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Remortgage potential for brokers as two thirds of property owners want to make home changes

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  • 12/08/2020
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Remortgage potential for brokers as two thirds of property owners want to make home changes
Seven in 10 homeowners want to make improvements to their home post-lockdown which could prompt a remortgage mini-boom among borrowers.

 

Redecorating rooms, improving gardens and terraces, and renovating bathrooms and kitchens are top of the list of post-lockdown home improvement projects, according to a survey by Aldermore.

Around one in seven are looking at major construction by planning an extension on their property.

At the same time, nearly nine in 10 millennial homeowners want to upgrade their homes, with a further one in seven motivated enough to sell their property and move.

Regionally Londoners were found to be the most driven to make changes.

Due to lockdown, many homeowners are now looking to make homes more functional with dedicated office space, a place for exercising and room for their children to study and play among the desired home features.

Jon Cooper, head of mortgage distribution, Aldermore, said: “The lockdown period has redefined what our homes need to be so it is not surprising homeowners are focusing their minds on what changes are required to enhance their living spaces.

“Among younger people perhaps in their first home and in London where space can be tight, the lockdown period has clearly created challenges for people in finding the right balance in their homes as a place to work, exercise, raise children, and socialise.

“As we ease out of lockdown, now is a good time to turn home plans into action, and for those planning major changes, such as moving home or seeking a remortgage, it is important to seek advice on your financial options. The mortgage market is open for business and here to assist people in making their home everything it needs to be.”

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