Heavy Refurbishment
FSA regulated and non regulated loans. Download the product guide here.
General Criteria |
|
| Availability |
FSA regulated and non regulated loans |
| Maximum LTV (Loan to Value) |
60% |
| Maximum LTP (Loan to Purchase Price)1 |
90% |
| Minimum Loan | £50,000 |
| Maximum Loan | No maximum |
| Minimum Property Value | £50,000 (£100,000 London) |
| Minimum Term | 1 Month |
| Maximum Term | 18 Months |
| Properties | Available in England, Wales and Scotland |
| Security | First charges only. We will use Second Charge for additional security where needed. For investment properties only. |
| Customer type | Individuals and Limited companies (FSA regulated loans available to individuals only) |
Interest Rates From |
|
| <=40% OMV LTV | 1.10% per month |
| >40% – 50% OMV LTV | 1.25% per month |
| >50 – 60% OMV LTV | 1.40% per month |
Fees |
|
| Facility Fee | 2.00% |
| Proc Fee | 1.00% |
| Assessment Fee | £295 |
| Legal Fees2 | From £399 |
| ValuationFees2 | From £250 |
| Exit Fee | None |
| Early Repayment Charge | None |
| Interest | Interest can be paid or retained for the full term of loan. |
Product Criteria
This product is available for refurbishment loans where:
• Planning permission/building regulations required
• Change in overall use/nature of the premises
• Overall project costs are more than or equal to 20% of the post improvement Open Market Valuation
Lending in excess of LTV and LTP limits can be considered subject to provision of suitable additional security.
1 The lower of the LTV/LTP will be used.
2 Full details of legal and valuation fees are available here
