Helping a Busy Family Remortgage and Fund Their Dream Home Renovation
Laura and Tom were approaching the end of their current
mortgage deal and were keen to avoid slipping onto their lender’s higher
variable rate. With two school age children and a busy life balancing work and
family commitments, they needed a smooth, quick remortgage process.
Alongside securing a new deal, they also wanted to raise
additional funds to complete some significant home improvements. The couple had
a clear long-term plan: renovate their home, stay put, and enjoy the results. A
five year fixed rate was their preferred choice for financial stability and
easy budgeting.
Laura, a partner in an LLP accounting firm, has a more
complex income structure, while Tom is employed on a standard PAYE basis. This
combination meant the application needed careful handling to ensure the lender
fully understood their income picture.
Looking at Their Options
The couple were in a strong position with a low loan to
value of around 50 percent. This meant there were plenty of lenders to choose
from, but their main priority was speed. Their existing mortgage was due to
finish at the end of November, so it was important to secure a new deal quickly
and avoid unnecessary time on a costly variable rate.
I carried out a full review of the market. At the time, the
Budget had just been released, and there was a lot of uncertainty about how
rates might move. For clients like Laura and Tom, who were keen on stability
and had no plans to move, a five year fixed rate offered the predictability and
reassurance they were looking for.
Another key factor was ensuring the chosen lender was
comfortable with:
- Releasing
additional funds for major home improvements
- Laura's non standard LLP partner income, supported by tax calculations and company
accounts
- Working
quickly enough to meet their tight timescale
Fortunately, their strong overall profile and low loan to
value meant we had a number of suitable lenders who met all these requirements.
The Recommendation
I recommended a five year fixed rate mortgage. This gave
them:
- Financial
stability while they undertook the renovation work
- Predictable
monthly payments to help them budget with confidence
- A
quick release of funds so they could get on with transforming their home
- Peace
of mind knowing they would not need to go through the remortgage process
again for several years
It also aligned perfectly with their long term plans,
enabling them to complete their home improvements and enjoy the results without
worrying about rate changes or future remortgage deadlines. As always, I will
be in touch six months before their next deal ends to ensure they remain on the
best possible footing.
The clients were thrilled to receive their mortgage offer
promptly. With the funds secured, they could move forward with their renovation
plans without delay, confident that their payments would remain stable
throughout the five year term.
If You Are Planning Major Renovations, I Can Help
If you are a high earning professional, particularly a
partner or senior member of an LLP or limited company, and you are looking to
remortgage, release equity, or fund home improvements, I can help you explore
your options.
Every client’s circumstances are unique, and tailored advice
ensures the process is smooth, efficient, and aligned with your long term
goals.
Get in touch today to discuss your plans and see what might
be possible.