Renovation mortgage

emjay81

Hello looking for a bit of advice. We are currently in the process of starting a renovation on our home - converting a bungalow into a 6 bedroom
house. We are currently with NatWest but looking at a renovation mortgage to fund the property. 

It’s going to cost approximately
£100k to complete (aiming to do a lot of work ourselves). NatWest will allow us to release £59k to start to get the house habitable Then they will come out to revalue and lend us more. Personally I think it’s a little risky this way. We risk having to get a loan to finish then.

Anyone have any experience with renovation mortgages? I know interest rates are a lot higher but we would be guaranteed the money we need (released in stages) 
Any advice would be much appreciated 😁

ACG

Could you not get what you need with natwest, then once you are more less spent up then get a secured loan to complete the works if natwest do not offer what you need down the line? 

Then once complete you can look to remortgage it all into one mortgage either with natwest or elsewhere? I suspect that will be cheaper than what you are looking for. 

Also... A bungalow to a 6 bedroom house! That feels like more than a renovation. It would be like turning a shop into a shopping centre 

emjay81

Thank you 😁
Yes I know it’s going up on top of the bungalow, side and rear extension. Closest we can get to building our own! 

That was another option was the loan then remortgaging of NatWest couldn’t lend more. 

We can get the house watertight with the money from NatWest. Just looking at what is the best way to fund our project .... I agree NatWest would be cheapest way just wanted to see if anyone on here had experience with renovation mortgages 😁

DCFC79

I take it you have permission to do the work ?
Im surprised the council are allowing it as Ive heard alot of bungalows are being converted into houses meaning there are less for those who want a bungalow.

emjay81

Yes planning permission and building regs have been approved 😁 I’m not that stupid to do work on the scale that we are without regs being in place 😂

emjay81

DCFC79 said:

I take it you have permission to do the work ?
Im surprised the council are allowing it as Ive heard alot of bungalows are being converted into houses meaning there are less for those who want a bungalow.

I asked for recommendations on mortgages not opinions on my project! If you haven’t got anything helpful to add then don’t comment 🤦🏼‍♀️🤷🏼‍♀️