A light refurbishment loan is for cosmetic changes to your property.
Light refurbishment loan.
Here are the details of the deal.
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.
Light refurbishment loan firstly providers will offer a light refurbishment loan product.
Ideal for investors who are adding value where we can lend up to 70 of the gross development value.
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.
The light refurbishment mortgage can be utilised to purchase or remortgage a property needing limited repairs redecoration and refurbishment.
These loans are tailored to smaller projects and are suited to refurbishments where.
Before the property can be marketed for rental resale.
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.
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.
Light refurbishment of investment property before letting single ast tenancy btl light refurbishment mortgage.
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.
Common light refurbishments include a new bathroom new kitchen redecoration etc.
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.
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.
No planning permission is required the building regulations.
Perhaps you intend to fit a new kitchen or bathroom.
This might include simply redecorating or furnishing.
Instead we sourced a light refurbishment buy to let mortgage which is more cost effective.
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.
Landlords and property investors can use property refurbishment finance to enhance an existing residential or commercial property.
