Mortgage Industry News

← Back

Renovation costs can be rolled into mortgages

Date: Fri, 21 Oct 2005

As more and more homebuyers are looking to renovate a property to match their needs, specialist renovation mortgages are becoming available.

A growing number of buyers are keen to put their own "stamp" on a property and are want to factor in home remodelling costs when applying for a mortgage.

Plans to update a house can range from completely revamping the building to adding a room, modernising a kitchen or improving the general energy efficiency of the property by installing double-glazing.

As the mortgage industry remains highly competitive, many lenders are introducing a renovation mortgage that that allows borrowers to purchase and renovate a home using a single loan.

"Renovation loans give homebuyers some options when it comes to considering houses that aren't perfect," says John Sway, renovation program manager for Wells Fargo Home Mortgage.

He added: "There's demand for mortgage products that address the needs of homebuyers who are looking at older homes that need some TLC."

Renovation Mortgages from Endsleigh Financial

If you are currently interested in arranging a renovation mortgage or simply want to discuss your situation further please click here and fill in our short mortgage quote form.

© Adfero Ltd

© 1998-2005 DeHavilland Information Services plc. All rights reserved.

Endsleigh Insurance Services Limited is authorised and regulated by the Financial Services Authority. This can be checked on the FSA Register by visiting its web site at www.fsa.gov.uk/register.
Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.