80% LTV mortgages - renovation

catcatcat1

Hi,

I am buying a house that needs complete renovation. The cost is £450k for the house. I've just read somewhere that I may need a particular type of mortgage for renovation projects - is this true? The roof is sound by the way.

We have enough deposit to fund a 75% mortgage but this would leave us a bit short on renovation costs. An 80% mortgage would be much better for us as long as the interest rates weren't ridiculous. Are there many 80% mortgages around and what are the interest rates?

Can anyone give advice on these two points please

Many thanks

Clare

rsykes2000

You may well need to speak to a whole-of-market broker about this. Is the house inhabitable - does it have a functioning kitchen and bathroom ?

suisidevw

I think POST OFFICE are doing OK 80% LTV's at present........ not sure on the renovation side though....

happybroker

catcatcat1 wrote: »

Hi,

I am buying a house that needs complete renovation. The cost is £450k for the house. I've just read somewhere that I may need a particular type of mortgage for renovation projects - is this true? The roof is sound by the way.

We have enough deposit to fund a 75% mortgage but this would leave us a bit short on renovation costs. An 80% mortgage would be much better for us as long as the interest rates weren't ridiculous. Are there many 80% mortgages around and what are the interest rates?

Can anyone give advice on these two points please

Many thanks

Clare

This really does depend on the extent of the required renovation and if you are going to pay for this our of your own pocket or want to borrow to do it in stages. Banks are not keen on lending for renovation at the moment.

Thrugelmir

Has the property been valued at £450k or is what its on the market for

What does the "renovation" work consist of?