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
