First remortgage coming up, should I get my windows done now or wait?

MarkFutter

Hi. I am a new homeowner. My first remortgage is coming up in October 2022. I currently don't owe anyone anything (apart from the mortgage obviously). I am looking at getting the windows to my house done. In total I'm looking at £15,000. I have wooden framed single glazed sash windows. Getting the new double glazing will naturally increase the property value. That being said I'm looking at getting the windows on finance over a couple of years. Is it wise to take out something like this on finance with a remortgage coming up in just over 6 months? Would I get refused a new mortgage? Any advice is welcome as I've never done the remortgage process before and am unsure how it works. Thank you

MWT

Not sure you really mean 'remortgage'...

If this is just the end of your current fixed rate and you are staying with the current lender and not trying to change the term or the amount borrowed then there is no new financial review, you just pick a new product and that's it.

getmore4less

You may get a better rate funding the windows on the mortgage.

Elchie232

Depending how much equity you have in your house or how much the LTV will increase adding £15,000 to the mortgage it may be cheaper in terms of interest to borrow more on your mortgage. Increasing your mortgage will increase your LTV and will usually increase the mortgage interest. There are lots of online calculators to compare borrowing more on the mortgage vs unsecured personal loans for home improvements, can see what is cheaper in terms of the interest  

SuseOrm

getmore4less said:

You may get a better rate funding the windows on the mortgage.

That’s exactly my plan,  borrow more at 1.5% by adding it to the mortgage