Mortgage for an renovation project

3 years ago

last modified: 3 years ago

Don't suppose anyone has any experience with getting a mortgage on a house that needs major work?

we applied for a regular mortgage and they said no, we are currently applying for a renovation mortgage but will take another 2 weeks for a decision.

any advise would gratefully be received.

kind regards

Comments (5)

Gordon Ensor
3 years ago
Hi I have specialists in my company who regularly sort out difficult forms of finance, so

call email and let's get your mortgage sorted to your satisfaction we are open 24/7 call me you won't regret it.

Gordon Ensor

0800 2980 564

info@unicornconveyancing.co.uk
Navy Bear
2 years ago
last modified: 2 years ago
Hello, Lianne Bell! If they refuse your mortgage application for the new house. In that case, the excellent way to go is to address the appropriate insolvency company and let them see your agreement with that company. In my opinion, taking the mortgage for renovation is no sense since you want to move to another house. Try to approach an online service like this one https://cambridgemoneyman.com/, and possibly you will find a proper method to solve your new house mortgage rejected application.
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PRO
MoisesBush
last year
I would prefer to take out a mortgage for certain needs. That way the company is more interested in giving you favourable terms.
PRO
JonasParrish
last year
Recently, we got a mortgage to buy a house. We negotiated the details of the actual purchase of the property. Taking out a regular mortgage is not of interest to the company. When you specify detailed goals, plan the spending of the mortgage funds, then the company clearly understands and analyzes what it gives you the money for.
PRO
Resi Design Ltd.
last year
Hi there Lianne,

I enquired with our finance team and they have offered me some advice to share with you on the above.

Not every high street lender will offer a house renovation mortgage but this is dependant on whether the property is habitable or not. If the property is habitable, there are specialist loans designed to fund renovation projects with funds released in instalments as the renovation works progress.

If the property is uninhabitable, your options are more limited and you’ll need lenders who offer self-build mortgages / bridging loans. A bridging loan can be an alternative to renovation mortgages which is a form of short-term finance that “bridges the gap” before you’re able to secure a conventional mortgage. There are many more elements to consider but if you would like to chat with a RESI financial advisor to discuss this further for free, you can book in some time to chat here. Our team will be more than happy to help.

Have a lovely day.

Brid

Mortgage for an renovation project

Comments (5)

Gordon Ensor

Navy Bear

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