Need Urgent House Repairs Or Upgrades? Ask Your Mortgage Financial Advisor About A Mortgage Top-Up
Home ownership is terrific, but as you know, there are often things that need maintenance or repairs. And if you have a growing family, you may also need more space.Repairs, maintenance, renovations and upgrades don’t have to be stressful words if you consult your mortgage financial advisor. One of the options they can facilitate is a mortgage top-up. Read on to learn more about this alternative way to finance your home improvements.
Ask Your Mortgage Financial Advisor If You Qualify
To establish if you qualify for a mortgage top-up, your mortgage financial advisor will need some important information from you. Firstly, how much worth exists in your current property. The amount you owe on the property will be deducted from the value. If there is a significant amount of capital, you will potentially be able to apply for a mortgage top-up.However, the second important factor is your ability to service the additional debt. So, you will be required to answer questions about your income and expenditure to confirm that you can manage an increase in your repayment amounts.
Examples Of Situations Where You Can Apply For A Mortgage Top-Up
Your mortgage financial advisor will tell you that you would generally use a mortgage top-up when considering larger home improvement projects, such as:
- Remodelling of a bathroom or kitchen
- Adding on that extra bedroom
- Installing home insulation products or heating and cooling systems
- Upgrading your outside areas, adding a swimming pool or landscaping
- Adding a garage or carport
Before embarking on any of these projects, it is a good idea to get a couple of quotations from reputed contractors, not only for cost comparisons but also to have a good idea of how much top-up you will need to complete your project.
Advantages Of A Mortgage Top-Up
Your mortgage financial advisor will tell you that there are multiple advantages to rather getting a mortgage top-up over other forms of financing, including:
- It is a simple process because you already have a relationship with the lending institution.
- Interest rates are often more favourable than other types of loans.
- Your debt is consolidated and easier to manage.
Get in touch with Total Mortgages today to find a mortgage financial advisor that can explain all the details of how a mortgage top-up works. You can schedule a call or use our state-of-the-art online application process to get you started. This helps to speed up the application process and deal with your requirements quickly and easily.