Mortgages for Barn Conversions
Best Mortgage Rates
Mortgages for Barn Conversions
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- Lloyds Bank
- 4.07% Initial
- 5 year fixed
- 6.6% APRC
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Cashback Max £250Free LegalsFree Valuation
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- 4.10% Initial
- 5 year fixed
- 6% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.14% Initial
- 5 year fixed
- 6.3% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.17% Initial
- 5 year fixed
- 6.4% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.17% Initial
- 2 year fixed
- 6.7% APRC
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Cashback £0Free LegalsFree Valuation
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- Halifax
- 4.18% Initial
- 5 year fixed
- 6.7% APRC
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Cashback Max £250Free LegalsFree Valuation
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- Halifax
- 4.18% Initial
- 5 year fixed
- 6.7% APRC
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Cashback Max £250Free LegalsFree Valuation
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- 4.19% Initial
- 5 year fixed
- 6% APRC
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Cashback Max £1,250Free LegalsFree Valuation
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- 4.19% Initial
- 2 year fixed
- 8% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.20% Initial
- 5 year fixed
- 6% APRC
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Cashback £0Free LegalsFree Valuation
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Mortgages for Barn Conversions
Find the best mortgage deal for barn conversions
The idea of converting a barn can be very attractive to people who don't mind a challenge. If you're willing to put in the effort, barn conversions can be a great way to get the home you want in a beautiful rural location.
It's crucial to get the right financing in place for your barn conversion project before the conversion process begins.
Finding the right mortgage for barn conversions
The first step in any conversion or renovation is to secure the appropriate financing. In contrast, many high street lenders will only offer mortgage deals on properties that are habitable, i.e. that can be lived in without extensive renovations. Generally, mortgage providers define a 'habitable building' as one with plumbing, electricity, and security.
To convert a barn into a home, you will probably need a specialist mortgage deal since barns are unlikely to be any of these things. Buying and converting a derelict barn will require a specialist lender.
What to Consider when Applying for Finance for a Barn Conversion
The mortgage requirements for converting a barn into a habitable dwelling may differ from those for a more conventional home purchase.
Your mortgage funds may be more beneficial if you receive them gradually - first for the barn's purchase, then for renovations - rather than all at once.
Mortgage providers may offer you a loan up to 95% of the total cost of the purchase and construction, but this will depend greatly on your individual circumstances.
Barn conversion mortgage or bridging loan deals can be found by our specialist mortgage team.
Depending on the stage of the build, you may be able to obtain funds to pay for building materials and pay workers.
Your mortgage provider may be able to release funds for your barn conversion project in instalments, such as:
Step one
Release of funds for the purchase of the barn. In order to do so, you must provide a deposit, as with any mortgage deal.
Step two
Basic renovations on the barn structure, such as making it secure and weatherproof. Repairs to the roof and renovations to the walls may be required.
Step three
Making the barn conversion fully inhabitable with plumbing, wiring, and decorating.
How much does a typical Barn Conversion Cost?
With the average barn conversion project costing £275,000 it is important to get your budget costed correctly. In applying for finance the lender as part of their due diligence will assess costs to ensure that the loan to value has been correctly assessed.
| Type of Conversion | Cost + VAT (Range low - high) | Average Cost |
|---|---|---|
| Barn conversion cost | £150,000 - £400,000 | £275,000 |
| Barn conversion cost per square foot | £153 per square foot | |
| Barn conversion cost per square metre | £1,400 - £2,000 per square metre | £1,700 per square metre |
| Small barn conversion cost | £150,000 - £200,000 | £175,000 |
| Steel frame barn conversion cost | £250,000 - £300,000 | £275,000 |
Source: B3 Cost Consulting
Find barn conversion mortgage deals
Despite growing popularity among do-it-yourselfers, barn conversion mortgages remain rather specialized.
To investigate your barn conversion finance options call our broker team or fill in our call back form - speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464