Light Refurbishment Loan

Secondly loan to value ratios are limited with most typically around the 70 ltv mark.

Light refurbishment loan. Landlords and property investors can use property refurbishment finance to enhance an existing residential or commercial property. The light refurbishment mortgage can be utilised to purchase or remortgage a property needing limited repairs redecoration and refurbishment. This might include simply redecorating or furnishing. Before the property can be marketed for rental resale.

Common light refurbishments include a new bathroom new kitchen redecoration etc. Ideal for investors who are adding value where we can lend up to 70 of the gross development value. It is suitable for most single dwelling buy to let investment property and hmos. 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.

A refurbishment loan offers short term finance to carry out any light and heavy refurbishments on your property. No planning permission is required the building regulations. These loans are tailored to smaller projects and are suited to refurbishments where. 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.

A light refurbishment loan is for cosmetic changes to your property. Here are the details of the deal. Perhaps you intend to fit a new kitchen or bathroom. Light refurbishment loans non structural changes to the layout where no planning permission or building regulations are required.

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. 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. These are projects that don t change the structure of the property so won t require planning permission or building regulations to be approved.

Instead we sourced a light refurbishment buy to let mortgage which is more cost effective. Whether you are carrying out internal or structural work the ability to make refurbishments can significantly increase the value of your property or business premises and maximise the potential rent that you can charge to tenants. 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.