Can I Get a Mortgage After The Renovation?
The short answer is yes, 100% you can.
We put clients in touch with our trusted mortgage brokers, and we have always been able to put a mortgage on a house after it’s been renovated.
When we source and renovate a property, we put the house up to the full lettable standard that is fully compliant, equipped with a new electrical and gas certificate, and even an EPC if required.
A key point worth remembering is that mortgage lenders like you to own the house for 6 months before applying for a mortgage.
Specialist lenders could offer you a mortgage sooner, but we suggest waiting if you want a better deal.
Why? From our experience, they seem to charge higher fees, typically down-value properties, and if you’re impatient to get the money out, they aren’t that much quicker.
By the time you’ve bought the property, registered at the land registry, and gone through all the technical jargon and paperwork that comes with it, it’s probably taken you four months anyway!
Our advice is- it’s not worth it and you’re better off waiting.
If you’re a portfolio landlord or looking to buy more property, this next part may be of value to you.
Through our preferred mortgage broker, we offer the option to refinance quicker with a lender who wouldn’t normally refinance that soon. However, as you’re one of our clients we have a VIP ticket for you.
So, it allows you to refinance properties sooner than 6 months while still using a regular lender, which is a useful option for you to have.
The main things to consider if you want to mortgage the property are to get the right house in the right area and to ensure all the renovation and compliance documents are up to scratch.
Another crucial point- when you rent the property out, the rent level and mortgage rate should fit, but don’t worry because we look into all that for you.
We have a nifty Buy To Let Order Form to help aid the stress of property sourcing. It’s based on our ideals of what we believe is the perfect property for you.
If you approach us saying you want x, y, and z for a house, we will evaluate the property and tell you honestly if the result is a mortgage-worthy property after renovation.
If it’s relevant to you and you need a mortgage, it will be captured on the Buy To Let Order Form for property sourcing, and in the end, you will have a house that can be mortgaged.
So, yes, you can get a mortgage after renovating as long as it is the right house in the right area, no mistakes are made, and no corners are cut.
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