Making Cents: Should you switch your mortgage to top up for home improvements?

Mortgage switching is one of those financial tasks that is promoted endlessly by mortgage experts but still viewed with suspicion by the general public.

Switching your mortgage can release funds for renovations

Given the enormous amount of time we have all spent at home over the past 15 months, it is no surprise that interest in redecoration and renovation is at an all-high. Home improvements ranging from a fresh coat of paint to whole new bathrooms, kitchens or building extensions are happening all over Ireland. And while smaller jobs can be paid for out of day-to-day spending, major works in many cases require borrowing.

A mortgage expert who is a keen advocate of switching to avail of better rates says this cohort of homeowners in particular are coming to realise the benefits of doing some research on your home loan. Martina Hennessy of doddl.ie says many mortgage holders who are looking to top-up for home improvements have chosen to shop around for better market rates as opposed to just topping up with their existing mortgage lender.