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Mortgages for Church Conversions

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Mortgages for Church Conversions

    • 4.07% Initial
    • 5 year fixed
    • 6.6% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes
    • 4.10% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.14% Initial
    • 5 year fixed
    • 6.3% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.17% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.17% Initial
    • 2 year fixed
    • 6.7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.18% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes
    • 4.18% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes
    • 4.19% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback Max £1,250
      Free Legals
      Free Valuation
    • Get quotes
    • 4.19% Initial
    • 2 year fixed
    • 8% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.20% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes

Representative example based on a fixed rate mortgage

A mortgage of £375,000 payable over 20 years initially on a fixed rate for 5 years at 4.38% and then at the standard variable rate of 7.65% for the remaining 15 years would require 60 monthly payments of £2,351.88 and then 180 monthly payments of £2,899.55.

The total amount payable would be £663,156.80 which includes interest and product fees of £1,124.

The overall cost for comparison is 6.5% APRC representative.

Early repayment charges may apply.

Mortgages For Church Conversions

Living in a converted church can offer a number of advantages. These types of buildings are typically equipped with high ceilings, large windows, and unique characteristics and charms. However, despite the fact that 20,000 churches have been sold in the last 30 years, it can be difficult to obtain a mortgage for a church conversion.

What Criteria are Mortgage Lenders looking for when considering a Church Conversion?

What will the Church property be used for:

Commercial - Where the property will be used for commercial purposes e.g. music venue, a commercial mortgage will be required.

Residential - If the Church is going to be converted to residential use then a regulated mortgage will be required. Typically you will need a 10% deposit.

Buy to Let or Holiday Let - Where the Church will be used to let out, mortgage lenders will have stricter lending criteria. A minimum deposit of 25% will be required and you can expect to pay a higher interest rate on repayments.

Second Home - Where the Church conversion is to be used a 2nd home, mortgage lenders will have strict criteria on lending to ensure affordability, so expect to put down a large deposit and pay a higher interest rate than your first home.

The larger mainstream lenders tend to have a rigid criterion of requirements for unconventional buildings they will lend upon, primarily because they want to make it as easy as possible for them to sell a property if it has to be repossessed because a borrower is not making their mortgage payments.

An already completed church conversion can make it easier to find a mortgage. Mortgages may also be easier to obtain for ecclesiastical buildings with modern wiring, plumbing, an inside bathroom, a basic kitchen, and watertight construction.

Unconverted or rundown ecclesiastical buildings can be more difficult to finance, although some lenders will still consider them.

Short Term Finance / Bridging Loans for Church Conversion

To progress the conversion of a church to residential use, short-term finance or bridging loans are often used as lenders have less strict criteria than mortgage lenders when assessing the case. Bridging lenders are used to providing finance quickly and over a short term e.g. 12 months

Self-build Mortgage for Church Conversion

Renovation and self-build mortgages are designed for people who want to use a mortgage to finance property construction/renovation for residential use. Instead of a one-time payment, these mortgages are often designed so that payments are made in instalments over the course of the project, which minimizes the lender's risk. Once a stage of the project is completed, another valuation/assessment is carried out, after which the lender releases the installment.

Church Conversion Finance Advice

Independent mortgage advisers may be of assistance to borrowers who are considering a mortgage for a church conversion or another unconventional residential property.

In addition to providing impartial advice, a whole-of-market adviser can use their professional knowledge of the mortgage market to search across a range of providers to find the best products for their clients. Moreover, there are some mortgages that can only be obtained through intermediaries, which may present borrowers with the best deal in some cases. 

To investigate your finance options for a church conversion 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

Finance for Church Conversions Church Conversion Finance
Finance for Church Conversions Church Conversion Finance