New 75% LTV BTL Renovation & Refurbishment Mortgage

February 2013

This Light/Medium/Heavy Refurbishment product is ideal for residential investment properties in need of renovation or refurbishment before being rented. This mortgage will allow any amount of improvement work to be carried out to the property including extensions and loft conversions,  as well as the typical new kitchen, new bathroom and re-decorating, and re-wiring, re-plastering etc. Call now to discuss your project.

75% LTV for Buy-to-Let Properties

• BTL mortgage designed to buy renovate/refurbish and rent
• Flats or houses with a minimum value/price of £100,000
• Mortgages available from £30,000 to £500,000
• Interest rate is 5.89% variable rate
• Maximum mortgage up to 75% of purchase price or value (if lower)
•  Improvement works must be completed within 3 months
• No limit on amount of improvement work
• Further advance up to 75% of improved property value on completion of works
• Applicants to provide evidence of the 1^st 3 months mortgage payments in hand
• No 1^st time landlords
• Arrangement fee of 2.5% of loan amount (can be added to the mortgage)
• 10% capital repayments per annum penalty free
• Fast-Track legal service available (for a quote please supply postcode)
• Applicants minimum age 25, maximum age 75 at application
• Minimum income £25,000 per annum
• Rental calculation is 125% at 5.89%

If you require any additional information or wish to proceed, please contact me on the number below or via email.

Direct Dial: 0117 223 2050

Email: paul.obrien@mortgagecafe.co.uk

Looking to purchase an un-modernised or run-down property in need of work, renovation or refurbishment? We have a mortgage just for you.

• Only 25% Deposit

Properties in need of renovation come onto the market for various reasons; repossessions, probate, neglected rental property, distressed sales, or even situations where the current owner just wants to sell, rather than update the property themselves.

If you purchase a property using cash, it’s as well to remember that your money could be tied up for a minimum of 6 months, as mortgage lenders generally won’t offer you a remortgage until six months has passed from the date of purchase.

Our new property Makeover Mortgage is ideal for buying an investment property for renovation. The property can then be sold as the mortgage ‘ported’ to another project, or it can be retained as a BTL for rental income.

If it’s an auction purchase we may be able to arrange this mortgage within the 28-day period, without needing bridging finance!

This mortgage is unique, as it allows you to purchase a residential property in need of renovation, or modernisation, where other BTL lenders would decline to lend due to the property being unsuitable for renting in this condition. With this BTL mortgage, the rental assessment is calculated on the finished property after improvements.

To discuss your requirements, call us now on 0117 223 2050 and speak direct to an experienced adviser.

Purchasing run-down property in need of work, renovation or refurbishment? Then this mortgage is just for you.

Great news for property renovators! Buy property in need of refurbishment to renovate now with this new mortgage:

Only 25% Deposit required, then rent or sell for profit. This mortgage is ‘Portable’ which means it can be transferred to another property without incurring an early repayment penalty.

Buy – Renovate – Rent or Sell

Un-modernised houses and flats requiring varying levels of refurbishment and modernisation are prime targets for property renovators. The attraction is to create a desirable home and a potentially highly profitable return on investment. Although finding such properties in the first instance may take time, there are property agents, particularly in Greater London, who specialise in un-modernised property sales, which can make finding the right property much easier.

Our new renovation Makeover Mortgage is perfect for buying an investment property for renovation in order to sell for profit, or keep as a BTL for rental income.

If you purchase a property cash, remember that money may be tied up for a minimum of 6 months as most mortgage lenders will not offer you a remortgage until a period of six months has passed since the initial date of purchase. Nearly all lenders now operate this six month rule, so it is vital to get a mortgage arranged in the first instance. If you are purchasing from auction we can still arrange the mortgage usually within the 28days, without needing bridging finance! Call us, we can help you get a mortgage even on neglected houses where normal BTL lenders refuse to lend.

Mortgages for buying property to renovate

Home improvement loans

Light Refurbishment Mortgage, or Full Renovation Mortgage, we have it all.

Buy run-down and neglected property to renovate for profit with our renovators mortgage. The only BTL investors mortgage where the condition of the property is not a problem. You can purchase the property and renovate to a standard to rent out or sell without needing specialist bridging or development finance.

This mortgage is unique. It allows you to purchase a residential property in need of full renovation, modernisation, interior remodeling or makeovers. The property does not need to be suitable for renting in its current condition.

The property must be structurally sound free from ongoing structural movement and other similar building defects. We assess the rent of the finished property after improvement works, therefore enabling you to purchase properties you were previously unable to buy due to non-lettable and run-down condition, or where the rental value in its current un-modernised state would be too low to cover the rental assessment.

Most properties requiring refurbishment simply require a new kitchen, new bathroom, and re-decoration throughout before the property is re-presented to the market and sold at a good profit. Investors can take advantage of ‘buy now pay later’ or interest-free deals from popular DIY stores to purchase a new kitchen or bathroom suite and defer payment for 6 to 12 months giving time for the property to be improved and sold.

Other run down properties for renovation may only require the most basic of kitchen and bathroom installations, a quick decoration, and a good garden and yard clean-up to get top money for the property once back on the market in a few short months.

Buying a property for renovation at the right price can be a very good investment as £000’s can be added to the value of the property from a simple and well planned make-over. Some investors even rent stylish furniture to create a stunning and lavish impression for prospective buyers and estate agents valuing the property! If you purchase new furniture it is wise to buy stylish yet simple pieces that you can use in your next renovation project. Be sure also not to overcrowd a room with oversized furniture, as it will dominate the room, making it seem cramped or too small for prospective buyers to imagine their own lifestyle fitting in. Decorative touches can then be added with modern lighting, quality mirrors, throws and couch cushions to create stunning looks for little much money.

Depending on the scope of the property and price ceiling in that area, it may be more profitable to extend the property converting an old attic room to another bedroom or study, or rebuilding an attached outbuilding to create even larger living space. Add a modern open plan design kitchen-diner to appeal to more buyers. Other popular renovations include upgrading of central heating systems, double glazing windows, patio or bi-fold glass doors. The exterior presentation of the property is also important, as a new coat of paint and cleaning brickwork can make a huge difference to the property.

Untidy and stale looking rear gardens and yards can detract from a property’s value and saleability. Yards and small gardens need not put off buyers, as they can be easily transformed with sections of decking, decorative stones, potted ferns and palms, and some stylish outdoor furniture. Create another living space outdoors as somewhere the prospective buyer can easily imagine themselves enjoying al-fresco style summer dining with family and friends.

Makeover an old yard to add value.

Larger gardens can be tidied up to look far more inviting with unsightly areas of the garden obscured from immediate view behind willow or brush screen panels. Decking walkways to inter-connect larger decked areas, paved surfaces, and lawn areas will add intrigue and a new perspective to a boring large flat lawn. Existing decking, masonry, stone work, and mouldy areas can be quickly restored to look new with a basic pressure washer.

For more information on our range of property renovation mortgages, or to apply, call us today where we will be pleased to assist. We can provide mortgage illustrations via email for you to review prior to your property purchase.