Remortgages are helping retired or close to retiring homeowners fund a renovation in their home to improve their income.  Without buyers on the market at a level needed to sell a home quickly and at a great price those wanting to downsize feel stuck.  However, with a remortgage a homeowner can make renovations to downsize one area of the home for their living space and forming a new buy to let area of the other. 

The renovation to form a buy to let area of the home can bring in considerable income.  Not only can the income pay for the remortgage payment but it can also help further pad the homeowner’s retirement fund.  The buy to let market is very strong right now and finding a tenant would not be difficult.  Rental fees are at high levels and continuously rising according to many buy to let reports.

Remortgages are so cheap right now that renovations are made very affordable with that kind of borrowing to fund the project.  Remortgage lending has changed slightly in the beginning of the new year as lenders have become more cautious and many have pulled their cheapest deals.  Yet, there are still very cheap remortgage deals out there and homeowners will not have to look long to find a great deal.  By remortgaging to fund a downsize and buy to let renovation the homeowner will be securing a suitably cheap loan.

Remortgages for renovating a home to contain a buy to let living area should not be taken on lightly for there are many regulations to meet.  However, for the homeowner wanting to remain in their home but needing to downsize it is a very good option.  A homeowner should check with a remortgage expert to discuss the option for their situation.