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A renovation mortgage incorporates the cost of renovations into your mortgage. Have a mortgage already and want to renovate your home? A renovation mortgage will help you make the home improvements you can’t stop thinking about. First-time buyer who found a fixer upper? A renovation mortgage will help you turn your dream home into a reality.
And because lenders consider the estimated value of your property after renovations, not just its current value, you may be able to borrow more and reduce the interest rate you’re currently paying
Why Choose Us
Finance Your Home Improvements
Types Of Renovation Mortgages
If something is being removed from or added to the property, such as an extension, you will need a structural renovation mortgage. This requires you employ the services of an architect or engineer to oversee all works and approve the costs.
Let’s say you’re buying a property that is habitable, but needs some upgrades such as a kitchen, new windows, bathrooms or doors before it’s finished. Then you need a non-structural mortgage.
Speak to a mortgage advisor today and build the home of your dreams.
Frequently Asked Questions
Yes, with a purchase and renovate mortgage, you can borrow towards both the purchase of the property and to cover the renovation costs you need to make the property habitable.
Yes, can remortgage or ‘top up’ your existing mortgage to complete works to your current property. This is referred to as an equity release which means you’re borrowing against the value in your home. The additional funds advanced would be added to your mortgage balance and repaid over the remaining or increased term, often at lower rates than personal loans. Lenders will usually require costing estimates or quotes and details of the planned work before approval.
If the renovation works are structural, such as an extension, the lender will usually require planning permission before advancing any approval or release any funds.
Yes, your mortgage lender will release the funds in stages to coincide with the completion of key milestones in your renovation.
Estimate your monthly repayments with our mortgage calculator.
