How to get mortgage on renovation project

Tryweryn

I'm renovating a house, I'm the freeholder, I need money to finish the project. However, banks reluctant to lend because there is no kitchen in the house.

Any advice on how I can get money, looking at £80-100,000.

Thank you in advance.

GMS

What is it worth currently? What is the estimated value once completed?

If lack of kitchen is the only issue why not put a cheap very basic one in to get the funding?

Any debt owing on it now?

ACG

Go and see a mortgage advisor. You could look at a briding loan possible or a secured loan maybe. There will be a fair few different options, not as cheap as a mortgage but it would only be for the short term.

Thrugelmir

Tryweryn wrote: »

I'm renovating a house, I'm the freeholder, I need money to finish the project. However, banks reluctant to lend because there is no kitchen in the house.

Any advice on how I can get money, looking at £80-100,000.

Thank you in advance.

Functional kitchen need not cost much.

Are you looking to borrow £80k plus?

Tryweryn

Not sure of current value, 4 bedroom house, all first fix in place - electric, plubming - £250,000, end value may be £400,000 +

No outstanding debt on property.

Yes I'm looking at borrowing £80,000.

Thrugelmir

Tryweryn wrote: »

Yes I'm looking at borrowing £80,000.

So more than just a kitchen required?

Is property habitable?

Tryweryn

Yes more than just a kitchen, but that is the stumbiling block to get a mortgage, to finish the rest of the house.

Habitble, no, but it has got eletric and water, toilet and wash hand basin for the builders in place.

I think its a matter of getting my hands on a cheap/ free kitchen! Bridging loan appers to be an expensive option?

kingstreet

Buildstore;-

http://www.buildstore.co.uk/finance/renovation.html

Dukesy

When we bought our current house, it was in an abysmal state. We have had to carry out major building work in every room. Further to that, the 'kitchen' consisted of a room with a sink and an electricity point for one to wire an oven into. We went around every high street lender, and eventually went with Halifax, who were the only lender that were prepared to lend on it. Some places were ridiculous - Lloyds actually said they would expect it to be completely finished - down to carpets etc for them to lend.