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Buy-to-let mortgage for a renovation project
thegreengoblin
Posts: 1 Newbie
Hi, has anyone managed to persuade their mortgage lender to lend a significant amount of money (around £200,000) for a buy-to-let holiday home in the UK which requires a significant amount of renovation work? I've found our dream house in Snowdonia, but it requires a lot of work! Or is this just a pipe-dream? (I already have one mortgage and one BTL mortgage.)
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Comments
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If its major rennovation I would imagine you will need something like this
http://www.buildstore.co.uk/finance/renovation-conversion-mortgages-how-they-work.html
Most BTL lenders have criteria which state the property must be habitable, functional kitchen, toilet etc.0 -
If you get funding on this it will be a commercial arrangement at commercial rates.
Speak to a mortgage broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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