RENOVATION MORTGAGES
This product allows you to purchase a run down or delapidated property and it will also fund the renovation of the property. These mortgages are often used in conjuction with a bridging facility. The bridge will provide a very quick purchase of a bargain or property bought at auction. It would then be transferred on to a renovation mortgage. On completion of the building work, you would sell the property or transfer on to a suitable mortgage, i.e. Buy to Let mortgage.
The lender will fund up to 95% of the purchase cost, plus up to 95% of the building work. The finance for the building and renovation work will be released in up front stages preventing cash flow problems.
STAR BUY |
||||
Interest |
Type |
LTV |
APR |
Key Features |
6.24%
3 Year Tracker |
Purchase |
95% |
6.6%
|
 Only 5% deposit required Lender will provide 95% of building cost Stage payments paid in advance Full status or self cert (with accounts or accountant) Can be used for new build or renovation No Tie-in 6.24% or 5.84% with Tie-in |
| Taken from TRIGold | ||||
The overall cost for comparison is the APR. The actual rate will depend upon your circumstances. Ask for personalised illustrations.
Consumer Credit Liscence Number: 562186 Data Protection Number: PZ9286553
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