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.
Branch FinderRenovation Remortgage Products
| Product Type | Rate | APRC | LTV (Loan to Value) | Fees |
| 2 Year Variable Discount (Renovation Remortgage) | 5.82% | 8.28% | 85% | £0 |
| 2 Year Fixed Rate (Renovation Remortgage) | 5.90% | 8.10% | 85% | £0 |
Representative Example
Based on an assumed start date of 16/4/2024, a mortgage of £93,000.00 payable over 18 years, initially on our discounted variable rate of 5.82% for 2 years, followed by our Standard Variable Rate currently 8.74% for the remaining 16 years, would require 24 monthly payments of £695.71 and 192 monthly payments of £840.84.The total amount payable would be £178,138.32 made up of the loan amount plus interest of £85,138.32.The overall cost for comparison is 8.28% APRC.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
More information on Progressive mortgages
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.