UK Landlord Forum / Life

For my 3rd BTL, i want to get my hands dirty (just a little bit) and add some value to the property. I'm not talking major building work - new paint/carpets, new bathroom or kitchen (ideally not both). Some light garden refurb etc. The property would certainly be in a habitable condition.

I don't really want to go down the bridging finance option and would prefer to go through the normal BTL mortgage route.

How bad desperately in need of a refurbishment are main stream lenders prepared to go? I understand BTL availability is dependent on rentable income of the property, but is there a risk a lender says it isn't rentable in the un-refurbished condition.

Would proof of funds for the refurb help convince a lender?

Keen to hear people thoughts.

I'd talk with a Broker. I really would. They deal in the mainstream too, y'know? The only other choice is traipsing around yourself... kinda like you've started here, but the truth is people's experiences may be different and they will be different as a function of time, i.e. when they last got their do'er-up'er with a mortgage. I've only ever worked on properties in this vein twice and I decided that it was simplest for me to purchase cash and remortgage it later. I don't know if that avenue is open to you?

Quote from: Hippogriff on February 10, 2020, 10:07:44 AM
I'd talk with a Broker. I really would. They deal in the mainstream too, y'know? The only other choice is traipsing around yourself... kinda like you've started here, but the truth is people's experiences may be different and they will be different as a function of time, i.e. when they last got their do'er-up'er with a mortgage. I've only ever worked on properties in this vein twice and I decided that it was simplest for me to purchase cash and remortgage it later. I don't know if that avenue is open to you?

Unfortunately not, mortgage is my only option. I want to try and stay on the normal BTL mortgage side of the line, rather than bridging to finance options because of the extra fees associated with bridging. I don't want to buy a house in horrible disrepair, but i'm not sure "where that line" exactly is. I figured a mortgage broker will only have a limited view on it in line with their experience also.

I will consult with a broker on the issue, i'm sure i'll find the right property in line with my skills repertoire!