RENOVATION MORTGAGES

Find out how they work, how much you can borrow, use our free build cost calculator and get the free ultimate self build guide.

How Do Renovations Mortgages Work ?

  • The main difference between renovation mortgages over a traditional mortgage is that the money is released in stages as the build moves forward. The lender takes into account the end value of the property.

  • Depending on the scale of works, planning permission may or may not be needed.

  • Typically 20% cash deposit is needed against the cost of the whole project (purchase of existing property & build costs). However there are lenders that will allow a lower deposit and we can fund projects with a deposit as low as 10% of the overall cost.

  • Those who already own the property and have detailed planning agreed (if needed) in some cases need no additional cash.

  • Funds can be released in advance or in arrears of each build stage. The cash flow of your project will dictate our recommendation to you.

  • Stages of funds being released can vary slightly from project to project depending on the lender and the construction mechanism you are using and if there is currently any debt on the secuity.

  • Every project is different, to get a true understanding of how to fund your renovation book a free call today and speak to our self build experts.

We understand your problem because we’ve been there……

Get the answers you need and 121 assistance all the way to build completion….Book a FREE consultation call today with a self build expert.

Example Of Renovation Finance

Wrap Around Two Story Extension and Refurbishment.

Current Value: £350,000

Price Of Works: £200,000

Current Mortgage: £200,00

End Value: £775,000

Cash Available: £0

Loan Amount: £550,000

Day One Release: £297,500

A renovation mortgage is a lot more complex than a standard purchase and every project is different. Here at Mayflower we have years of experience of helping clients build their own homes. We know the market in side out and always have you and your family at the heart of what we do.

With over 100 years of experience across the team, get in touch or book a free call today and get the solution you need in a stress free and quick fashion

Why Work With Us?

We are family run business that place our clients at the heart of everything we do.

We’ll provide you with a FREE fully costed build report and quantified schedule Worth £1000.

We’ll Provide you with FREE photo realistic images of your finished project. Worth £700.

1-2-1 support from initial call to build completion.

Get instant Access to our Self Build Savers Solution. Find out more below.

We have exclusive products only available through Mayflower.

Get free access to online training for self builders.

We are a gold partner with NaCSBA and adhere to their code of practice.

We will run as many free project feasibility assessments for you as you need.

All of our advisers are construction finance experts.

We aid with planning the cash flow forecast for your project.

You’ll be working with a firm that has a 5 star service rating

Our Money Back Guarantee !

If you don’t feel we’ve delivered on value or service, we’ll refund any fees that have been charged by us…. PLUS we don’t charge any upfront fees.

If you’ve never worked with us, it’s just like buying a house without looking inside!

That’s why we provide a guarantee so you can work with us and experience what it’s like on the inside risk free.

If you’re not happy neither are we and we’ll refund any fees we may have charged when your mortgage completes.

Save £0000’s With Our Self Build Savers Solution!

Not just amazing mortgage advice and 121 support throughout

We also provide you access to numerous free services, discounts and cashback schemes

FREE COST REPORT AND QUANTIFIED SCHEDULE WORTH £1000

FREE PHOTO REALISTIC IMAGES OF YOUR PROJECT FROM PLANS WORTH £700

DISCOUNTS AT TRAVIS PERKINS NATIONWIDE

10% OFF AT WICKS NATIONWIDE

TRADE PRICES AT HOWDENS NATIONWIDE

20% OFF ALL BRAND PAINTS NATIONWIDE

FREE ACCESS TO SELF BUILD TRAINING PLATFORM

5% CASH BACK ON ALL SERVICES

5% CASH BACK ON VAT RECLAIM SERVICE

3 simple steps to get funding

  • 1. Sign up to our Self Build Savers Solution or book a free call with one of our self build experts

    We will be able to explain the whole process today, how much you can borrow, how much it is likely to cost and ultimately if your project is feasible to fund.

    When you sign up for our Self Build Savers Solution you’ll be sent an email explaining how to get instant access to all of the features.

  • 2. If you’re ready to move forward

    We give you a decision in principle with lender backed terms. We take care of all the paper work and walk you through next steps.

    If you’re not moving forward with a mortgage you can still access our Self Build Savers Solution.

  • 3. We submit your application

    We wont just place your case. You’ll have your dedicated self build expert with you until build completion.

BOOK A CALL TODAY

 FAQs

  • Maybe not, it will depend on the project. A specialist renovation product is usually needed when the value of your home as it currently stands doesn’t have enough equity for you to draw down more funds on a traditional product. A renovation product would take the end value into account. Your circumstances would dictate our recommendation to you.

  • This will depend on the scale of works you have planned. Please contact your local authority. If they stipulate planning is required the renovation lenders will want to see this as part of your application.

  • Absolutely

  • You most certainly can

  • Just because your credit is impaired does not necessarily mean you would not be eligible for a renovation mortgage. We would have to review your credit history.

Enquire now
T: 0139 230 4950