What is Refurbishment Finance?
This is used if you want to give your property a quick repair or if it needs a full renovation.
You can normally borrow £50,000 + and the mortgage term will be from 1 – 36 months.
Light Refurbishment
A light refurbishment may include the following:
- New Kitchen
- Improve the decor
- Bring energy ratings down
- Make the property safer
Heavy Refurbishment
A heavy refurbishment may include the following:
- Structural improvements
- Full renovations
- Extension
Refurbishment fees
Fees will vary from lender to lender and product wise, but they will normally involve the following:
- Arrangement fees: Payable to the lender and generally to cover the loan administration
- Valuation fees: To ensure the value of the property
- Exit Fees: You may or may not have exit fees depending on the lender.
How long will completion take?
This can depend on a number of factors but generally a full application and drawdown of the funds can take up to a few weeks.
We will be on hand throughout the full process to ensure this runs smoothly and efficiently.