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Mortgages for Renovation

Best Mortgage Rates

I Want to Buy I Want to Remortgage

Mortgages for Renovation

    • 3.88% Initial
    • 5 year fixed
    • 5.9% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 3.90% Initial
    • 5 year fixed
    • 5.9% APRC
    • Cashback Max £1,250
      Free Legals
      Free Valuation
    • Get quotes
    • 3.91% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 3.92% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 3.93% Initial
    • 5 year fixed
    • 5.9% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 3.96% Initial
    • 5 year fixed
    • 6.8% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes
    • 3.96% Initial
    • 5 year fixed
    • 6.8% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes
    • 3.96% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes
    • 3.97% Initial
    • 5 year fixed
    • 6.5% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 3.99% Initial
    • 5 year fixed
    • 6.7% 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 renovation

What are the differences between renovation mortgages and other mortgages?

 In comparison with standard residential mortgages, renovation mortgages consider whether the property you want to renovate is habitable or uninhabitable.

A habitable property is one with a weatherproof roof and walls, plumbing, and other basic features that enable a person to live in it at the time of purchase.

Lenders are more likely to offer high loan-to-value mortgage deals for these types of renovation properties. However, some funds may be withheld until essential repairs are completed, for example, minor roofing repairs.

It may be difficult to get a high loan to value mortgage if the property you intend to renovate is currently uninhabitable - for instance, a disused barn or industrial building, or a residential property in serious disrepair.

 

Case Study: Renovation Mortgage:

 

The Scenario:

A property developer wanted to purchase a property and sell it. The property needed significant renovations in order to attract the client's asking price.

It was not possible for the client to fund the purchase and renovation of the property.

Our client approached us for help after trying unsuccessfully to obtain finance from a high street bank.

 

Our Solution:

As a result of our strong relationship with specialist lenders, we were able to find our client a short-term finance deal that helped them achieve their goals.

Our team was able to raise £262,000 quickly to contribute to the purchase of the property. After that, we secured 100% of the refurbishment costs, which amounted to £88,000.

By negotiating with the lender, we were able to secure a light refurbishment interest rate for our client.

We received the loan quickly after it was secured. As a result, our client was able to complete the purchase and begin heavy renovations immediately.

With the proceeds of the sale, the client repaid the short-term finance, making a healthy return.

 

To investigate your 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

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