Refurbishment Finance for Medium or Moderate Extent of Works

A medium refurbishment mortgage can be utilised to purchase, or remortgage, a property needing limited repairs, redecoration and refurbishment. It is suitable for most single dwelling buy to let investment property requiring renovation. Often improvements to the property might be installing a new kitchen or bathroom, non-structural changes to the layout, redecoration or replacement of central heating systems. Improvements to the property may only be necessary to make the property safe and fit to live in under the Decent Homes Standard or HHSRS legislation that regulates private and social housing.

Other renovations may be carried out to increase the market or rental value, or to capitalise on a uninhabitable property purchased at auction. The medium Refurbishment mortgage can be used for many situations where the property needs some form of work to be carried out before it can be let to a tenant. In some instances, a property missing only a functional bath or WC would not be mortgageable with a conventional Buy-to-let mortgage product, a medium refurbishment product offers a viable solution to avoid mortgage retentions or using bridging finance.

Typically medium refurbishment would limited to non-structural work and other work that would not need planning permission or other building work that needing to be regulated under building regulations. For renovation programs that would require planning consent, such as changing the use of a property from single dwelling to multiple dwellings, the heavy refurbishment mortgage would be required.