Two thirds of mortgage additional borrowing advances being used for home improvements: Halifax
Around two thirds of additional mortgage borrowing requests, also known as further advances, are being used to fund home improvements according to data from Halifax bank.
Halifax conducted a survey of over 4,600 people looking at spend on homes and gardens, people’s attitudes towards becoming greener and the new home must haves.
People borrowing more on their mortgage intend this to go on home improvements, including general home updates, buying consumer goods and making repairs, ranging between 64% and 70% of all agreed further advances, since 2020.
The survey also found that over a fifth of people are making home improvements (22%) to improve energy efficiency, which is becoming increasingly important as energy bills rise.
Halifax says that improving your home's energy efficiency can help reduce your bills. Adding that as we head into colder months and if you're embarking on home improvements, it's well worth making sure you're thinking 'green' at the same time – even small changes can add up.
It points out that draft exclusion, better underlay, loft insulation, and double glazing can be done relatively quickly with an immediate impact. Ground and air source heat pumps, or solar panels, are more expensive options that can bring real financial and environmental benefits over the long term.
Aaron Strutt, product director at Trinity Financial, says: "We regularly help homeowners borrow additional funds for a whole range of reasons when their fixed or tracker deals end and switch them away from their existing lenders. This may be because we can get them a better deal elsewhere, or their bank or building society will not lend them the additional funds."
Call Trinity Financial on 020 7016 0790 to remortgage for home improvements or book a consultation
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