Renovation Mortgages > Buying a renovation property
How to buy a renovation property in the UK?
Buying a property to renovate is the most rewarding way to shape a home to your taste, often at a lower purchase price, and potentially build significant value along the way. But naturally, it comes with plenty of challenges too.
Many “doer-uppers” are in poor condition, and that can affect how easily you can get a mortgage. Standard lenders might turn down homes without a working kitchen or bathroom, meaning you need a more flexible, specialist approach to finance.
1. Define what ‘renovation’ means for you.
The term “renovation” encompasses a broad range of projects, and not all are treated equally by lenders.
Cosmetic renovations include redecorating, new flooring, kitchen or bathroom refits, or minor layout changes. These properties are typically still mortgageable under standard terms.
Structural renovations go further. If you’re reconfiguring walls, rewiring, replacing roofs, or resolving issues with damp or subsidence, these projects often require specialist surveys and can impact mortgage eligibility until the work is completed.
Full restorations or uninhabitable properties, such as those without a working kitchen, bathroom, heating, or mains services, typically require a renovation or conversion mortgage or a bridging loan.
Knowing which type of project you’re taking on helps you plan your finances from day one and avoid delays when it’s time to make an offer.
2. Find the right property.
Renovation opportunities appear everywhere, but finding the right one is about more than price. Look for listings described as “in need of modernisation,” “doer-upper,” or “with potential.” Estate agents, probate sales, and property auctions can all offer good leads.
Before committing, think carefully about:
Location and ceiling values: there’s no point spending £100k on works if local property prices won’t rise accordingly.
Scope: Are you updating, reconfiguring, or rebuilding?
Budget realism: account for 10–15% contingency on top of your planned works. Almost every renovation costs more than expected.
3. Check the property’s condition.
Before making an offer, arrange a full building survey (RICS Level 2 or 3). A skilled surveyor will identify issues that could impact safety, cost, and mortgage eligibility. Things like:
Structural movement or subsidence
Damp or rot
Asbestos or outdated electrics
Leaking roofs or poor drainage
Lack of plumbing, heating, or sanitary facilities
Lenders typically define a property as uninhabitable if it lacks essential services, such as running water, electricity, or a functioning bathroom or kitchen. In that case, a standard residential mortgage will usually be refused, but a renovation or conversion mortgage may still be possible.
Mayflower’s advisers work directly with lenders who understand these scenarios and can arrange finance even where high-street banks cannot.
4. Choosing the right finance route for your renovation.
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If the property is habitable
If you can comfortably live in it while you update, then depending on how costly your plans are, you can either look to use personal savings or a personal loan, or for bigger work, remortgage your property or look for bridging loans.
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If the property is NOT habitable
For properties that are too run-down for a standard lender, a renovation mortgage is specifically designed for this purpose.
A conversion mortgage works similarly but is tailored for projects that change a building’s use, such as converting a barn, chapel, or commercial space into a home.
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Rebuilding entirely
If the renovation is closer to a new build, a self build mortgage or development finance product may be more suitable. These also release funds in stages but are designed for larger-scale, longer projects.
5. Planning your budget
There will be lots to budget and plan for, and again this list will be subjective on your renovation project. But as a starting point, we recommend you think about:
Purchase price and fees, including stamp duty and surveys.
Renovation costs, with quotes from reliable contractors.
Professional fees for things like architects, engineers, and building control.
Always keep at least 10–15% spare as a contingency.
Insurance. Some standard home insurance won’t cover unoccupied properties or building work.
Make sure you keep every invoice and certificate. Lenders and valuers often need evidence of works completed before releasing the next stage of funds.
6. Secure the right mortgage partner.
Working with an experienced adviser can make all the difference when buying a renovation property.
At Mayflower, we specialise in renovation, conversion, and self-build mortgages. And working with an experienced adviser can make all the difference when you’re buying a renovation property. We can help you:
✔ Identify which lenders will accept your property’s current condition.
✔ Plan stage payments around your project timeline.
✔ Access exclusive lender products that aren’t available directly to the public.
✔ Manage valuations, insurance, and post-completion refinancing.
✔ Have a dedicated, expert adviser throughout your project.
7. Complete purchase and begin the work.
Once your finance is in place, you’ll exchange contracts, complete the purchase, and begin the renovation journey.
Specialist renovation mortgages may take slightly longer to arrange than standard ones, but they’re structured to make the build smoother once underway.
When the work is finished, you’ll have your property revalued and usually switch to a long-term repayment mortgage, which locks in a better mortgage rate and allows you to enjoy the benefits of your hard work.
Ready to start your renovation journey?
At Mayflower, we specialise in self build, renovation, and conversion mortgages. So whether you’re extending, converting, or improving energy efficiency, Mayflower can help you plan and finance your project the right way.