Naomi Inherits a Property in Need of Renovation
Naomi inherited a property that needed significant renovation for it to reach modern-day living standards. While Naomi was in the process of applying for a mortgage on the property, she became impatient and removed the kitchen and bathroom.
When the mortgage surveyor came to value the property, he deemed that it was now not habitable, and Naomi was therefore unable to get the mortgage required.
Additionally, Naomi had no funds of her own to complete the work necessary to make the property habitable again.
Naomi emailed us using our “obtain a quote” form, and one of our experts was able to obtain property development finance of £45,000, which enabled her to install a new kitchen and bathroom and completely renovate the property. As soon as this was done, Naomi was able to return to her mortgage broker and obtain a mortgage, which was used to repay the bridging loan.