New figures show that homeowners across the UK are now borrowing more money from mortgage lenders than ever before to fund home improvements.
According to mortgage broker Mojo Mortgages, the average amount of money being applied for by existing homeowners to fund renovation projects has increased by just over £13,000 (up 25%) over the course of the pandemic – rising from an average of £52,209 in 2019 to £65,267 as of August 2021.
It’s not just the amount of money being borrowed per applicant that’s risen – the amount of people looking to borrow has also seen a significant uplift, with remortgage applications for home improvements up 174 per cent for the year so far – when compared to this time in 2019.
Experts believe there are several factors behind the rise in total applications and the amount of funds being applied for with record low mortgage rates alongside the rising costs of building materials and labour, as well as more ambitious projects creating the perfect storm for remortgage applications.
Cassie Stephenson,…
