Can I remortgage to extend my home?

Can I remortgage to extend my home, is a question more home owners are asking lenders.

There are many reasons for home owners chosing to extend their home. Some are stuck in a situation where they have outgrown their current home. They face the prospect of making children share bedrooms as the housing market makes it impossible to move. Others are unable to afford the costs of moving house or are stuck in homes with little resale demand. The continued doom and gloom surrounding the UK economy is leaving many feeling like there is little light at the end of the tunnel.

Many are increasingly faced with having to find different ways to add value to their home. Property values are not increasing at the rate they were five or six years ago and so many home owners are to approaching lenders to ask can I remortgage to finance extending my current home?

The expectations for 2012 are that cheap remortgages offers will not be as low as they are now, however remortgages deals will still be available. Homeowners in 2012 are also expected to benefit from a slight increase in house prices as supplies begin to dwindle and demand increases for properties on the market.

With interest rates on remortgages at record lows, now is a good time to approach lenders and ask can I remortgage? By remortgaging, customers with limited space can can release money to extend their property and increase its value in the process.