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Remortgaging house 'could pay for home improvements'

Consumers have been urged to consider remortgaging their house if they want to finance home improvements.

Financial advice website Moneyextra stated that remortgaging can often be the cheapest way for many people to borrow money.

In addition, homeowners were told that since the home improvements will probably be adding value to a property, it can be also be the most sensible way of financing the work.

However, it warned that some home improvements can lead to the value of a property being reduced, such as bodged DIY work.

Moneyextra cited poorly fitted cupboards and kitchen units as examples of work that can hit a property's value, as well as over the top external decorations.

The site also proposed the alternative of taking out a personal loan, although it said that remortgaging could present better deals.

Last month, the British Insurance Brokers' Association recommended that homeowners make sure that any home improvements are covered by their insurance policies.

Click here to see how much you could borrow with a Lombard Direct personal loan.

13/03/2007 15:54:08

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