Can I Remortgage in London for a Home Office?

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What is remortgaging? 

Remortgaging for home improvements 

Reasons to remortgage for a home office

Remortgaging vs Moving Home

Home Office Remortgage Advice in London

Home offices are constantly becoming more and more popular. Whether it’s down to the increase of Self-Employed workers or reworked business models, we are seeing a great amount of interest in them. With businesses having to adhere to the latest government guidelines, most employers have had to let their staff work from home. Whether this is going to be a permanent thing or not, we don’t really know; it also depends on your company’s business model.

If it’s looking like you’re going to be working from home for the foreseeable future, you may want to consider the idea of investing in a home office. You can’t work from a kitchen counter forever… can you?
 
There are a few different ways to get a home office, you can straight-up pay for one to get decorated and combine all of the costs, do it all by yourself or remortgage for home improvements. In this article, we are going to talk about the advantage of choosing to remortgage other the other options.
 
This is our remortgage for a home office video that is featured on our YouTube channel ‘MoneymanTV’. We hope that it helps you understand how you can remortgage for a home office: 

What is remortgaging? 

First of all, what is a remortgage? A remortgage is a renewal of your current mortgage deal or a switch over to a new deal.

There are lots of different reasons why someone may want to remortgage, it’s entirely on the individual’s situation. You may want to remortgage to get a better deal and rate, your term may be approaching its end and you need another deal to roll on to or you might want to remortgage for home improvements.

As a Mortgage Broker in London, we would say that when you want to make big home improvements, going down the remortgage route is a very safe option. Extending your mortgage term for a little while longer to invest in home improvements could prove beneficial both short and long term. 

Remortgaging for home improvements 

Remortgaging for home improvements will slightly increase your mortgage payments each month, however, it will balance itself out in the long run. Your payments will increase as you are paying for the home improvements on top of your current mortgage deal; you will hardly notice the extra amounts though.

We would say that the average price for a home office is between £5,000 – £10,000. So, for example, if you were to go down the remortgage route, you may find that you have to only have to pay back as little as £20 – £60 a month over a 25-year term. Yes, your term will increase, however, you will get a brand new home office to enjoy at a small extra cost each month. You will also have equity built up in your property, and this will be used to fund the work on your home.

So you get to save money down the line and get a home office, it’s a win-win scenario.

Reasons to remortgage for a home office

Whether you have been told by your company that you will be working from home from now on or have started your own company and are now Self Employed in London, there are many reasons to why investing in a home office could be very beneficial for your new working from home life

• More productive – Generally speaking, people who work from home are more productive. People like being in a space where they feel most comfortable, it’s only human.
   
  If you have children, we do understand that it can be difficult to balance their attention and work (especially in lockdown), although, by the time your home office is ready, it’s likely that they’ll be back at school!
  
• Travel costs – You can say goodbye to all travel costs when you are working in your home office. You are only travelling from your bed to your office!
  
  You can forget about filling up your car every week or paying for a daily bus/train ticket.
  
• Saving time – You will definitely save time working from home; when you finish work, you will already be home. If you are lucky, you may even get an extra half an hour in bed!
  
  Your stress levels may also be reduced as you are avoiding the frustration of traffic, getting to work on time and making it home for something important.
  
• Same job from home – Technology is great, isn’t it? Thankfully, modern-day technology allows us to do everything at home that we could do in the office. You can still participate in meetings over the telephone or on a video call; you don’t have to worry about communication. 
  
• Flexibility – Your business may be generous and let you work different hours that suit you best. It could be to do the school run or to spread the working day out between your colleagues; there may be a good reason to start and finish earlier.
   
• Environmentally friendly – Are you an eco-friendly person? Having a home office will allow you to do a bit more for the environment, without you even realising. Despite using electricity at home, you will still be reducing your carbon footprint as you won’t be using your car every day.

Remortgaging vs Moving Home in London 

Yes, Moving Home in London is an option, you could move into a bigger place with an office already built-in if you want to. On the other hand, you need to weigh up the costs of this option. On top of the property price, you will have to consider the costs of Moving Home in London, these include removal fees, property survey fees, mortgage arrangement fees etc. 

It will be more expensive, however, it’s a viable option if you are looking at Moving Home in London anyway. You could consider Moving Home in London to secure a place that already has an office space, however, you must know that this option will be much more costly than remortgaging.

Considering how little extra you will be paying per month, in the long run, remortgaging for home improvements could be your best option over moving home. If you are wanting to go ahead with a remortgage for a home office and don’t want to move home, now is your best opportunity to get Remortgage Advice in London. 

Remortgage Advice in London 

If you are looking for Remortgage Advice in London, you should get the ball rolling with Londonmoneyman. We offer a free remortgage consultation to every customer, so feel free to get in touch with us and claim it.

If you are tired of working from your kitchen table or a make-shift desk, now is the time to consider getting a home office. Whether you choose to fund it all at once or over a longer period of time through a remortgage, it’s entirely up to you.

Date Last Edited: January 19, 2023