Refurbishment Finance
Contact UsAt 24-7 Mortgages, we specialise in providing refurbishment finance solutions tailored to meet your property renovation needs. Whether you're upgrading a residential property or transforming a commercial space, our finance options can help streamline the process.
We cover and the surrounding postcode area, offering expert guidance and competitive rates.
What Is Refurbishment Finance?
Refurbishment finance is a specialised financial product that enables property owners and developers to fund renovation or improvement projects. It is particularly beneficial for those undertaking structural changes, interior remodelling, or energy efficiency upgrades.
At 24-7 Mortgages, we offer flexible finance solutions to assist in upgrading properties, accommodating both residential and commercial needs. Our loans can cover various costs, such as purchasing high-quality materials like luxury tiles or sustainable timber, engaging skilled contractors, and obtaining necessary permits and certifications, such as the Building Regulations Compliance Certificate.
We work with a range of properties, from small residential homes to larger commercial sites, ensuring you have the financial support needed to meet industry standards and timeframes. These loans can make it easier for you to realise your project vision.
Contact us today to explore your options.
How Much Does Refurbishment Finance Cost?
Refurbishment finance typically costs from around 5% to 10% interest annually, depending on the loan amount and your credit profile. The exact cost varies based on specific requirements and the property's size and condition.
Other factors influencing the rate can include the loan-to-value ratio and the term of the loan which can range from six months to three years. Additionally, lenders may require valuations and surveys, such as the Royal Institution of Chartered Surveyors (RICS) appraisal, to assess current property value and necessary refurbishments.
At 24-7 Mortgages, we work with you to structure a loan that fits your budget and project scope, ensuring all aspects of your refurbishment needs are considered. Contact us today to discuss your refurbishment financing options in detail.
Why Choose 24-7 Mortgages for Refurbishment Finance?
Choosing 24-7 Mortgages means opting for a partner with deep industry expertise and a personalised approach. Our team is well-versed in working with diverse property types such as residential homes, commercial buildings, and mixed-use developments.
We offer various financial products, including bridging loans and interest-only mortgages, specifically designed to support your refurbishment journey. Our finance solutions comply with the Financial Conduct Authority (FCA) regulations, ensuring you receive service that meets legal standards.
We focus on understanding your refurbishment goals and structuring finance that aligns with your project, often valuing properties accurately through recognised methods like the RICS HomeBuyer Report for residential assessments. Our presence and the area ensures we have local expertise, enabling us to address specific market challenges effectively.
Contact us to discuss your refurbishment finance needs and let us support your project from inception to completion.
What Types of Refurbishment Finance Are Available?
At 24-7 Mortgages, we offer several types of refurbishment finance options designed to suit varying renovation needs and project scales.
Light Refurbishment Loans: These loans are suitable for minor cosmetic upgrades and repairs, such as repainting, new flooring, or kitchen and bathroom updates. They typically cover projects that can be completed within a three to six-month timeframe and adhere to standard building codes.
Heavy Refurbishment Loans: This option supports significant structural changes, including loft conversions, extensions, or reconfiguring spaces. Available for projects taking six to twelve months, these loans often require compliance with building regulations and planning permissions.
Bridging Loans: As a short-term financing solution, bridging loans facilitate the purchase and renovation of a property intended for quick resale. They are designed to be repaid within a few months to two years, filling the gap between purchasing a new property and selling the old one.
The most suitable option depends on the property's condition, the work required and your exit strategy. For larger schemes, development finance may be relevant where funding is needed for a property development project, while development exit finance may suit eligible developers who need to refinance completed or nearly completed developments before selling or securing longer-term finance.
Each option caters to different renovation needs. Contact us to discuss how we can support your specific project requirements.
What Does Refurbishment Finance Cover?
Refurbishment finance can cover a wide array of renovation needs, offering a solution for both minor and extensive property upgrades.
Purchase Costs: Securing properties in need of renovation, whether residential or commercial.
Material Costs: Buying necessary materials for construction, including insulation, plumbing fixtures, and electrical components, to meet industry standards.
Labour Costs: Hiring skilled professionals for the project, such as electricians, plumbers, and carpenters, ensuring quality workmanship.
Planning and Permit Fees: Covering any necessary legal expenses, including local council approval and building regulations compliance.
Design and Architectural Services: Funding services for architectural plans and interior design consultations that align with project goals.
Safety and Environmental Compliance: Ensuring adherence to safety regulations and environmental standards, necessary for sustainable development.
This flexibility ensures that all aspects of your refurbishment project, from initial planning to final touches, can be effectively financed.
Frequently Asked Questions
How Do I Apply for Refurbishment Finance?
To apply for refurbishment finance, contact us to discuss your project and complete the application with our guidance. We tailor solutions to your needs.
What Credit Score Do I Need?
A good credit score improves your chances of approval and may reduce interest rates, but we assess each application individually at 24-7 Mortgages.
How Long Is the Repayment Term?
Repayment terms for refurbishment finance typically range from 6 months to 24 months, adjustable based on your project's size and complexity.
Get a Free Quote for Refurbishment Finance
Ready to start your refurbishment project? Get a Free Quote for refurbishment finance with 24-7 Mortgages. Contact us today to discuss your renovation plans and discover how we can help bring them to life.