Mortgage For Refurbishing A House To Let
Purchase & Refubishment; - Three bedroom Bungalow
Loan amount: £220,000
The client who had a previous track record in refurbishment and re-development wished to borrow £220,000 to purchase and refurbish a property in Southampton in order to convert the house into a multi let unit.
The works included a small extension and general refurbishment throughout. The required works pushed the spend to over 15% of the purchase price and in addition, (due to the type of development work being carried out), made this an ideal case for a specialist lender property development short term loan.
Once the works were complete the client intended to refinance the property onto a long term mortgage product and keep the house within their portfolio.
The lenders surveyor was booked to view the property and quickly confirmed that there was strong demand - even in its current run down condition. The property consisted of a detached bungalow on a ¼ acre plot. The comments also included that there was potential for an additional house to be built or alternatively, for demolition and construction of smaller houses.
The level of borrowing against the purchase price along with the extensive experience of the client in completing these types of projects gave the lender confidence to move to a formal mortgage offer within 9 nine working days of receiving the application.
The case moved swiftly to completion within just five working days.
Why Use Our Mortgage Finance Service
Special features of what we offer include:
- Whole of market service
- Access to high street and specialist lenders
- Short term finance for refurbishment renovation and re-development projects
- Access to exclusive loan deals not available on high street
- Fast turnaround
- We have lenders who will take into account previous defaults and missed payments
- Looking to raise additional finance on top of your existing mortgage or buy to let mortgage? - we have access to a range of finance solutions
To investigate your investment finance options call our mortgage team on 0117 403 4474 or fill in our call back form.
The essence of the Fair Mortgages service is professional independent mortgage and protection advice brought to you by a team of specialist advisers and experienced administration support.