Legals

Ideal Home Improvement Mortgage

Do you need a mortgage to fund a refurbishment project?

run down property
Every year thousands of people across the UK choose to purchase a sub-standard or dilapidated property and then carry out the necessary refurbishment work to bring it up to a habitable standard.

The property could be in need of anything from a new roof or replacement plumbing and electrics to a new kitchen or bathroom. Whatever the initial condition of the property you can be confident that, once complete, you will have created a unique home to be proud of.

BuildStore tackles the problem!

Finding the right type of finance for a refurbishment project can be difficult. BuildStore carried out some research to find out which lenders' policies are in relation to a refurbishment project. Many will lend up to 95% of the purchase price of the property if it is in a habitable state. However, this depends on a valuer visiting the property to carry out an assessment of its condition. In most cases a retention is also applied to the loan. This means that some of the money will be held back until the project is complete. Also, if the property is uninhabitable, many building societies will either refuse to lend at all or will apply a full retention to the loan until all work has been carried out.

run down property
These strict lending policies make financing a refurbishment project very tricky. Applying a retention to the loan can result in severe cash flow difficulties for home improvers and can result in the project running over time or at worst not being completed at all. Fortunately, help is at hand. BuildStore has created a new mortgage exclusively for those wishing to renovate an existing pr Timber frame operty – the Ideal Home Improvement Mortgage.

"Ideal Home Improvement Mortgage provides you with the money you require..."

Unlike a traditional home improvement mortgage where the lender will hold back a sum of money until the project is completed and has been inspected by a valuer, the Ideal Home Improvement Mortgage provides you with the money you require at the start of each build stage through guaranteed advance stage payments.

What’s more, when you apply for the Ideal Home Improvement Mortgage you will automatically receive a free BuildStore Trade Card. This card will enable you to buy all the building materials and supplies you require for your projects at specially negotiated trade prices from national builders merchants Jewson and Builder Center.

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Who is the IHIM for?