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Mortgages for renovation projects Refurbishment mortgage financing

New 75% LTV lending for BTL Renovation & Refurbishment

 

February 2014

 

This Light/Medium/Heavy Refurbishment product is ideal for residential investment properties in need of renovation or refurbishment before being rented. This product 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
  • Funding available from £30,000 to £500,000
  • Interest rate is 5.39% variable rate
  • No early repayment penalty
  • Maximum lending 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 1st 3 months mortgage payments in hand
  • No 1st 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 5.39%

 

We have other renovation/refurbishment mortgages available, please call for details on 0117 223 2050 and discuss your project with our experienced adviser.

 

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 lenders generally won’t offer you a remortgage until six months has passed from the date of purchase.

Our new range of refurbishment/renovation products are ideal for buying an investment property for renovation. The property can then be sold, or it can be retained as a BTL for rental income.

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 is just for you.

Only 25% Deposit required, then rent or sell for profit.

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.

Buy run-down and neglected property to renovate for profit with our light refurbishment product. The condition of the property need not be a problem. You can purchase the property and renovate to a standard to rent out or sell without needing specialist bridging or development finance.

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.

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.

 

 

 

 

 

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