Many homeowners are now choosing to stay put, remortgage and improve their existing homes using the funds from remortgaging. Let’s take a look at the numbers behind this.
Borrowing for home improvements is at an all-time high according to information from mortgage broker Mojo Mortgages. The average amount of money being borrowed is £65,267 over the course of the pandemic, an increase of 25% since 2019.
And it isn’t just the amount of money, it’s the amount of borrowers which has increased significantly. In numbers it is an increase of 174% in remortgage applications, compared to 2019.
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