Naomi Inherits A Property In Need Of Renovation


Naomi inherited a property that needed significant renovation for it to reach modern day living standards. Whilst 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 works necessary to make the property habitable again.

Bridging Loan Renovation

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, 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.

Last Updated: Dec 9, 2016 @ 9:36 am
NACFB

Disclaimer

The advice and processing on all financial products introduced via this website will be handled by UK Property Finance Ltd, which is authorised by The Financial Conduct Authority (FCA) no 667602. The FCA do not regulate all mortgages such as Buy to Let and Commercial. Think Carefully before securing debts against your home. Your property could be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

Association of Bridging Professionals
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