really can afford extra repayments.
Just how much you’ll borrow relies on:
- Your major home’s equity (its current value minus what’s owed on the existing mortgage)
- Your credit history
- How much the proposed improvement might enhance the property’s value.
Re-mortgaging will be the possibility to get a less expensive deal in your loan that is existing as a brand new one. (más…)