Refurbishment Products
Light Refurbishment (LR)
- Replacement floor coverings
- Painting & decorating
- Replacement fixtures & fittings
- Replacement internal doors
- Minor repairs
- Replacement heating systems
- Improved insulation
- Full rewiring
- Replacement windows & doors
- Replacement bathrooms & kitchens
- Integral garage/loft conversion to habitable space (Loft conversion works must not affect the roofline)
- Conversion of C3-dwelling to Shared house/C4-HMO
- Replacement roof coverings and Non-load bearing internal re-configuration
Related words: Renovate, renovation, enhance, extension, convert, planning permission, building regs, attic, annex, carpet, furnish, student
Available in CHL 2 range only
Designed for…
Non-structural and modernisation works which can be signed-off under the Competent Persons Scheme, without the need for building controls sign-off.
Pre-works status: Property does not need to be lettable at point of initial mortgage advance.
Cost of works: Costs must not exceed 25% of the pre-works value.
Maximum LTV: 75% (pre-works and post-works).
Works timeframe: Up to 90 days from initial mortgage advance.
Retention: A retention will be held between the pre-works and post-works value and market rent for up to 120 days from initial mortgage advance. The retention will be released upon confirmation by a Valuer Reinspection of full completion of works as defined within the agreed schedule and of the post-works value and market rent. If the property is not lettable at the point of reinspection the retention will continue to apply for up to 120 days from initial mortgage advance.
Borrower / Property: Individual & Limited Company / LLP borrowers accepted. Refurbishment products are not available for properties intended to be let as Large HMO/MUFB or on a short term basis.
Related words: Renovate, renovation, enhance, extension, convert, planning permission, building regs, annex, carpet, furnish, loft, garage, rewire, roof
- Projects where full planning/permitted development/change of use is not in place on completion of the initial advance.
- Works requiring building controls sign off (that cannot be signed-off under a Competent Person Scheme).
- Any works to fix ongoing or progressive structural movement.
- Any project where the intention is not to let the security property post-works.
- Any works where the current or proposed structure/materials are unacceptable to CHL Mortgages.
- Any load-bearing reconfiguration, footprint expansion or anything with direct structural impact (eg. Digging of basement).
- Outbuilding conversion to a habitable space.
- Conversion to MUFB (refurbishment of an existing MUFB is permitted)
- Conversion to / let as Large HMO
Related words: Renovate, renovation, enhance, extension, convert, permission, building regs, loft, attic, granny flat, cellar
Light Refurbishment (LR)
- Schedule of works and costs for the proposed works
- Evidence of available funds to cover the proposed works (including contingency)
- Evidence of available funds to cover at least 3 months mortgage payments of the proposed BTL
- Details of the applications/main contractors relevant experience of previous development/refurbishment projects
- Copies of full plans/drawings relating to the proposed works
- Copies of any planning/permitted development/change of use required for proposed use of the property post works.
Related words: Renovate, renovation, enhance, convert, permission, building regs, document, proof
