Up to 75 ltv loan to value 100 of refurbishment work property refurbishment loans are essentially a type of bridge loan that can be used in a wide variety of scenarios.
Light refurbishment loan.
Anything more than 500k or 50 of the initial property value will need to be treated as development finance conversion to flats or back to a house.
The light refurbishment mortgage can be utilised to purchase or remortgage a property needing limited repairs redecoration and refurbishment.
The first disadvantage is that only a few buy to let lenders offer a light refurbishment or limited refurbishment loan so there s not much choice with regard to products.
Of course there are pros and cons with using light refurbishment loans.
Light refurbishment loans non structural changes to the layout where no planning permission or building regulations are required.
It is suitable for most single dwelling buy to let investment property and hmos.
Secondly loan to value ratios are limited with most typically around the 70 ltv mark.
It allowed the couple to buy the flat carry out the refurbishment and then draw down further funds once the flat was ready to let.
This might include simply redecorating or furnishing.
Instead we sourced a light refurbishment buy to let mortgage which is more cost effective.
A light refurbishment loan is for cosmetic changes to your property.
Common light refurbishments include a new bathroom new kitchen redecoration etc.
Perhaps you intend to fit a new kitchen or bathroom.
Light renovation mortgages allow the purchaser to draw down the majority of the loan to buy the property and then secure the rest of the mortgage once work has been carried out.
No planning permission is required the building regulations.
Here are the details of the deal.
Ideal for investors who are adding value where we can lend up to 70 of the gross development value.
Before the property can be marketed for rental resale.
Light refurbishment of investment property before letting single ast tenancy btl light refurbishment mortgage.
A refurbishment loan offers short term finance to carry out any light and heavy refurbishments on your property.
There will normally be a re inspection of the property to ensure the work has been done prior to the rest of the mortgage funds being made available on a light renovation mortgage.
These are projects that don t change the structure of the property so won t require planning permission or building regulations to be approved.
These loans are tailored to smaller projects and are suited to refurbishments where.
