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Refurbishment Mortgage

Our Refurbishment Mortgage Service

Our Property Refurbishment Finance Services can provide you with:

  • Exclusive Deals – We provide you with exclusive mortgage deals that you will not find elsewhere on the high street.
  • Whole of Market Service – We compare all deals from all of the top lenders in the market so you do not have to. 
  • Lowest Rates – We give you access to the leading mortgage deals.
  • Swift Turnaround – You can contact us today if you need to work quickly

Require a property refurbishment loan? Contact us today on 0117 403 4474 or complete our call back request form.

Refurbishment Mortgage

Refurbishment Finance

Refurbishing a property may increase its value, help progress a change of use or even save it from going into disrepair.

If you are looking to make some changes to a property, whether you’re a home owner, property developer, investor or a landlord, you will need refurbishment finance.

When selecting the type of finance that you need for your project, it is important to bear in mind what type of refurbishment your property requires.

Light Refurbishment Loans

These loans are tailored to smaller projects and are suited to refurbishments where:

  • No planning permission is required
  • The building regulations do not apply
  • There isn’t a change to the nature of the premises
  • It is a non-structural refurbishment
  • The cost of the project is below 15% of the value of the property

This type of loan would be appropriate to use for work that changes the aesthetics of the interior of a property.

Heavy Refurbishment Loan

These loans are more appropriate for larger projects where:

  • The cost of the project is above 15% of the value of the property
  • Planning permission is required
  • Building regulations do apply

This type of loan would be appropriate to use for extensions, loft conversations, structural amendments and change of use.

Traditional Lenders

Approaching a traditional lender may not be the best course of action. This is because it can be difficult to secure a refurbishment mortgage from a traditional lender. Traditional lenders are reluctant to lend to those without experience in refurbishment.

Lenders will likely require an in-depth review of an applicant’s property portfolio before providing the refurbishment finance.  In addition, applications to traditional lenders may take up to several months to process, which can cause lengthy delays.

Fair Mortgages

If you need a refurbishment loan Fair Mortgages may be able to help. Fair Mortgages can arrange a variety of refurbishment finance including:

  • First Charge: Stretch senior development finance is a first charge debt that may provide up to 100% of the development costs and up to 75% of the gross development value. However, you will only be able to secure a stretch senior development loan if you have experience in refurbishment.
  • Second Charge: A common second charge debt is a mezzanine loan.  Mezzanine loans bridge the gap between the borrowers’ savings or capital and the first charge debt. Mezzanine lenders will only provide refurbishment finance if you have a property portfolio with evidence of successful projects.
  • Joint Venture:  If you do not have the necessary experience to secure the right finance, you may wish to pool your resources with an experienced developer to obtain the funding that you need to complete your refurbishment.

How to Get a Refurbishment Mortgage

Finding the right refurbishment loan is important as it can have an effect on the success of your project. However, without an up to date, in-depth knowledge of the financial services industry it may be difficult to get the most suitable funding for your refurbishment.

Our independent whole of market refurbishment mortgage team can help you to locate the right property refurbishment mortgage deal for you. Call us today on 0117 403 4474 or alternatively, complete our call back request form.

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