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Buy To Let Refurbishment Mortgages

Buy To Let Refurbishment Mortgages

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With changes to tax relief and capital gains tax, the rental property sector needs to innovate and find new ways of generating income from a competitive property market.

One of the fastest ways to create profitability from a property investment is to carry out a refurbishment project. Properties can either be quickly resold at a profit once they have been modernised or can be retained as rental properties, commanding higher prices than before the refurbishment.

Mortgages for refurbishment buy-to-lets

To purchase and refurbish a property, one of the most attractive mortgage options is a refurbishment buy-to-let mortgage.

This type of mortgage covers the cost of purchasing a property and finances the refurbishment to generate a quick profit on the original property value. Refurbishment mortgages tend to be for either light or substantial renovations, and most buy-to-let refurbishment loans are intended for light modifications rather than structural building works.

Most mortgage lenders offering this type of refurbishment mortgage will allow six months for the modernisation work to take place.

Once the upgrade work is completed, the mortgage can be refinanced, and this is typically based on the valuation agreed at the start of the buy-to-let refurbishment mortgage.

For investors, this is a convenient option since the property does not have to be surveyed again, and therefore does not incur double the professional fees.

The initial survey before the mortgage is offered will consider the anticipated value of the property once the refurbishment has been completed, and will assess the likely rental income achievable based on the current property market.

The following topics are covered below:

Making buy-to-let properties more valuable

Property investment - profitable strategies

Making buy-to-let properties more valuable

There are multiple options with investment property. Investors might choose to:

  • Refurbish the property and sell it on immediately.
  • Renovate the property and sell it in the future, renting out in the meantime.
  • Modernise the property and retrain it as a rental investment.
  • Reside in the property and renovate it at the same time.

One of the essential factors in choosing a refurbishment design is in catering to customer preferences. A modern layout and design will make a property easier to sell and thus more valuable and simpler to rent out at premium rates.

This often depends on the purpose of the property - for example, a student accommodation might be refurbished to make it an ideal rental property since any subsequent purchase is very likely to be on a buy-to-let basis.

It is also important to budget carefully for the modernisation works to avoid spending more on an investment property than it is anticipated to be worth.

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Adding the most value to buy-to-let investments

Some landlords opt to add an extension or convert the attic in an investment property. This is a way to add significant value, since creating an extension can create additional bedrooms, larger living space, and other bathrooms.

Property investment - profitable strategies

The reason that buy-to-let refurbishment mortgages have become much more popular is that with rising property prices, landlords have found it increasingly challenging to enjoy the high yield returns they have been used to.

Swift property turnarounds and quick refurbishments can provide an immediate profit. More extension renovations and adding conversions can significantly increase the value and saleability of a property, being a lucrative asset to an investment property portfolio.

Buy-to-let remains a strong investment sector, but taking a smart view as to the long-term performance of the market and where the budget can be spent to maximise the value of a property is essential.

As these mortgages become more competitive and more widely available, we anticipate that the success of the buy-to-let refurbishment market will continue to grow.

Revolution Finance Brokers are a specialist mortgage broker, negotiating bespoke deals on behalf of private, commercial, and business clients.

For independent advice about achieving the most attractive mortgage deals for your investments, give us a call on 0330 304 3040 or drop us an email at info@revolutionbrokers.co.uk.

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature. We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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