Renovating your empty home
Finding mortgages for renovating empty properties can be difficult as a derelict property, or one which is in need of investment, has limited value until the renovation is complete.
Lender's consider this high risk, as they would not be able to recover their investment if you default on your payments.
You should ensure you carry out your own searches for a mortgage which suits your personal circumstances.
To help your case, have information to hand which will help them make a decision. This could include:
- how much the property is worth
- renovation costs
- expected income from rental or expected sale price on completion of the works