Yes, you’ll have to pay it back as part of your mortgage balance, but it’s at a much lower interest rate than you might otherwise get with an unsecured loan like a personal loan. In most cases, you’ll need to leave some money in the home to refinance. Assume you can only refinance 80% of the value of the home. That means $40,000 stays in the home, and you take out $25,000, minus closing costs, in cash. It’s great if you can afford it, and many homeowners with rising equity and pandemic savings can.
As long as you don’t live in a listed building, you should be fine to move the bathroom upstairs without planning permission. If you’re in an older property and have enough space, doing this will also allow you to expand your kitchen. Both could improve your home’s value and saleability significantly, even if it means sacrificing a small bedroom entirely. Speak to a local estate agent for an idea of what your home will be worth after any work is done.
- For example, its rules might say you can’t get a grant if your savings are over a certain limit.
- After sealing the attic bypasses, push