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Renovation Remortgage

Increasingly, people are choosing to stay in their homes and renovate, rather than move. As a homeowner, you may consider making structural renovations to your home for many reasons, and at Progressive, we’re here to help you make that possible.

Examples of structural renovations include moving walls, getting an extension, or changing the property’s floor plan.

With a Renovation Remortgage, we offer you the opportunity to switch your mortgage from another provider to Progressive and borrow additional money in order to make these structural renovations to your home. We also offer £250 cashback.

As your structural work progresses, we will provide the money you need in stages (we might need to re-inspect the property once the work has been carried out. We’ll cover up to 3 re-inspections for free.)

Lending criteria, terms and conditions apply.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

How to Apply

Look at the Renovation Remortgage products below, and contact your local branch to speak to a qualified mortgage advisor.

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Renovation Remortgage Products

Product Type Rate APRC LTV (Loan to Value) Fees
2 Year Variable Discount (Renovation Remortgage) 2.45% 4.06% 85% £0
2 Year Fixed Rate (Renovation Remortgage) 2.55% 4.16% 85% £0
5 Year Fixed Rate (Renovation Remortgage) 2.85% 3.32% 85% £0

Representative Example

Based on an assumed start date of 26/4/2021, a mortgage of £129,100.00 payable over 23 years, initially on our discounted variable rate of 2.45% for 2 years, followed by our Standard Variable Rate currently 4.35% for the remaining 21 years, would require 24 monthly payments of £612.32 and 252 monthly payments of £730.37.The total amount payable would be £198,748.92 made up of the loan amount plus interest of £69,648.92.The overall cost for comparison is 4.06% APRC.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Further details on Progressive’s Renovation Remortgage

To find out how much you can borrow and what your monthly repayments might be, please use our mortgage calculator.

If you’re thinking of carrying out non-structural home improvements, such as new windows or upgrading your kitchen, we can still help. Please speak to your local Progressive branch for further information.

Speak to our team today

We’d love to talk you through the mortgage process and help you find a suitable product. For more information or to apply for an account, you can call us, email us, pop into one of our 11 branches. We look forward to hearing from you.

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