Moneygate

Improving not moving can be the winning formula - with the right mortgage advice

Good mortgage advice could unlock the key to gaining your dream home – as householders trying to ride out the recession are urged to improve not move say Moneygate.

Recent figures show that moving home costs an average of over £7,000 in various fees and charges – from solicitors and estate agents fees to Home Information Packs and removal costs.

But as many householders are keeping a tighter grip on the family purse-strings in the current climate, many experts are advising people to stay put and build on what they already have to save cash.

Annabel Green, of national IFA Moneygate explained that shopping around to secure the best mortgage rates on the market was the key to releasing cash to fund any home improvements.

She said: “The combination of a slow housing market and the current economic climate is making a lot of people think twice before selling their home and moving up the property ladder.

“Building an extension, converting loft space or adding a conservatory can all provide extra space without the hassle of moving and it also has the potential to increase the value of your home.”

Annabel added that there are many competitive mortgage deals available at the moment, stressing that people should shop around to make sure they get the best re-mortgage deals and best mortgage rates available.

She added: “The amount you can borrow depends on the amount of equity you have in your home – talk to an independent adviser and they will be able to give you a clearer picture of what you can borrow, as well as sort out repayment terms to suit you.”

For more information go to www.moneygate.co.uk