Mortgages for Renovation
Best Mortgage Rates
Mortgages for Renovation
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- Lloyds Bank
- 4.07% Initial
- 5 year fixed
- 6.7% APRC
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Cashback Max £250Free LegalsFree Valuation
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- 4.07% Initial
- 5 year fixed
- 6% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.08% Initial
- 5 year fixed
- 6.4% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.08% Initial
- 5 year fixed
- 6.4% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.09% Initial
- 5 year fixed
- 6.7% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.11% Initial
- 5 year fixed
- 5.8% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.12% Initial
- 5 year fixed
- 5.8% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.13% Initial
- 5 year fixed
- 6.4% 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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- 4.14% Initial
- 2 year fixed
- 7.7% APRC
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Cashback £0Free LegalsFree Valuation
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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 and sell a property. The property needed significant renovations 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