Can a home improvement loan be added to the mortgage?

Posted on August 19, 2021 at 2:02 pm

You have bought your dream home. However, it needs some improvements to make it perfect.  Any modifications are going to take a substantial amount of money, but how can you afford it. 

There is an option called a Purchase and Improvement Mortgage.  In essence, this is a mortgage and a home improvement loan wrapped into one package. This allows you the flexibility to purchase the new property and renovate it without worrying about two separate payments coming out of your account monthly.

This option is not only for people purchasing a new property. You can also apply if you own your home already and wish to home improvements.  The amount you can add to your existing mortgage depends on the value of your property, how much is left outstanding and your income. 

To find out more about this type of loan, we suggest contacting your mortgage provider for more information.

Posted in Home Improvements